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Sri Lanka Equity Forum » Stock Market & Forum Help » Network marketing/pyramid marketing=scam?

Network marketing/pyramid marketing=scam?

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1 Network marketing/pyramid marketing=scam? on Mon Nov 07, 2011 12:27 pm

mark

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
guys anyone have experience on this field?
do anyone know abt such companies?

also read...........

Several years back a "easy money" making method became popular among Sri Lankans as well as some other Asian countries which was a multilevel marketing strategy based on a gold coin. Multilevel marketing is not a accepted method of investing and therefore central bank of Sri Lanka banned this multilevel marketing scheme. Later another money scam called Seagull Softwares was started to spread in Sri Lanka and later it was also banned and the owners were disappeared with about Rs 200 million of it's customers. As Sri Lankans are very quickly forgetting their past and very eager to earn "easy money" multilevel marketing schemes are becoming popular again in Sri Lanka although they are illegal. Central Bank earlier had a special unit to monitor and investigate these money scams and last year it was also closed. At present same company which sold gold coins is now selling a product called Bio Disk which they say uplifts healthiness and happiness of human life.
Multilevel marketing or network marketing is a marketing strategy where the mother company is on the top and all the other customers are arranged as a pyramid under the mother company. The major difference between a traditional company which sells products and a MLM company is in traditional method consumers just pay the mother company and buy a product and that's it. But in multi level marketing (MLM) initialy customers buy a product from the company by paying the amount and then customers them self become representatives of the company and start selling on behalf of mother company. As a return they will get incentives for each new customer they introduce. This is the most commonly used structure of multi level marketing (MLM) and there are several other structures such as Unilevel, Matrix, Binary and Elevator.
Await more information about this rising multilevel marketing scams (MLM) in Sri Lanka. As a respectable visitor you are highly encouraged to comment on this post, leave your valuable ideas about multilevel marketing and also past experience about MLM if any.

GoldQuest also known as Qatana or Questnet received a lot of publicity so people were warned. It seems that the new operators are keeping a low profile and duping gullible people.

{ http://aboutsrilanka.Deleted/2008/03/multilevel-marketing-campaigns-back-in.html }

http://www.qnet.net/ Question Question Question



Last edited by mark on Mon Nov 07, 2011 6:18 pm; edited 1 time in total

2 Re: Network marketing/pyramid marketing=scam? on Mon Nov 07, 2011 1:51 pm

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I think once an owner/major shareholder of the Goldquest now owns a popular capital company listed in CSE. These were prohibited by CBSL as they are deleterious to the economy.

3 Re: Network marketing/pyramid marketing=scam? on Mon Nov 07, 2011 2:26 pm

yoyo

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Manager - Equity Analytics
Manager - Equity Analytics
There was a scheme called "Seven Diamonds" based on Dubai, which offered diamonds with the latter part of the "Gold Quest"scheme. Lot of people participated and lost their money in those schemes. Lot of small companies started schemes in those days to attract different levels of people. Many of them lost the money, since the scheme is not sustainable. Nowadays there is a scheme to sell dietary supplements called "Tiens". Its selling chinese medicine for very expensive prices.

4 Re: Network marketing/pyramid marketing=scam? on Mon Nov 07, 2011 6:46 pm

mark

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
WildBear wrote:I think once an owner/major shareholder of the Goldquest now owns a popular capital company listed in CSE. These were prohibited by CBSL as they are deleterious to the economy.

thanks for reply guys,

@bear- can you name that company Smile

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