why ponzi scheme is illegal?
434019
Yet, both pyramid and Ponzi schemes are illegal because they inevitably must fall apart. No program can recruit new members forever. Every pyramid or Ponzi scheme collapses because it cannot expand beyond the size of the earth's population.
816217
It's not illegal selling your account. So in theory you could earn a buck or two. However it's against League of Legends Terms of Policy which can get your account disabled or banned. ... Good luck with selling your account, and in conclusion it's not illegal, but it's against the terms of policy.
614177
According to the Federal Lottery Law, it is illegal to operate a lottery through the mail or over the telephone. A lottery exists when you must pay for a chance to win a prize. ... If all three elements of payment, chance, and prize are present, it's a lottery.
123745
In Canada, it is a crime to promote a pyramid scheme or even to participate in one.” ... In other words, while MLM plans are legal provided certain prescribed disclosure requirements are met, pyramid selling schemes are illegal under the Act and the Criminal Code.
1294786
Amway India The enforcement said that the business model of the company is illegal. The Reserve Bank of India (RBI) had notified the police that Amway in India may be violating certain laws regarding a "money circulation scheme" and the IB Times article writes that "some say ...
1117271
It is against the law to use someone else's Social Security number or to give false information when applying for a number. Also, it is illegal to alter, buy, or sell Social Security cards.
441894
Under the IRS rules, an investor in a Ponzi scheme is entitled to deduct his or her losses as a theft loss, instead of a capital loss from an investment. ... It is not subject to the 10% of adjusted gross income reduction or the $100 reduction that applies to many personal casualty and theft loss deductions.
799087
No fraud allowed: There's no law making postdated checks illegal. However, it is illegal to write a check when you know you don't have the funds to cover it. ... Unless you set things up correctly with your bank, the bank is free to pay funds out of your account before the date shown on your check.
663232
Banks are urged by federal law enforcement agencies and regulators to close questionable accounts -- or else risk getting hit with penalties. So they often end up shutting accounts even when a customer isn't doing anything explicitly illegal.
1047506
It's not illegal to store cash in there (not sure how the bank would know unless they are standing there with him when he opens his box and he shouldn't let them watch). The bank is losing out on deposits (that the loan out or charge an account fee on).
1369277
Hawala is illegal. Because transactions are made outside the conventional banking system and all the regulations that come with it, Hawala has become infamous as an easy way to fund dangerous and suspicious activities.
641458
Madoff's firm reported to its customers for decades. ... Madoff was arrested by the Federal Bureau of Investigation (FBI) on December 11, 2008, on a criminal charge of securities fraud. According to the criminal complaint, the previous day he had told his sons that his business was "a giant Ponzi scheme".
688060
Very important- Has the company complied with new MLM laws in India. Never get trapped with the company enrolling members without products of their own. If the income generation mode is commission on member joining than that kind of company is illegal.
839802
Burning money is illegal in the United States and is punishable by up to 10 years in prison, not to mention fines. ... The odds of being prosecuted under the federal laws that making burning money or defacing coins, however, are fairly slim.
1334261
There are safe sites, so there is no point in getting involved with these fraudsters putting your money at risk! I have never had such problems with other dating sites, but Elitesingles is a plain rip off to avoid at all costs!
742802
Illegal gambling is a victimless crime." ... Bettors who can't pay their debts are sometimes forced into commiting crimes. -- That bookie is only friendly if you pay your gambling debts promptly.
961252
In 1979, the Federal Trade Commission found that Amway is not illegal because it does sell products in addition to paying for recruitment. Generally, United States laws only ban pyramid structures when there are no products or services being sold. However, this does not mean Amway is completely legitimate.