- June 6, 2023
A pyramid scheme is an unsustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public. Various forms of pyramid schemes are illegal in many countries including Albania, Australia, Austria, Belgium, Brazil, Canada, China, Colombia, Denmark, the Dominican Republic, Estonia, France, Germany, Hong Kong, Hungary, Iceland, Iran, Italy, Japan, Malaysia, Mexico, Nepal, the Netherlands, New Zealand, Norway, the Philippines, Poland, Portugal, Romania, Russian Federation, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, the United Kingdom, and the United States. These types of schemes have existed for at least a century, some with variations to hide their true nature. Multilevel marketing plans have also been classified as pyramid schemes.
Attorney Matthew Wolper
Matt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]