Consumer Warning EmGoldex / Global InterGold
June 13, 2016
The Competition and Consumer Protection Commission (CCPC) is warning consumers to avoid dealing with an online company trading as EmGoldex or Global InterGold. The company is suspected of operating a pyramid scheme that has been targeting consumers in Ireland.
The CCPC investigated the business activities of the company following information provided by a consumer though the CCPC helpline. In its examination, the CCPC found that the company offered potential customers an opportunity to purchase gold bars for a minimum investment, if they engaged in promotional activities and recruited other consumers to join the scheme. It was the recruitment aspect of their business model which indicated that the company may be running a pyramid scheme.
If you take part in a pyramid scheme, sometimes known as a multi-level marketing scheme, you risk losing a lot of money. You should also be aware that under Irish law it is illegal to knowingly participate in a pyramid scheme.
Pyramid schemes may be promoted on social media or through other channels as “get-rich quick schemes.” They may also be recommended to you by a trusted family member or friend who has signed up, sometimes without fully understanding how the scheme works and what the risks are. These business models or schemes are unsustainable as they require more and more new joiners to keep them going. It inevitably leaves many of those who join considerably out of pocket.
If you have information about a pyramid scheme let us know.Return to News