Pyramid Scheme - Notable Recent Cases - Internet

Internet

In 2003, the United States Federal Trade Commission (FTC) disclosed what it called an Internet-based "pyramid scam." Its complaint states that customers would pay a registration fee to join a program that called itself an "internet mall" and purchase a package of goods and services such as internet mail, and that the company offered "significant commissions" to consumers who purchased and resold the package. The FTC alleged that the company's program was instead and in reality a pyramid scheme that did not disclose that most consumers' money would be kept, and that it gave affiliates material that allowed them to scam others.

WinCapita was a scheme run by Finnish criminals that involved about €100 million.

Read more about this topic:  Pyramid Scheme, Notable Recent Cases

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