CELEBRITY INVOLVEMENT WITH PYRAMID SCHEME
Celebrity involvement in a pyramid scheme does not mean that the investment is genuine and profitable.
Pyramid Scheme: these are investment scams carried out by unregistered and fraudulent “investment Operators” who illegally collect money from the public.
Their sole purpose is to defraud the general public for their hard-earned money! They deceive people with their incredibly unrealistic interest rates and returns, making them believe it is an opportunity to earn fast money.
Eventually, they are unable to pay returns and they disappear with the money. They sometimes begin to operate again under different names at another location. Source-Securities and Exchange Commission, Nigeria website.
Celebrities, from sports to movies, can be found on TV, radio, and social media endorsing an investment scheme.
Sometimes they are involved in investment opportunities such as the pyramid scheme, wonder banks etc. Sometimes those celebrities may be well-known professional investors.
People oftentimes get carried away because a celebrity is involved in the investment scheme, they forget to carry out proper research on the investment before investing their hard-earned money.
Celebrity involvement in an investment scheme does not mean that the investment is generally appropriate for you.
Celebrities are human, they can be lured into participating in a risky and fraudulent investment.
As it is popularly known Ponzi scheme/wonder banks operations does not offer securities for your investment.
Even if a Celebrity is involved in a pyramid scheme, investing in one may not be a good idea for you. Before investing always do your research.
Never invest your money with someone who is not licensed and registered. If you choose to work with an investment professional, start by learning about the investment professional’s background, registration status, and disciplinary history.