‘Success Factory’ likely a pyramid scheme, police warn – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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‘Success Factory’ likely a pyramid scheme, police warn

Danger: Police have warned about a suspected pyramid scheme.

Police have urged the public to be wary of a suspected pyramid scheme operating under the name “Success Factory”.

A police spokesman said last night that under the scheme, would-be investors are asked to join at one of four membership levels at a cost of between €125 ($135) and €1,000 ($1,081).

The spokesman said: “Members are recruited by invitation only and once accepted, they are encouraged to recruit others.

“The scheme also promotes the sale of so called ‘success products’ to others. For each ‘success product’ sold, the client receives 10 per cent of the value of the sale.

“Larger sales mean an increased level status, which comes with rewards, such as free event tickets.

“However, members are reportedly unable to redeem their currencies for up to three years.

The operators of the scheme also heavily encourage members to invest in “DagCoin”, a junk crypto currency.

Detective Superintendent Nicholas Pedro of the Serious Crime Unit said: “This scheme bears many of the hallmarks of a pyramid scheme including emphasis on recruiting, there is no genuine product or service being sold and there is a complex commission structure.

“We urge you to avoid putting any money into Success Factory, you might think it’s worth something, but there is no supporting evidence to show that it does. From all appearances the only way to make money in this venture is to recruit people.”

Anyone approached about the “Success Factory” scheme are urged to contact the financial crime unit at 295-0011.

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Published April 16, 2022 at 1:26 pm (Updated April 16, 2022 at 1:26 pm)

‘Success Factory’ likely a pyramid scheme, police warn

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