money flower pyramid scheme

The Flower-sou-sou-investment-thing is structured very similar to a pyramid scheme created and ran by wealthy White women in CT which ended with some people serving federal prison time and/or paying steep legal and tax fees. Participating in a pyramid scheme is illegal, regardless of whether or not a person makes money. It is true that the IRS allows you to receive up to $15,000/person in financial gifts without any tax obligations, but again, because the Flower-sou-sou-investment-thing is illegal, this money is indeed taxable. Sounds great, right? This system doesn’t result in anybody makeing a … Scammers prey on the desire to make a lot of money with very little effort. If you’re Black American, have a decent network of contacts, and frequent social media groups, you’ve probably heard of this Flower-sou-sou-investment-thing that some of your friends and family members are probably encouraging you to join. Where to gamble for real money in Holland online casino’s? What is the payout percentage of a videoslot? Disclaimer Log in. Keep visiting TheBlackInvestor.com to learn more. But your friends or acquaintances sharing this probably don't realize it's the classic definition of a pyramid scheme, which the Randolph County Sheriff Greg Seabolt said is illegal in North Carolina. If you are able to recruit people into the scheme the same you were recruited, people will gift you money. It relies on recruiting new individuals to keep the scam afloat. The problem is: recruiting people is easier said than done. Pyramid schemes promise quick profits for recruiting others. There are many different kinds of pyramid schemes, but the two most basic are product-based and so-called naked pyramid schemes. While versions vary slightly, the one we’re hearing about most promises that you’ll collect $800 for an investment of $100 and, at the same time, help bring good fortune to someone else by recruiting them to join. In 2017 bitcoin and other cryptocurrencies reached an all time high. Could i play without account in a casino? Here’s how to discern the difference between a traditional sou sou and a pyramid scheme: A traditional sou sou does not yield dividends/profits. Pyramid-scheme adjacent, sure, but technically not pyramid schemes. This is a betting game in which the majority of the participants lose their deposited money, because the pond dries up to potential participants. One of the best ways to avoid falling into the trap of some of these famous pyramid schemes is to recognize the key attributes. Sou Sou (SuSu) SCAM. Where could i play in a Belgium Live casino? There’s a lot of uncertainty and people are scrambling to find solutions to their growing money problems. That’s why it’s important to exercise discernment when being approached about opportunities to make money during a crisis. Native Who Is Taking Black Women to Africa, Here’s How Black-Owned Businesses Can Keep Sales Growing Beyond the Trend, This Black-Owned Beauty Supply Store Is BOOMING Amid COVID-19 — Now You Can Own One, Too, Here’s What Happened When Facebook Shutdown This Popular Black Influencer…, It’s Never Too Late Or Too Soon to Make Money Trading Stock Options, Black Stock Options Traders Discuss the Importance of Mindset For Success, Trading Stock Options Helped This Black Man Save His Wife’s Life. Simply put, that level of growth is impossible to sustain and pyramid schemes therefore always collapse. The primary emphasis is on recruiting new participants. Bello was the "ringleader and principal promoter" of the alleged pyramid scheme, according to prosecutors, and made at least $400,000 … "When people play this game and they get took for a lot of money… A pyramid scheme is a fraudulent investment strategy, deemed illegal in the United States. Beware of Friends & Family Money Share, Blessing Loom, and The Giving Circle scams. Warning from Ksa: ‘Moneyflower is a pyramid scheme’. This is not the same as gifting money to a friend or family member for their birthday etc. First off cash gifting as a business opportunity is illegal. FCNB advises that gifting circles, even those marketed as charitable ventures, are pyramid schemes. The flower program (also known as the “Friends and Family Share Gifting”) is a pyramid scheme as it provides recurring dividends/profits totaling $4,000/month with a $500 investment. It’s possible because every single person who joins MUST recruit two people. Being unsustainable, the numbers keep climbing until investors dry up and the pyramid crumbles. If this is not the case, a game is prohibited. Another thing people don’t want to talk about are the hours upon hours spent managing the flower, attending meetings, making sure everyone gets paid, and making sure everyone is recruiting two people and so on and so forth. The promoter promises a high return in a short period of time; No genuine product or service is actually sold; and. It is a communal savings plan where you get your investment in a lump sum. It is like a rotating club, where all the customers or the created group of customers deposit a certain amount of money within the specified time or monthly and it builds the total fund required as per the plan. How to Recognize a Pyramid Scheme. What are the best casino’s with ideal payment? The main characteristic of a pyramid scheme is that participants only make money by recruiting more members. There are a number of LEGAL ways you can earn a sizable return on your $500 investment. Dutch casinos remain closed through 2 March 2021, State Lottery top prize 10 January falls in Haarlemmermeer, Five star casino Oosterhout and Den Bosch, Krijco casino Den Bosch Harderwijk and Utrecht. Therefore, a Ponzi scheme is centralized as opposed to pyramid schemes, which continue feeding money up. Avoid programs that focus more on recruitment than the sale of a product or service to an end consumer. Everyone breaks the law in some shape, form, or fashion. Sergei Mavrodi leaves prison in May 2007. On top of having to protect ourselves from the deadly grip of a global pandemic — that is devastating our community at alarming rates — we also have to concern ourselves with violent acts of discrimination that have claimed one too many innocent Black lives during an already stressful time. Unfortunately, this is the perfect climate for scammers and con artists which has led to this article. This is not a pyramid scheme, as everyone is paying the money back. 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