Police Warn About ‘Suspected Pyramid Scheme’

The police said they have received reports of a “suspected pyramid scheme” noting that “there is no genuine product or service being sold and there is a complex commission structure.”

A police spokesperson said, “The Bermuda Police Service [BPS] has received reports of a suspected pyramid scheme under the name “Success Factory”, operating on the island.

“How the Scheme Works:

“Investors are asked to join one of four levels of membership;

• -  Basic [125 Euro]
• -  Standard [250  Euro]
• -  Super [500 Euro]
• -  Ultra [1,000 Euro]

“Members are recruited by invitation only and once accepted, they are encouraged to recruit others. The scheme also promotes the sale of so called “success products” to others. For each “success product” sold, the client receives 10% of the value of the sale.

“Larger sales, mean an increased level status, which comes with rewards, such as free event tickets. The operators of “Success Factory” also heavily encourage members to invest in ‘DagCoin’, a junk crypto currency. However, members are reportedly unable to redeem their currencies for up to three years.”

Detective Superintendent, Nicholas Pedro of the Serious Crime Unit warned, “This scheme bears many of the hallmarks of a pyramid scheme including, emphasis on recruiting, there is no genuine product or service being sold and there is a complex commission structure.

“We urge you to avoid putting any money into Success Factory, you might think it’s worth something, but there is no supporting evidence to show that it does. From all appearances the only way to make money in this venture is to recruit people.”

“Should you be approached by anyone attempting to recruit you into investing with “Success Factory”, please contact the BPS Financial Crime unit on 295-0011.”

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