making £24,000? All you have to do is part with £3,000, cross your
fingers and wait for the outcome. But you may lose everything in
a wealth of bad publicity, pyramid selling is very much alive and
kicking in the UK. The Midlands is no exception.
its simplest form, pyramid selling is like chain mail. A letter
is received which has to be passed on to five others, who each pass
it on to five others and so on.
in pyramid selling, rather than plain old paper, it’s hard cash
that’s being passed on.
are promised from anything up to £24,000. The longer you stay in
the scheme, the more money you receive.
scheme however is dependant on new participants continually joining
and eventually the pool of investors dries up.
Someone always loses out.
Dodge ties her hand at gambling|
the charity office BADG (Black and Asian Disability Group), Walsall,
lose out they did! The charity set up to support disabled black
and Asian people became embroiled in the infamous Women Empowering
their money back eight times over, the women of BADG parted with
hard-earned savings, only to lose everything, including their friendship.
used to love going to BADG. In the end I not only lost money, I
lost friendship." said one victim of pyramid selling.
this instance, pyramid sellers targeted the very people they were
supposed to be helping, but Women Empowering Women’s attraction
did not end there.
to join the scheme|
has been reported that in Barnt Green, people were so desperate
to join, they emptied the cash point. Whilst nurses were reported
to have approached their patients in order to gain essential new
such warnings, people continue to invest in similar schemes, spurred
on by that ‘friend of a friend, who tripled their money!’
Smith is just that friend. A member of the Diamond Club, Alison
made three thousand pounds. Her knack? Think of it as a game.
away in an old factory, the Diamond Club has over 3,000 members,
of which only a handful have made 24,000 pounds.
of those winners is owner John Matthews who insists, "This is not
a get rich quick scheme."
Diamond Club - It's only a game!|
of its members are thousands of pounds out of pocket, but like that
final bet on the horses or last spin of the roulette wheel, this
time they will clear their debts!
government has been looking to ban schemes like this, but as yet
no action has been taken.
Bob Charnley, Trading and Standards Officer for Sandwell, points
out, "The pyramid is simply a pot of money." With three thousand
people all investing £100, but promised £24,000, it doesn’t take
a mathematician to realise these figures do not add up.
selling is simply another form of gambling. Very few people can
make money for nothing.
if the thought of placing £3,000 on ‘Rambling Rose’ in the 3.40pm
at Cheltenham brings you out in a cold sweat, then Pyramid Selling
ought to do exactly the same!