Government to outlaw pyramid/ponzi/mlms

[VexXx Dogg]

https://tt.loopnews.com/content/govt-mo ... id-schemes

"For the purposes of this act, 'prohibited scheme' means a scheme in which a business is structured in such a way that the returns an investor or client earns, is directly tied to the number of persons he recruits to join this scheme. This is the typical infrastructure in a Ponzi scheme or a Pyramid scheme. It relies upon the recruitment of other persons in the scheme," he said.

Read the article for details, but the punishment is dread:

The proposed penalties for breaching these laws are as follows:

A person who establishes or operates a prohibited scheme is liable on summary conviction to a fine of $10 million and imprisonment for 10 years.
A person who knowingly participates in a scheme of this nature is liable on conviction to a fine of $5 and imprisonment for five years.
A person who knowingly advertises or invites another person to join a prohibited scheme is liable on summary conviction to a fine of $2 million and imprisonment of three years.

[pugboy]

so wha about forex/iml type schemes?

[teems1]

https://tt.loopnews.com/content/govt-moves-outlaw-ponzi-pyramid-schemes

"For the purposes of this act, 'prohibited scheme' means a scheme in which a business is structured in such a way that the returns an investor or client earns, is directly tied to the number of persons he recruits to join this scheme. This is the typical infrastructure in a Ponzi scheme or a Pyramid scheme. It relies upon the recruitment of other persons in the scheme," he said.

Read the article for details, but the punishment is dread:

The proposed penalties for breaching these laws are as follows:

A person who establishes or operates a prohibited scheme is liable on summary conviction to a fine of $10 million and imprisonment for 10 years.
A person who knowingly participates in a scheme of this nature is liable on conviction to a fine of $5 and imprisonment for five years.
A person who knowingly advertises or invites another person to join a prohibited scheme is liable on summary conviction to a fine of $2 million and imprisonment of three years.

Rightfully so.

Ponzi schemes prey on the vulnerable, desperate and those who have a weak grasp of math.

[agent007]

I did say this in the IML thread a while back. It's about time we stop this fraud and sieze all of the assets of these sick fraudsters and ofcourse make a special jail for them.

How about we merge this discussion on said IML thread?

[Mmoney607]

https://tt.loopnews.com/content/govt-moves-outlaw-ponzi-pyramid-schemes

"For the purposes of this act, 'prohibited scheme' means a scheme in which a business is structured in such a way that the returns an investor or client earns, is directly tied to the number of persons he recruits to join this scheme. This is the typical infrastructure in a Ponzi scheme or a Pyramid scheme. It relies upon the recruitment of other persons in the scheme," he said.

Read the article for details, but the punishment is dread:

The proposed penalties for breaching these laws are as follows:

A person who establishes or operates a prohibited scheme is liable on summary conviction to a fine of $10 million and imprisonment for 10 years.
A person who knowingly participates in a scheme of this nature is liable on conviction to a fine of $5 and imprisonment for five years.
A person who knowingly advertises or invites another person to join a prohibited scheme is liable on summary conviction to a fine of $2 million and imprisonment of three years.

Rightfully so.

Ponzi schemes prey on the vulnerable, desperate and those who have a weak grasp of math.

Those people hopeless anyway. They'll just spend it on lotto alcohol and painting their house for Christmas.

[Mmoney607]

I did say this in the IML thread a while back. It's about time we stop this fraud and sieze all of the assets of these sick fraudsters and ofcourse make a special jail for them.

How about we merge this discussion on said IML thread?

You could stop everything, once their are fools and red govt supporters, there will be conmen.

[hover11]

I did say this in the IML thread a while back. It's about time we stop this fraud and sieze all of the assets of these sick fraudsters and ofcourse make a special jail for them.

How about we merge this discussion on said IML thread?

That would require legislation and politicians don't want to amend any laws concerning fraud to seize assets as that would implicate their friends.Con men now don't care, you catch them ,they getting bail the next day to do it again. Most that will happen is their pic posted up on social media and a court case dragged on for years in the judicial system hoping the police come to court and the matter isn't just thrown out. The most you can do is treat everyone like a con man when doing business run a back ground check on the individual selling any fixed asset be it land , car etc before engaging business, if they don't agree to a background check then move on to the next seller

[VexXx Dogg]

I just waiting to see how the con / recuruitment tactics going to adapt.

[hover11]

So when the law passes all those ponzi groups that advertising on social media will cyber crime unit be monitoring those, passing a law is one thing but the enforcement of such is another

[MaxPower]

Narendra days numbered.

That B15 will hadda sell

[SuperiorMan]

Apparently there's similar things like IML under different names.

[zoom rader]

Stupes

Who runs a bigger pyramid scheme that the red government.

[hover11]

Stupes

Who runs a bigger pyramid scheme that the red government.

Wasn't clico a pyramid scheme?

[gastly369]

Ah seeing cashfx "de new flick"

[teems1]

Stupes

Who runs a bigger pyramid scheme that the red government.

Wasn't clico a pyramid scheme?

Clico was invested in the US subprime mortgage crisis of 2008.

Not a ponzi scheme.

All due to ratings agencies and the belief in the US housing market would never falter. Moody's, Standard and Poor's etc were giving AAA ratings to securities which were CCC.

[The_Honourable]

Ah seeing cashfx "de new flick"

ENT!!!???

Where the nutrilite people at?

[Ben_spanna]

And commercial banks probing your every transaction as if you are a damn drug dealer .. like wtf is really going on, just now you will have to do a source of funds to buy fking bread …

[VexXx Dogg]

And commercial banks probing your every transaction as if you are a damn drug dealer .. like wtf is really going on, just now you will have to do a source of funds to buy fking bread …

symptoms of a shadow economy and plenty dark money throughout the system?

[De Dragon]

So when the law passes all those ponzi groups that advertising on social media will cyber crime unit be monitoring those, passing a law is one thing but the enforcement of such is another

Nah, dem too busy trying to figure out what beach Volney on

[Mmoney607]

Stupes

Who runs a bigger pyramid scheme that the red government.

Wasn't clico a pyramid scheme?

Clico was invested in the US subprime mortgage crisis of 2008.

Not a ponzi scheme.

All due to ratings agencies and the belief in the US housing market would never falter. Moody's, Standard and Poor's etc were giving AAA ratings to securities which were CCC.

Yea but the kinda returns I heard clico was getting, you had to think something was wrong.

[Mmoney607]

Ah seeing cashfx "de new flick"

If people dumb enough to fall for that, they will fall for anything

[zoom rader]

So when the law passes all those ponzi groups that advertising on social media will cyber crime unit be monitoring those, passing a law is one thing but the enforcement of such is another

Nah, dem too busy trying to figure out what beach Volney on

The red government agents has been very active to find which beach he used

[ProtonPowder]

We could have all the nice laws we could ever dream of.

Good luck enforcing them.

Not as if we have laws being drafted competently anyway.

[timelapse]

So when the law passes all those ponzi groups that advertising on social media will cyber crime unit be monitoring those, passing a law is one thing but the enforcement of such is another

Nah, dem too busy trying to figure out what beach Volney on

He in Sunova Beach

[MaxPower]

We could have all the nice laws we could ever dream of.

Good luck enforcing them.

Not as if we have laws being drafted competently anyway.

X3000

Littering is against the law and just look at the environment in T&T.

[hover11]

We could have all the nice laws we could ever dream of.

Good luck enforcing them.

Not as if we have laws being drafted competently anyway.

X3000

Littering is against the law and just look at the environment in T&T.

Max,

Murder is against the law yet look at the murder toll yearly

[timelapse]

We could have all the nice laws we could ever dream of.

Good luck enforcing them.

Not as if we have laws being drafted competently anyway.

X3000

Littering is against the law and just look at the environment in T&T.

This also against the law, but look in the mirror:


Under the Trafficking in Persons Act, anyone who, for the purpose of exploitation, 'recruits, transports, transfers, harbours or receives persons into or within Trinidad and Tobago...by means of threats or by the giving or receiving of payment of benefits to achieve the consent of a person having control over another person, commits the offence of trafficking in persons and is liable on conviction on indictment, to a fine of not less than five hundred thousand dollars and imprisonment of not less than fifteen years'.

[redmanjp]

u could have the law where u could have a buyer get off in exchange for providing info on the seller. especially if the buyer lose a lot of money.

[VexXx Dogg]

Getting a funny smell
https://www.nvisionu.com


oh no, it's all too familiar.
Smells like BS

[K74T]

Rawful.