Monday 24 December 2018

Consumer Alert - "50/50 Crowdfunding"

Here comes another pyramid scheme, calling itself "50/50 Crowdfunding".

This is how they describe their business model.

They make absolutely no reference to any products on their web site, just that you recruit other people and make money.

One of their advocates on Facebook describes the process.
The first Week in business you need to do this and qualify to upgrade:

-Register for $29.00 (P325.00)

-be allocated two people

- make donations of $125.00 (P1,400.00) each making (2,800.00) to the two people allocated and thereafter earn as follows:

1. level $250.00 will earn you $750.00 (P8,400.00) in one week *(P1,400.00 Times 6 People in your Team)*
2. Upgrade to Level $500.00 will earn you $1,500.00 (P16,800.00) in one week *(P2,800.00 Times 6 people in your Team)* going with you from above
3. Upgrade to Level $1,000.00 will earn you $3,000.00 (P33,600.00) *(P5,600.00 Times 6 people coming from above)*
4. Upgrade to Level $2,000.00 earns you $6,000.00 (P67,200.00) *(P27,200.00 is kept) that is $1,000.00 times 6 people coming from above)*
5. Upgrade to Level $4,000.00 earns you $12,000.00 (134,800.00) *(This is $2,000.00 6 times by the people above)*

This comes to $23,250.00 in total giving you clean 🧽 clean 🧼
I contacted this recruiter and asked a simple question:

And then:

Out of their own mouths... A pyramid scheme. Please remember that our new Consumer Protection Act states that a:
“person shall not directly or indirectly promote, or knowingly join, enter or participate, or cause any other person to promote, join, enter or participate in… A pyramid scheme”
and that the penalty for doing so will be:
“a fine not exceeding P100,000 or to imprisonment for a term not exceeding five years, or to both.”
50/50 Crowdfunding won't make you any money, but it might cost you a lot and even your liberty.

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