The Better Business Bureau (BBB) has recently advised of a pyramid scheme targeting women in the Lower Mainland. Known as a 'Gifting Circle', 'Women's Financial Circle', 'Women's Financial Collective' or 'Women's Wisdom Circle', the scheme often involves women being invited to an event to support a woman or a family that needs help. Attendees are then presented an opportunity of a large profit for investing and recruiting friends. The presentation is made under the guise of supporting female empowerment and its organizers claim to create abundance and spiritual healing for those who sign up.
For more information or to report a scam, please contact the Canadian Anti-Fraud Centre online at www.antifraudcentre-centreantifraude.ca or toll free at 1-888-495-8501.
If you believe you may be the victim of fraud or have given personal or financial information unwittingly, please contact your local police service.
How to avoid falling victim
Here are the BBB's tips to avoid a pyramid scheme:
- Be wary of "opportunities" to invest in things where the success or failure relies on recruitment.
- Independently verify the legitimacy of any franchise or investment before you invest.
- If it seems too good to be true, it is.
- Investigate. Ask around. Search online. Be skeptical.
- If no product or service is being offered or sold, how does it make money?
- Invest your money with reputable investment professionals and firms with a track record.
- Be very wary of investments that promise low risk and high returns.
- Don't let greed overcome good judgment.
- Getting involved could have a negative and lasting effect on friendships.
- If you have any concerns contact the BBB.
- Investment concerns can also be directed to the BC Securities Commission.
For more information, please contact economicplanningboardbc@gmail.com