Sunday 14 June 2015

Consumer Alert - EmGoldex

Presentations are being held in Gaborone by people selling a gold-buying scheme called EmGoldex.

They describe themselves as follows:
"EMGOLDEX specializes in the buying and selling of investment gold bars of different value. Our investment gold is procured and provided only by the top producers internationally."
They say that their scheme is an:
“Online Store for Buy & Sell of Gold Bars from 1-100grams which have the purest rate of 999.9% or 24k Gold”. 
This is curious because since 2012 the price of gold has been steadily dropping and shows no signs of increasing. This is NOT the time to be buying gold.

Here's the truth.
EmGoldex is a pyramid scheme.

In fact the gold is just there to lure you into the pyramid. What they really want is for you to recruit people beneath you and for them to recruit others beneath them. As people join money will flow up the pyramid, promising you a small cut but like all other pyramid schemes the people at the top will make all the money. You’ll never recover your joining fee from the trickle of money that will pass by you.

Various authorities around the world have issued warnings urging people to avoid the scheme. The Securities and Exchange Commission in the Philippines warned Filipinos in March to avoid the scheme and the claims that they could make profits of 500-1,000%. The Superintendence of Companies of Colombia ordered the company to immediately cease operations. In October last year the Secretary of State in Massachusetts, USA filed fraud charges against the people operating EmGoldex.

Please don’t waste your time, energy and money from this illegal pyramid scheme.

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