Is Sou Sou a pyramid scheme?
Prosecutor Tyner warns that despite guarantees by scheme promoters, these Pyramid Schemes called Sou-Sous, Flowers, or Gifting Circles are illegal. Individuals, participating in the scheme could face charges of wire fraud, tax fraud, and theft by deception.
Is a susu legal?
But despite assurances by promoters, these blessing, sou-sou, or gifting circles are illegal.
Are gifting circles legal?
It’s a promised return better than the stock market, but law enforcement officials warn it’s also illegal. Blessing looms, or “gifting circles” as they are referred to, are illegal, according to law enforcement. He says these gifting circles are nothing more than Ponzi or pyramid schemes.
Can you report a sou sou?
And, if you’ve if you’ve been contacted to join a fake sou sou, please tell us: ftc.gov/complaint. Your report can help us protect others from a scam.
Can you go to jail for blessing loom?
A “Blessing Loom” may sound like a highly beneficial program or even a sacred object. But it’s nothing of the sort. It’s a pyramid scheme and a scam that could draw you into an illegal involvement, which could, in turn, land you in jail.
Is Sou Sou illegal in the United States?
There are no laws against sou-sous as long as every member gets exactly what they put into it. However, there is little legal recourse in the event someone is taken advantage of.
Is Susu a scheme?
Susu scams In contrast to traditional susus (in which participants only receive the money they put in without profit), these schemes promise a profit. Additionally, these scheme promise rewards for recruiting more people to the susu, in effect making it a pyramid scheme.
Are Sou Sou legit?
Although there are legitimate sou-sous, there are also scams parading as sou-sous that are illegal pyramid schemes. Consumers should beware of illegal scams that may appear to be legitimate sou-sous.