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Thread: Yet another illegal cash gifting club prosecuted

  1. #1
    littleroundman is offline Administrator
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    Jun 2010
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    Yet another illegal cash gifting club prosecuted

    The OregonLive.com website is reporting the Oregon Department of Justice has closed the illegal cash gifting club known variously as "Operation Abundance, Women's Gifting Circle, Women's Financial Circle and Women's Financial Collective"



    Read the complete article on
    The OregonLive blog



    Oregon.gov Division of Finance and Corporate Securities (DFCS) website
    The only thing necessary for the triumph of evil is for good men to do nothing

  2. #2
    littleroundman is offline Administrator
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    Jun 2010
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    17,323

    Re: Yet another illegal cash gifting club prosecuted

    No matter what the promoters may tell you, gifting clubs are illegal. They are unlawful pyramid schemes. Gifting clubs and pyramids have not been approved by the Oregon Attorney General, local district attorneys, or the Division of Finance and Corporate Securities. Operating or participating in a pyramid scheme violates Oregon's Unlawful Trade Practices Act, which imposes civil penalties of up to $25,000 per violation.

    Gifting clubs and pyramid schemes may also violate Oregon securities laws by virtue of being investment contracts. Oregon law requires securities to be registered and licenses for persons engaged in transacting business in securities. A violation of the securities laws could subject a person to civil penalties of up to $20,000 per violation, or criminal prosecution as a class B felony.
    The IRS does not recognize gifting clubs or pyramid schemes and considers all money gained from these schemes to be reportable income. Failing to report income from pyramid schemes on your tax return, or attempting to hide such monies may subject you to severe federal civil and criminal penalties.
    It's funny.

    As hard as I try, I can't find anywhere in the Oregon Division of Finance and Corporate Securities (DFCS) document where it says "except for people innocently involved"

    No doubt lutarian will be along directly to point out the errors in the DFCS warning.

    It's funny, though, maybe it's just me, but I would have thought the statement:
    No matter what the promoters may tell you, gifting clubs are illegal.
    pretty well covers the fact "innocent" people should be aware cash gifting promoters have no compunction in lying their little as*** off to suck in new victims and put THEM (the victims) in the firing line of being prosecuted.
    The only thing necessary for the triumph of evil is for good men to do nothing

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