Tongans warned about illegal pyramid scheme Featured
20 April, 2019. Tongans have been warned that a business operation called WorldVenture is a pyramid scheme and that people participate at their own risk.
The National Reserve Bank of Tonga said WorldVenture was clearly a multi-level marketing company that encouraged people to recruit more members.
The bank said it had become aware that the company had received support in the Tongan community.
Pyramid schemes are unsustainable business models and are illegal under the country's Financial Institutions Act, the bank said.
1 comment
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WHAT BUSINESS IS IT OF THE NATIONAL RESERVE BANK OF TONGA TO INTERFERE IN A FREE MARKET BUSINESS VENTURE? The NRBT recently allowed a computer hacker to print names of its customers, an illegal activity the failure of its management to protect customers' privacy. That's incompetence at the highest level. Why not worry about your own responsibilities and allow the free market to thrive.
Pyramid schemes are not what you describe. People are free to spend their money as they wish. The NRBT should not comment on suspected illegal activities unless they have evidence. WorldVenture may just be a legal business entity in which investors have investigated and put their trust in its management.
Investing in a 3% interest bond at NRBT is nothing to brag about. People want good returns on their money, and they have the power to liquidate when they please.