Podcast Episode Details
Back to Podcast Episodes
Pyramid Schemes: How to Lose Friends and Alienate Money
Episode 65
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