You’ve probably heard of pyramid schemes, but are you confident that you know what it is? And if you are, do you know the difference between them and multi-level marketing companies? Or Ponzi schemes? In this episode, Caleb and Greg discuss all that and more about one of the simplest and most common frauds around. Sponsors MakersHub- https://ohmyfraud.promo/makershub RightRev - https://ohmyfraud.promo/rightrev Bean - https://ohmyfraud.promo/bean (00:00) - Introduction to Pyramid Schemes (01:01) - Welcome to Oh My Fraud (02:00) - Caleb's Personal Experiences with MLMs (07:32) - Understanding Pyramid Schemes (09:45) - Ponzi Schemes Explained (17:12) - Multi-Level Marketing Companies (22:10) - NuSkin: A Case Study (30:11) - Introduction to Blessings in No Time (34:24) - Personal Experience with a Pyramid Scheme (51:40) - Conclusion and Takeaways HOW TO EARN FREE CPE In less than 10 minutes, you can earn 1 hour of NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate. Download the app: Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728 Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app Questions? Need help? Email
[email protected] . CONNECT WITH THE HOSTS Greg Kyte, CPA Twitter: https://twitter.com/gregkyte LinkedIn: https://www.linkedin.com/in/gregkyte/ Caleb Newquist Twitter: https://twitter.com/cnewquist LinkedIn: https://www.linkedin.com/in/calebnewquist/ Email us at
[email protected] Sources: The history of pyramid schemes and their evolution over time — Medium Pyramid scheme — Wikipedia MLMs vs. Pyramid Schemes: One Is Legal, But the Other Could Land You in Prison — Coolidge Law Firm The Case (for and) against Multi-level Marketing — FTC Get-Rich-Quick Profiteers Love Mitt Romney, and He Loves Them Back — Mother Jones Couple Charged for Operating Multimillion-Dollar Pyramid Scheme — DOJ Bernie Madoff and how to identify a Ponzi scheme . — Metis Ireland Tupperware once changed women's lives. Now it struggles to survive — NPR What Is Multi-Level Marketing? — Forbes Don’t Fall Victim to the False Promises of MLMs . - The Daily Utah Chronicle Prosper DJ, wife ordered to pay $10.7 million for pyramid scheme targeting black investors — Dallas Morning News
