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Pyramid scheme and Engineer...

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Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 8:47 am

Today's Head Lines of almost all Sinhalese  news papers is about..an engineer kidnapping a son of a wealthy businessman.

Son of the businessman was riding a bicycle from his fathers business place to home while he was abducted by men came in a hybrid car...

Engineer was in massive debt due to being a leading promoter of pyramid scheme...

Now this is what a pyramid scheme is ..


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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 8:51 am

Pyramid starts where a person appearing to you and say buy this item ( may be a bracelet, solar panel, a coin, a stamp, or almost anything ) at an inflated price and sell in return to 6 other people.

These 6 other people who buy from you, in return should sell this silly product for 6 others..

For example purpose the number is 6 and it can be any other number..


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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 8:52 am

So you can see if the number of layers below you to reach 13 layers the whole population of the world is not enough..

This simple arithmetic, is failed to be understood by an a qualified engineer ?

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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 8:56 am


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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 10:04 am

Pyramid schemes are known as Ponzi Schemes as it was really pioneered by Charles Ponzi..


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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 10:19 am


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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 10:23 am


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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 10:30 am

Not only this Sri Lankan young engineer, Chanaka but also the pioneer of the Ponzi scheme/Pyramid scheme found it difficult to pay what they owe...


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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 10:35 am

This is not the first time Sri Lankans got caught to Pyramid Schemes and probably not the last time. This is like a contagion disease that keep its head down for months and reappear in an advanced form.

Central Bank of Sri Lanka , publish full page advertisements in news papers educating public about where to put your hard earned money and not to get caught to this kind of schemes, from time to time these schemes become popular...But Why ?

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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 10:41 am

Because they promise very high return where no one else guarantee such a high return.


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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 10:50 am

Getting educated is one way to be immune to these Ponzi Schemes..

This is what CBSL was doing.. educating general public. Yet the General Public often get caught and finally blame the regulator..

This is not confined to us in SL...Madoff is infamous of having equity related Ponzi Scheme..


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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 11:02 am

Operators of this scheme now use a very nice term, net-work marketing. Net work marketing is highly appreciated by writers like Robert Kiyosaki.



 It seems there is only a hair line difference between Net Work Marketing and Pyramid scheme and hence we find it difficult to say whether this is Pyramid or this is just net work marketing.

**************************************

Network marketing is a type of business opportunity that is very popular with people looking for part-time, flexible businesses. Some of the best-known companies in America, including Avon, Mary Kay Cosmetics and Tupperware, fall under the network marketing umbrella.


**************************************





Last edited by yellow knife on Mon May 16, 2016 11:13 am; edited 1 time in total

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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 11:04 am


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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 11:09 am

While leaving the reader to find the real difference between Network marketing and Pyramid Scheme , I would say Network marketing is now used as a shield by Ponzi Schemers...

This is not something new.

Money Ladder was popular once and after its bust Gold Quest became popular.


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Re: Pyramid scheme and Engineer...

Post by yellow knife on Mon May 16, 2016 11:11 am

Gold Quest became so powerful in Sri Lanka and they acquired companies listed in CSE.

***************************************

Sunday 11th Jan 2009-Sunday Times

Ferntea to be liquidated
 
Ferntea, a Sri Lankan company that went through a crisis after a major stake was acquired by GoldQuest-related companies, has gone into liquidation.
The order to wind-up was given by the Colombo District Court last month based on an application for liquidation by Carmel Consolidated Pvt Ltd. Carmel is owned by Jayantha Fernando and its directors include his two children, Christhane and Shyamica.
Mr Jayantha Fernando said that soon after GoldQuest, through its representative in Colombo Anura Fernando, purchased Carmel’s stake in Ferntea, Mr Fernando and his two daughters were removed as directors with Anura Fernando taking over as chairman in July 2006. GoldQuest is an international company suspected of promoting pyramid schemes which are banned by the Central Bank. Carmel’s Mr Fernando said the company collapsed after that due to the court cases, other issues and also a cheating case where a Turkish tea buyer Mechmet Peltek complained to the CID that the company owes him Rs 12.1 million. Case no 4407 has been filed against three directors including Mr Anura Fernando in the Colombo High Court.
Carmel has also obtained an enjoining order from the District Court barring Goldquest from voting on the shares on the grounds that the shareholdings are illegal. Mr Anura Fernando has since then resigned from the company.

Sunday January 11, 2009

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Re: Pyramid scheme and Engineer...

Post by Ethical Trader on Mon May 16, 2016 6:00 pm

Good one YK. Thanks.
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Re: Pyramid scheme and Engineer...

Post by chutiputha on Mon May 16, 2016 6:46 pm

Sir,This is marvelous. Very Useful ++++++++++++++
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