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Pyramid Schemes: How to Lose Friends and Alienate Money

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Manage episode 429309039 series 2991812
Content provided by Earmark LLC, Greg Kyte, and Caleb Newquist. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Earmark LLC, Greg Kyte, and Caleb Newquist or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

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 support@earmarkcpe.com.

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 ohmyfraud@earmarkcpe.com

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

  continue reading

68 episodes

Artwork
iconShare
 
Manage episode 429309039 series 2991812
Content provided by Earmark LLC, Greg Kyte, and Caleb Newquist. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Earmark LLC, Greg Kyte, and Caleb Newquist or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

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 support@earmarkcpe.com.

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 ohmyfraud@earmarkcpe.com

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

  continue reading

68 episodes

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