State warns of pyramid schemes after recent fraud attempts<\/p>\n
November 13, 2006
\nby Stephanie Wentworth
\nStaff<\/p>\n
After receiving more than a dozen recent complaints, the state is warning Marylanders to guard against pyramid schemes. <\/p>\n
Since the end of October, the state received 15 inquiries regarding a pyramid scheme targeted at deaf people. A Canadian company is soliciting residents to sell diamonds, said Kevin Enright, a spokesman for the Maryland Attorney General’s Office. <\/p>\n
Pyramid schemes — mock businesses that earn money primarily from recruiting members and charging them fees rather than the sale of products or services — are illegal in Maryland. <\/p>\n
“Many people promote pyramid schemes out of ignorance and do not realize they are engaging in illegal and harmful behavior,” Attorney General J. Joseph Curran said in a news release. <\/p>\n
Some pyramid schemes may offer a product or service to disguise their true nature. The product or service may be overpriced or have a questionable value, like exotic vitamins, health tonics and gemstones of uncertain origins, the state said in a news release Monday. <\/p>\n
The state released a new investor education brochure with tips to identifying pyramid schemes that make be masked under the name multilevel marketing plans. <\/p>\n
The brochure is available at www.oag.state.md.us. <\/p>\n
http:\/\/sanantonio.bizjournals.com\/baltimore\/stories\/2006\/11\/13\/daily5.html<\/p>\n
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State warns of pyramid schemes after recent fraud attempts November 13, 2006 by Stephanie Wentworth Staff After receiving more than a dozen recent complaints, the state is warning Marylanders to guard against pyramid schemes. Since the end of October, the…<\/p>\n