March 16th, 2010

Two companies suspected of operating pyramid schemes

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Hungarian financial market watchdog PSZAF has reported two businesses to the proper authorities on suspicion of operating pyramid or Ponzi schemes, PSZAF spokesman Istvan Binder told MTI on Friday.

PSZAF reported TVI Expressz for promising potential clients who pay a one-time USD 250 membership fee a free 7-day stay for two at a 3- to 5-star hotel any place in the world. It also reported Canadian Diamond Traders for promising clients who pay USD 120 and bring the company two more clients the possibility of earning a weekly USD 2,300.

Both companies are outside of PSZAF’s jurisdiction, which is why it reported them, Mr Binder said. The proper authorities will have to determine whether the companies are operating pyramid or Ponzi schemes, he added.

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