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Friday, 22 January 2021, 10:39 am Ngā Tāngata Microfinance (NTM) is calling for tougher penalties for those caught promoting pyramid schemes. Such business models are illegal under the Fair Trading Act 1986. This call comes after the Commerce Commission issued a ‘stop now’ notice to a serial pyramid scheme promoter undertaking the illegal activity via social media channels in New Zealand. The Commission is currently investigating what is known as ‘the Lion’s Share scheme’ and warning people against joining the scheme or buying into it while the investigation takes place. The pyramid model is a ‘theft’ model says Dr M. Claire Dale, founder and chair of Nga ....
Rise in pyramid schemes targetting Māori and Pasifika sparks warning Christmas-themed pyramid schemes are on the rise and a small-loans trust is warning people to avoid them. Natalie Vincent, of Ngā Tāngata Microfinance, said many pyramid schemes use cryptocurrencies, and are promoted primarily to Māori and Pasifika families. Vincent said a new pyramid scheme is being sold to vulnerable people in the form of gifting or koha with the promise of making quick money. It suggests people can get up to $20,000 after making three payments of $150. Vincent said some people might make money at the very early stages, but further on, as is the nature of such schemes, it will collapse, leaving no money for anyone. ....
4 months ago Ngā Tāngata Microfinance is warning whānau against pyramid schemes promoted to Māori and Pasifika families (Source: Waatea News) General manager Natalie Vincent says schemes like gifting or koha circles may seem attractive to people who feel pressured at Christmas time to provide lavish gifts and large feasts for friends and family, but they are illegal. Any investment scheme that derives its income from recruiting new members, as opposed to the sale of goods and services, is considered by law to be a pyramid scheme. Ms Vincent says there is now a wave of pyramid schemes conducted with cryptocurrencies such as Bitcoin or Tron, which allow would-be scammers to operate in the shadows, independent of banks. ....
Press Release – Child Poverty Action Group Ng Tngata Microfinance is warning whnau to stay safe this Christmas and avoid pyramid schemes, many of which use cryptocurrency, including Gifting/Koha Circles that are promoted primarily to and by Mori and Pasifika families. Ng Tngata … Ngā Tāngata Microfinance is warning whānau to stay safe this Christmas and avoid pyramid schemes, many of which use cryptocurrency, including ‘Gifting/Koha Circles’ that are promoted primarily to and by Māori and Pasifika families. Ngā Tāngata Microfinance general manager Natalie Vincent says “Many of us feel pressured at Christmas time to provide lavish gifts and large feasts for friends and family. We need to remember to spend within our means, and avoid excessive debt. We also need to keep away from any scheme offering large returns in short timeframes.” ....