Ponzi schemes are illegal [1]. Receiving transaction-based compensation to promote a Ponzi scheme is the likely securities fraud.
[1] http://www.acfe.com/ponzi-schemes.aspx
Disclaimer: I am not a lawyer. This is not legal advice.
Make them discover these actions have consequences, I can only see good sides to this.
Ponzi schemes are one of those things you can't disclose your way out of.
Sort of like HIPAA [1]. If you violate HIPAA, "we disclosed our non-compliance to the patient" is an inadequate--and borderline aggravating--excuse.
[1] https://en.wikipedia.org/wiki/Health_Insurance_Portability_a...
Disclaimer: I am not a lawyer. This is not legal advice.
However, I am not a lawyer and this is not legal advice
However, I am not a native English speaker and this is not a grammatical advice
Disclaimer: I am not a native English speaker and this is not grammatical advice
Disclaimer: I am not a native English speaker, and this is advice about grammar.
I am a lawyer, this is legal advice and you are now my client
I guess someone that has studied law more or is an actual lawyer can weigh in on this in an unofficial capacity (because we are not paying them for advice!).
Ive rarely seen that sort of disclaimer about any other occupation
http://hirealawyer.findlaw.com/do-you-need-a-lawyer/what-is-...
Of course that opinion is worth the paper it's printed on.
I am not a lawyer.
So I guess the "I am not a lawyer" is sort of a corruption of that, a magic spell invoked by not-lawyers to save themselves from not-problems.
While public comment for which no one has been charged money may be outside of the bounds of what would be covered by most such laws, some people view it as best to be clear (and, in any case, such a disclaimer served as meta-legal advice that the matter at hand is one on which you should consult a lawyer if you have critical concerns.)
And, there are other concerned for lawyers in communications that might be mistaken for providing legal advice.
All that combined to justify disclaimers that include some or all of, as applicable:
I am not a lawyer.
I am not your lawyer.
This is not legal advice.
(Incidentally, I am not a lawyer, I am not your lawyer, and none of this is legal advice.)
If they said, deposit your money and we'll pay you back only if enough people after you also deposit their money then you'd have an interesting point, although I'm sure it's still illegal even if you announce your intentions before doing something illegal.
Lotteries work the same way and are legal.
I didn't know that. Does that mean that raffles are technically illegal? Or is there some kind of special-case about winning money?
To allow a raffle, dodges often enshrined in law include:
* Very low prize limits (e.g. max $100) but donated prizes don't count towards that limit. So your local charitable raffle has no problem getting a nice bottle of Scotch, dinner for two with wine at a nice place, family portrait, whatever local merchants want to donate, and it's all fine, so long as they don't buy it.
* Exemptions if you can only buy tickets in one place, or if you only sell them to members of your organisation that exists for some other purpose (e.g. a local church, employees at a factory)
* Exemptions if the profits of the gambling go to a recognised charitable organisation.
* Exemptions if there's no profit at all, all is spent on prizes that go to ticket buyers randomly, so the whole operation only moves money around randomly inside a group of participants.
As another user says, the only legal Lottery is the one that is run by the State.
Isn't it interesting.
That is not always the case. Sometimes you have a Ponzi like Madoff where it may seem legit to investors but most ponzis are blatant and the people involved know it is a ponzi but think they can profit by selling it to greater fools.
Of course they will all express shock and feign ignorance when they are trying to get their money back or defend themselves from the angry people they hustled.
Remember a few years ago the service ponzi.io, a openly transparent Bitcoin ponzi scheme. Here's the discussion from back then: https://news.ycombinator.com/item?id=7202182