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Currently I have seen countless schemes targeting veterans, and soldiers
alike. Promising them fortunes in money. They attack soldiers who don't
make as much, and give them a way that will make them feel they can get
ahead. As a future leader myself, in what ways would you protect your
soldiers, or employees from these types of attacks?
alike. Promising them fortunes in money. They attack soldiers who don't
make as much, and give them a way that will make them feel they can get
ahead. As a future leader myself, in what ways would you protect your
soldiers, or employees from these types of attacks?
Posted 10 y ago
Responses: 6
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In the classic pyramid scheme, participants try to make money solely by enrolling others into the scheme and recruiting others to do the same thing. The hook is the promise of fast money for basically doing nothing except getting others to sign up for the program. There may be a "product" or "service" involved but the compensation plan revolves around using sign-up fees from new recruits (at the bottom) to pay off those who are already in the program. Otherwise known as a "Ponzi" scheme, pyramids use money from Peter to pay Paul.
If there is any doubt about the legitimacy of a business opportunity the best is to consult with JAG or the local Better Business Bureau. If it is a "Pyramid scheme" then it is illegal and something to be avoided. There are many legitimate opportunities out there where a Soldier or spouse can make decent money; the key is to do the homework necessary to ensure that the business is legal, ethical, and being properly represented by the representative.
You can learn more from the Securities and Exchange Commission at http://www.sec.gov/investor/alerts/ia_pyramid.htm
The SEC's Office of Investor Education and Advocacy is issuing this Investor Alert to warn individual investors about pyramid schemes, a type of investment scam that fraudsters often pitch as a legiti...
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MSG Wade Huffman
I agree... whenever you hear the term Multi-Level Marketing you should be on alert. Not all MLM programs are bad, many are very successful, established and reputable (but for the most part, they can provide a little extra cash at best); but very often they are simply pyramid schemes.
Your best bed.... RESEARCH!
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You have to share these schemes with your Soldiers and if something sounds too good to be true, chances are that it is not something in their best interest, it probably benefits the salesman. Another warning sign is not going to an established business address or office to verify for yourself that it is a legitimate business and not a fly-by-night organization.
I am curious in reading some of the "countless schemes" you've seen - you sharing your knowledge and experience helps us all!
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I agree with the CSM, if the ones you know of are fairly popular then share them with us. Just like with the not too kosher establishments of various types that are often right in front of the gate off post, you just have to be diligent and educate your troops. Whether through counselings or otherwise to make sure they are aware that these places do exist and as service members they represent guaranteed dollar signs.
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