Pay Diamond Scam Warning
Over the last few years gold has been a very popular cover for running recruiting scams and Ponzi schemes. Now diamonds are becoming popular for this type of fraud. It is claimed that Pay Diamond buys, processes and sells diamonds to the industrial and gemstone industry. Their listed address is: SUITE 3601, Two Exchange Square 8 Connaught Place, Central – Hong Kong.
Pay Diamond MISSION
“Through a bold and innovative strategy to rescue the concept of multilevel marketing, bringing to market a product with high added value and full liquidity.”
To participate in Pay Diamond you purchase a package and earn a weekly bonus of 5% for 50 weeks. After 50 weeks your participation comes to an end, then you can choose to use some of your bonuses to buy another package. You can also buy more packages at any time during your participation.
- Joy – invest $200 and receive $10 weekly
- Light – invest $400 and receive $20 weekly
- Plus – invest $1,200 and receive a $60 weekly
- Master – invest $3,600 and receive a $180 weekly
- Premium – invest $36,000 and receive a $1800 weekly
Below is a video description of Pay Diamond and a warning that has been issued about them:
MSC and Winkler Police warn: Diamond Deal is No Golden Opportunity.
Winnipeg – The Manitoba Securities Commission (MSC) and the Winkler Police Service are issuing a joint warning to Manitobans about PayDiamond.com – an Internet-based diamond distribution company purportedly operating from Hong Kong. Evidence indicates the company may be operating a so-called Pyramid scheme, which has cropped up in Manitoba.
In a Pyramid or Ponzi scheme, investors are promised high returns. They operate by paying interest to investors with money brought in by new investors. These new investors are attracted by stories of people claiming to be getting high returns, and in some cases by receiving small amounts of money back in the early stages of the scheme. These schemes inevitably collapse, and investors lose money.
PayDiamond’s model is to raise money from investors which is pooled into a fund to purchase raw diamonds which the company purchases, cuts, polishes and markets. Investor returns are allegedly from the profits of the pool they have invested in. Investors are called “affiliates” and buy in between $200 and $36,000, for terms up to 50 weeks. Investors are supposed to receive a weekly payment until the end of the term when the diamonds are sold with profits to be split with the affiliates.
“There is a heavy emphasis on recruiting new investors,” says Len Terlinski, MSC investigator, “An ‘affiliate’ is paid based on the amount invested by people he or she recruits. This is a red flag. Additionally, the ‘affiliate memberships’ maybe be considered a trade in a security, and PayDiamond is not registered to sell securities in Manitoba.” MSC has recently received calls about the legitimacy of PayDiamond, while the Winkler Police Service has received reports of local residents who have been recruited into the scheme. “We are aware of a Winkler resident who has recruited at least five individuals into the scheme,” says Constable Chris Kalansky of the Winkler Police Service. “This individual has convinced friends and family to invest in PayDiamond, and has profited through recruitment fees. This is a classic Pyramid/Ponzi scheme model.”
– Source mbsecurities.ca
Pay Diamond Scam Conclusion
I would not give one penny or the $200 to $36,000 they are asking for you to join this diamond Ponzi fraud.