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What IS a PONZI SCHEME? Why is it ILLEGAL?
If you are online to earn an additional income or a primary income, undoubtedly you have come across several programs, offers or promises that have lead you directly to a PONZI SCHEME.
These illegal offers are always the same, promises of RICHES beyond your wildest imaginations, 10%, or more, returns on your 'investments' every day, or week.
First off, 99.9% of these are NOT INVESTMENTS. In the majority of jurisdictions in Canada, US, and Europe, to be classified as an 'investment' offer, the company must b registered with the local 'Securities Commission/Board. On top of that, they need to be approved and have submitted a 'Prospectus' that also requires approval. This 'Prospectus' is all that a company offering to take your money as an 'investment' are allowed to present to you in return for accepting your money.
Trouble is, there are thousands of people floating around the Internet doing just that, 100% ILLEGAL, they lull you into dropping money you likely cannot afford into their 'investment' opportunity. They have become very effective at tying these Scams and PONZI's into the guise of a legit program, they often hide behind popular programs of the day. That is what has been happening to the Visitor Exchange Industry over the last couple of years. Most of them have been camouflaged as 'Auto Surf' Programs, but they wear other guises as well, HYIP, Offshore Investments, double your Money, Triple your Money, etc.
They may try to tell you they are legal because you need to accomplish a task to qualify, but they always follow the same formula, push out 'investment returns' to prime the pump, and they follow the growth of these investments very closely, once the income from these 'investors/suckers' starts to slow, the website disappears, these people take a holiday, and a bit later on, they reappear with another Scam - PONZI offer that people ( often the same people ), fall all over themselves to get in on the 'ground floor'.
For many months now I have been the brunt of ridicule and nasty names because we have banned these PONZI style scams from our visitor generation programs. NO MORE, I've made contact with a couple of central law enforcement agencies that work closely with most of the world law enforcement agencies that are looking for these type of illegal con artists. In simple terms, I no longer will need to fight for peoples interest that don't seem to care if they are involved in an illegal activity. I'll simple pull up the appropriate url, submit the details of the program I'm concerned is a PONZI, add the contact name and submit. Somewhere over the next few days to weeks, the inspector will view the site and decide how they will proceed. Usually will end with freezing the domain and bank accounts of the owner of the site. A few court appearances, a fine, and they are commonly banned from accessing the Internet for two or three years.
Participants, on the other hand, rarely walk away Scot free, the funds for these Scams and PONZI Schemes often use online payment processors to transfer the money from the 'investor/sucker' to their own bank accounts. Since in all likelihood the operator of this PONZI will keep his/her bank account cleaned out, when the '*h*t' hits the fan, the online payment processors will charge back any monies you have received from this PONZI scam as a reward for promoting it. The more money you received from being involved in the PONZI, the more aggressively they will go after you for all of the scammed money.
And YES they can do it, you agreed they could have recourse on you for these illegally obtained funds when you opened you account with their service.
PayPal, biggest of the online payment processors, has very serious rules about this kind of activity and has shut down thousands of PayPal accounts of people, not only the operators of these sites, but anyone that may have profited from this illegal activity.
Because of their strict policies concerning what is acceptable use of a PayPal account there are a number of sites popping up with complaints about PayPal, click HERE to visit PayPalSUCKS.com
Another of the online payment processors, StormPay, has taken a different approach, they set up a totally independent entity called, NetIBA, it is a separate agency that verifies people identities, so you should have a better idea of who you are dealing with BEFORE you send in your 'investment' money.
Any way you look at it, being involved in a PONZI Scheme, intentionally or by misadventure, you are placing yourself at financial risk and possibly in harms way of legal action if the authorities are bound to nail someone and the PONZI operator has disappeared.
A little 'due diligence' can go a long way to keep you out of illegal Internet involvement.
The Internet is full of sites offering training and information on how to spot PONZI, SCAM and Investment Frauds.
Several prevention links you can visit are U.S. Securities and Exchange Commission, WikiPedia.org, Smithsonian Magazine, Canadian RCMP Site, Australian Securities & Investments Commission, World Bank on PONZI Schemes, New York State Attorney General, Alabama Securities Commission, State of Alaska Securities.
No matter how you approach the issue, ALL PONZI, Scam and Investment Frauds do their heaviest damage with the help of normally honest hard working people. By funneling a serious amount of money to the first few 'honest' people to invest, it becomes much easier to perpetrate a PONZI, Scam and Investment Fraud. After all, people ALWAYS TRUST their friends and when they actually see a few BIG DOLLAR checks, why would they ever think of missing out on such a profitable investment. Even the US Military deal with the PONZI, SCAM and Investment Fraud issues for current and retired personnel,
There are dozens of organizations, worldwide, that you may contact if you feel you are being drawn in, or already are involved in, a PONZI, SCAM and Investment Fraud. A good RED FLAG to go by, If you are into something that "Seems too good to be true" it most likely IS a PONZI, SCAM and Investment Fraud.
So don't ignore your situation, go to any of the law enforcement links in this article and begin the process of CYA. Once you are on a 'list' as an 'investor/sucker', unbelievable offers will be coming out of the woodwork.
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Doug Williams
President - ZSWAZ International Marketing Inc.
telephone: 1 613 967 7980
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