Direct selling lobby group representing Amway, Herbalife and Avon calls for crackdown on Ponzi schemes | Fin24 - News24

SA's direct selling industry wants to see harsher punishments for creators of Ponzi schemes, saying these investments scams are hurting the credibility of legitimate businesses.

SA's direct selling industry wants to see harsher punishments for creators of Ponzi schemes, saying these investments scams are hurting the credibility of legitimate businesses.

Getty Images

The Direct Selling Association of South Africa (DSA), a lobby group that represents the interests of companies such as Amway, Herbalife and Avon, has called for harsher punishments for the masterminds behind Ponzi schemes, saying the investment scams are hurting the credibility of legitimate businesses.

Ponzi schemes, which are illegal, are a type of investment scam in which early investors make money from the investments of later investors.

"The most significant way in which Ponzi schemes affect our industry is diminished credibility of legitimate direct selling businesses because more often than not, they tend to fashion themselves as direct selling businesses," said the DSA's chairperson, Rajesh Parshotam.

Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism.

Comments

Post a Comment

adsT

Popular posts from this blog

Tempe's Vemma settles with FTC; fined $238 million, admits no ... - The Arizona Republic

Image
It was supposed to be a revolution. Vemma billed itself the "Young People Revolution," marketing mostly to college students as a way to get easy money. Then the Federal Trade Commission filed a lawsuit, calling the nutrition company an illegal pyramid scheme. The company sells nutritional supplements and vitamin drinks under the Vemma name; Verve, an energy drink; and meal-replacement shakes and weight-loss products called Bod-e. Vemma and the FTC reached a settlement in that lawsuit last week. The Tempe-based company agreed to change its earnings structure and pay a $238 million judgment, although that settlement figure could drop to just over $470,000. As provisions of the settlement, Vemma and its CEO, B.K. Boreyko, are banned from paying distributors, known as "affiliates," for enrolling new recruits, linking affiliates' pay with their own product purchases and paying affiliates for work other than outside sales. The compa
Read more

Movies playing in Southeast Michigan, new releases Oct. 27 - Oakland Press

Image
The following list includes movies available at local theaters, and movies that are available to watch through online streaming and video on demand services including: Netflix, Amazon Prime Video, Google Play, Hulu, Vudu, FandangoNow, Apple TV+, YouTube, Disney+, HBO Max and more. Showing at theaters • "Five Nights at Freddy's" (PG-13): Horror film based on the video game series of the same name. A troubled young man caring for his 10-year-old sister Abby, and haunted by the past disappearance of his younger brother, takes a job as a night security guard at an abandoned theme restaurant: Freddy Fazbear's Pizzeria. Starring Josh Hutcherson, Elizabeth Lail, Kat Conner Sterling, Piper Rubio, Mary Stuart Masterson and Matthew Lillard. In theaters and streaming on Peacock, Oct. 27. • "Freelance" (R): A former special forces operative reluctantly takes on a freelance gig to provide private security for a washed-up journalist as she interviews a ruthless dictat
Read more