WorldVentures Scam Under Investigation Again
Last year WorldVentures lost their appeal of a decision by the Norwegian Gaming Board and they are considered an illegal pyramid scheme in Norway. They are now under investigation again. In my opinion, it is only a matter of time until most of the world figures out the scam they are running.
The National Consumer Commission is investigating WorldVentures. If found guilty, all WorldVentures activities will be declared illegal and the company will face fraud charges. If found guilty, the NCC has said that members will face criminal charges.
Here is how WorldVentures is presented to people:
WorldVentures encourages their representatives to recruit friends and family in order to earn commissions and rewards.
77.51% of representatives earn no income.
The average income for a representative is close to $203.59 per year. 95% on average are losing money according to their own income disclosure and reports that take into account expenses have WorldVentures ranked as one of the worst MLMs for you losing money: 99.97%.
The National Consumer Commission, which is based in South Africa, has included WorldVentures in their investigation because some characteristics of the company resemble what the Consumer Protection Act defines as a pyramid scheme.
A pyramid scheme in terms of the CPA is illegal and fraudulent. The NCC is working together with the Specialised Commercial Crimes Unit of the South African Police Services (SAPS) on the matter.
Criminal proceeding will be instituted against the initiators of a pyramid or related scheme, as this will send out a very strong message of deterrence. However, in terms of the CPA, all participants in a pyramid scheme are committing an offence and may be subjected to legal proceedings. – Source NCC spokesperson Trevor Hattingh
Over 4100 locals in Cape Town have reportedly joined WorldVentures over the past six months.
In addition to WorldVentures, the NCC is also investigating eight other suspected pyramid schemes, including Kipi (also known as My Deposit 24/7), Make Believe, NMT Investments, Instant Wealth Club, MMM scheme, DIPESA, Sikhese (PTY) LTD and Wealth Creation Club.
– Source Capetownlately.co.za
Regulators are closing in around the world on the WorldVentures scam. In my opinion, time is running out for them. It is great to see that in South Africa they will actually be going after all the people that perpetuate this type of scam. It is time for people to understand that running a pyramid scheme hurts people and is a crime. Vemma has recently been shutdown by the FTC and then placed under a monitor to make sure they do not violate the law. Is WorldVentures next to be shutdown?