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RCMP advise public of ‘gifting cloud’ scheme

RCMP are warning the public about a recent increase in local women being invited to attend “gifting cloud” or “pay it forward cloud” events, also known as “gifting circles.”
The concept re-emerges every few years, frequently changing names.
The “clouds” promise that someone who invests $5,000 — and recruits two to six more people willing to invest — will receive a “gift” of $40,000 somewhere between four months and one year later.
The language used is designed to make people believe that it is a “community” which helps people be financially independent and/or contribute to society in a positive way.
They will be made to feel important, being told that it is an anonymous, invitation only event.
The RCMP said in a news release that despite the positive terminology used the clouds are pyramid schemes and are illegal in Canada.
The Canadian Anti-Fraud Centre defines a pyramid scheme as “frauds that are based on recruiting an ever-increasing number of investors.”
The RCMP stress it is illegal to promote a pyramid scheme or even to participate.
Contact the RCMP if you require more information, or report occurrences to the Canadian Anti-Fraud Centre at 1-888-495-8501.

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