December 23rd, 2010
Pyramid schemes have to put down in Norway. 1100 Norwegian members of the Wealth Masters International are engaged in illegal pyramid schemes.
Sverre Rrvik Nilsen
Updated: 12/21/2010 at. 9:36 p.m.
Posted: 12/21/2010 at. 6:11 p.m.
The American company Wealth Masters International (WMI) has in
of the last two years, enlisted more than 1100 members in Norway.
It has rained criticism against the company and its methods throughout the fall, and after
nearly two-month assessment, the Gaming Board concluded that the WMI
violation, tibia gold, of the Gaming Act, 16
The new company WMI Scandinavia AS is thus required to stop
operations in Norway. The same applies WMIs members.
Including it would be illegal to create, operate, participate in or propagate
pyramid game or similar system, writes in his audit report
addressed to WMI Scandinavia lawyer Hellery & Co..
Gaming Board, writes in his decision that unless the sale of products WMIs
stops in Norway,, cheap swtor credits, it can lead to penalties or fines.
To determine whether WMI is a pyramid scheme or not, had to answer nine WMI
questions from the Authority. From these questions were set
the four criteria for what defines a pyramid scheme.
All four criteria revealed that WMI is actually a pyramid scheme:
Revenues in the WMI comes to the greatest extent,, all points bulletin cash, stems from the recruitment of members,
No selling of products
One must give consideration to achieve revenues in the WMI
The cost to be a member of WMI products work and clearly overpriced
WMI has a pyramid-like trading system
WMIs products is a kind of coaching system, which promises participants increased
prosperity,16-year-old freed after hjemmeran, health and wisdom. As an introduction, WMI offers free seminars
To sell their products, arranges WMI also large office meetings. Two such
meetings have taken place in Oslo in 2010, both the spider Theatre.
When WMIs international leader, Kip Herriage, last was in Norway, he was ready
that WMI operates entirely in gray.
- Yes, we are in the gray zone, but can you say about all companies in our
sector, said Herriage to E24.
- Does not mean that there is something wrong with the whole sector
- No, I think not. We are a legitimate company, not a pyramid scheme,
Lost NOK 15,000
After a former member E24 spoke with lost 15,000 dollars on WMI.
- What did that I was so stupid that I bought was that they told me that a
economist who had worked for [company removed jour.red.] was involved in this. In
addition, they claimed that the Norwegian authorities pursued this, "he said to E24 in the fall.
E24 was a passive spectator at a websemiar organized by WMI in the fall, where several
participants held a presentation via a web application. The entire seminar was organized
around the resale of the products without the products were mentioned only
time. The same experience was ex-member left with.
- It is very ridiculous, is that you almost have to buy the product before you know
what it is. They spend five minutes talking about the product and 45
minutes to talk about selling it on, "he told the E24 and claims to have
lost 15,000 dollars on the purchase.
Read more about WMI:
1100 Norwegians lid with health, prosperity and
Lost NOK 15,000
Have office meeting in Oslo
Gaming Board is investigating WMI
How do you turn a pyramid scheme
Several issues on the E24