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Backers defend new pyramid scheme
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| Contributor | New Jerusalem |
| Last Edited | New Jerusalem Mar 12, 2009 09:28am |
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| Category | Idiocy |
| Media | TV News - British Broadcasting Corporation BBC News |
| News Date | Thursday, March 12, 2009 03:00:00 PM UTC0:0 |
| Description | Organisers of a pyramid investment scheme that could leave people thousands of pounds out of pocket have defended its legitimacy.
The Give and Take syndicate asks women to pay £3,000 and recruit others for the chance of a £23,000 pay-out.
The scheme's bosses were tracked down by the BBC's Inside Out West programme.
They claim it does not come under legislation banning pyramid chain-gifting schemes and features "essential differences" which make it legitimate.
The Give and Take syndicate - also known as Key to a Fortune - has spread from the Bristol area across Wiltshire, Somerset, Devon, Dorset and south Wales in the past 14 months.
Its members pay £3,000 and agree to recruit at least two new members. When they rise to the top of the pyramid they are in line for a £23,000 payout at a special jackpot evening.
Experts say such schemes are doomed to failure as they expand so rapidly and recruiting new members soon becomes impossible.
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