Pyramid Scheme means a multi layered network of subscribers to a scheme formed by subscribers enrolling one or more subscribers in order to receive any benefit, directly or indirectly, as a result of enrolment, action or performance of additional subscribers to the scheme and the subscribers enrolling further subscriber(s) occupy higher position and the enrolled subscriber(s) lower position, resulting in a multi- layered network of subscribers with successive enrolments:
Pyramid Scheme means: A multi layered network of subscribers to a scheme formed of subscribers enrolling one or more subscribers in order to receive any benefit, directly or indirectly as a result of enrollment action or performance of additional subscribers to the scheme. The subscribers enrolling further subscriber(S) occupy higher position and the enrolled subscriber(s) lower position, thus with successive enrolments, they form multi-layered network of subscribers. Provided that the above definition of a “Pyramid Scheme” shall not apply to a multi layered network of subscribers to a scheme by a direct selling Entity. Which consists of subscribers enrolling one or more subscribers in order to receive any benefit, directly or indirectly, where the benefit is as a result of sale of goods or services by subscribers and the scheme /financial arrangement complies with all of the following:
a) It has no provision that a Direct seller will receive remuneration or incentive for the recruitment/enrollment of new participants.
b) It does not requires a participates to purchase goods or services.
c) for an amount that exceeds an amount for which such goods or services can be expected to be sold or resold to consumers.
d) For a quantity of goods or services that exceeds an amount that can be expected to be consumed by or sold or resold to consumers.
e) It does not require a participant to pay any entry /registration fee, cost of sales demonstration equipment and materials or other fees relating to participation.
f) It provides a participant with a written contract describing the “material terms” of participation.
g) It allows or provides for a participant a reasonable cooling off period to participate or cancel participation in the scheme and receive a refund of any consideration given to participate in the operations.
h) It allows or provides for a buy back or repurchase policy for “currently marketable” goods or services sold to the participant at the request of the participant at reasonable terms.
i) It establishes a grievance redressal mechanism for consumers, more particularly described in clause 7 herein.
Pyramid Scheme means a multi layered network of subscribers to a scheme formed by subscribers enrolling one or more subscribers in order to receive any benefit, directly or indirectly, as a result of enrolment or action or performance of additional subscribers to the scheme, in which the subscribers enrolling further subscribers occupy a higher position and the enrolled subscribers a lower position, resulting in a multi-layered network of subscribers with successive enrolments:
Examples of Pyramid Scheme in a sentence
General Provisions and Private Citizens CHAPTER 14A.70 - GAMBLING, SOCIAL GAMES, AND UNLAWFUL AMUSEMENT GAMES OR CONCESSIONS Sections:14A.70.010 Definitions.14A.70.020 Unlawful Frequenting of a Place Where Unlawful Gambling Activity is Conducted.14A.70.030 Unlawful Chain Letter or Pyramid Scheme.
So it's cost me too." (H-E, Evelyn P3M).When collaborative efforts to maintained the system failed, participants had to reach out to the SHHS research group to try to get professional help to maintain aspects of the system that "sort of stopped working” (H-D, David, P3M): "I had an hour's telephone conversation with [SHHS research group] to try and fix it for [Daisy], but nothing.
Ben Kochman, Law360, FBI Warns Fake Crypto Apps Defrauded Investors Out Of $42M (July 18, 2022);U.S. Attorney’s Office for the Southern District of New York, Press Release, Manhattan U.S. Attorney Announces Charges Against Leaders Of “OneCoin,” A Multibillion-Dollar Pyramid Scheme Involving The Sale Of A Fraudulent Cryptocurrency (Mar.
Sunrider Corp., 48 P.3d 918, 930 (Utah 2002) (“Even where a marketing plan formally bases commissions on sales, the plan may still be found illegal if, in practice, profits come primarily from recruitment.”) (applying federal law to interpret Utah’s Pyramid Scheme Act); cf.
There is Substantial Confusion over what is a Pyramid Scheme While there are some essential similarities among the various federal and state anti- pyramid laws, there are also some serious inconsistencies and contradictions.
More Definitions of Pyramid Scheme
Pyramid Scheme means: A multi layered network of subscribers to a scheme formed of subscribers enrolling one or more subscribers in order to receive any benefit, directly or indirectly as a result of enrollment action or performance of additional subscribers to the scheme. The subscribers enrolling further subscriber(S) occupy higher position and the enrolled subscriber(s) lower position, thus with successive enrolments, they form multi-layered network of subscribers.
a. It has no provision that a direct seller will receive remuneration or incentive for the recruitment/enrollment of new participants.
b. It does not require a participates to purchase goods or services.
c. For an amount that exceeds an amount for which such goods or services can be expected to be sold or resold to consumers.
d. For a quantity of goods or services that exceeds an amount that can be expected to be consumed by or sold or resold to consumers.
e. It does not require a participant to pay any entry /registration fee, cost of sales demonstration equipment and materials or other fees relating to participation.
f. It provides a participant with a written contract describing the “material terms” of participation.
g. It allows or provides for a participant a reasonable cooling off period to participate or cancel participation in the scheme and receive a refund of any consideration given to participate in the operations.
h. It allows or provides for a buy back or repurchases policy for “currently marketable” goods or services sold to the participant at the request of the participant at reasonable terms.
i. It establishes a grievance redressal mechanism for consumers, more particularly described in clause 7 herein.
Pyramid Scheme means any scheme or arrangement whatsoever which has either or both the following characteristics—
Pyramid Scheme means any scheme, arrangement, plan, operation or chain process having all or any of the features specified in the Schedule.
Pyramid Scheme means a scheme for the supply of goods, services or financial benefit where-
Pyramid Scheme means: A multi layered network of subscribers to a scheme formed by subscribers enrolling one or more subscribers in order to receive any benefit, directly or indirectly, as a result of enrolment, action or performance of additional subscribers to the scheme. The subscribers enrolling further subscriber(s) occupy higher position and the enrolled subscriber(s) lower position, thus, with successive enrolments, they form multi- layered network of subscribers. Provided that the above definition of a “Pyramid Scheme” shall not apply to a multi layered network of subscribers to a scheme formed by a Direct Selling Entity, which consists of subscribers enrolling one or more subscribers in order to receive any benefit, directly or indirectly, where the benefit is as a result of sale of goods or services by subscribers and the scheme/financial arrangement complies with all of the following:
a) It has no provision that a Direct Seller will receive remuneration or incentives for the recruitment / enrolment of new participants.
b) It does not require a participant to purchase goods or services:
i. for an amount that exceeds an amount for which such goods or services can be expected to be sold or resold to consumers;
ii. for a quantity of goods or services that exceeds an amount that can be expected to be consumed by, or sold or resold to consumers;
c) It does not require a participant to pay any entry/registration fee, cost of sales demonstration equipment and materials or other fees relating to participation;
d) It provides a participant with a written contract describing the “material terms” of participation;
e) It allows or provides for a participant a reasonable cooling-off period to participate or cancel participation in the scheme and receive a refund of any consideration given to participate in the operations;
f) It allows or provides for a buy-back or repurchase policy for “currently marketable” goods or services sold to the participant at the request of the participant at reasonable terms;
g) It establishes a Grievance Redressal Mechanism for consumers, more particularly described in this Agreement at Clause 9 herein.
Explanation 1 For the purposes of this proviso the term “material terms” shall means buy-back or repurchase policy, cooling-off period, warranty and refund policy.
Pyramid Scheme means a multi layered network of subscribers to a scheme formed by subscribers enrolling one or more subscribers in order to receive any benefit, directly or indirectly, as a result of enrolment, action or performance of
Pyramid Scheme means a multi layered network of subscribers to a scheme formed by subscribers enrolling one or more subscribers in order to receive any benefit, directly or indirectly, as a result of enrolment or action or performance of additional subscribers to the scheme, in which the subscribers enrolling further subscribers occupy a higher position and the enrolled subscribers a lower position, resulting in a multi-layered network of subscribers with successive enrolments and the scheme / financial arrangement complies with all of the following:
a. It has no provision that a direct seller will receive remuneration or incentive for the recruitment/enrollment of new participants.
b. It does not require a participates to purchase goods or services.
c. For an amount that exceeds an amount for which such goods or services can be expected to be sold or resold to consumers.
d. For a quantity of goods or services that exceeds an amount that can be expected to be consumed by or sold or resold to consumers.
e. It does not require a participant to pay any entry /registration fee, cost of sales demonstration equipment and materials or other fees relating to participation.
f. It provides a participant with a written contract describing the ―material terms‖ of participation.
g. It allows or provides for a participant a reasonable cooling off period to participate or cancel participation in the scheme and receive a refund of any consideration given to participate in the operations.
h. It allows or provides for a buy back or repurchases policy for ―currently marketable‖ goods or services sold to the participant at the request of the participant at reasonable terms.
i. It establishes a grievance redressal mechanism for consumers, more particularly described in clause 7 herein. Explanation: 1 for the purpose of this proviso the terms ―material terms‖ shall means buy-back or repurchase policy, cooling off period, warranty and refund policy.