BoN warns against pyramid scheme
OGONE TLHAGE - The Bank of Namibia (BoN) is warning members of the public to refrain from participating in the activities of the Four Corner Alliance, an illegal financial scheme.
By engaging in activities with Four Corner Alliance, members of the public stood the risk of having legal action taken against them, the Bank of Namibia said.
By engaging in the business of Four Corner Alliance, members of the public are required to buy an online book through the Alliance and in turn recruit more members who will also buy the prescribed book.
Through revenue generated by the purchase of the book, members then gain points from sales made on the book.
“The core business of Four Corner Alliance is to introduce members of the public to the business practice and they are expected to pay a once off membership fee of N$250 to the company supposedly for the purchase of an online book,” the Bank of Namibia said.
According to the Bank of Namibia, participants are encouraged to introduce or recruit four other persons who in turn are expected to introduce more members of the public in order to earn monetary rewards within the business matrix of Four Corners Alliance.
“Participants earn more money upon promotion to higher status, with bonuses ranging from N$240 up to N$8.3 million as bonus and funds that are allocated to participants as rewards come from the contributions or supposed sales of online books made by newly recruited members,” the central bank said.
The Bank of Namibia was also empowered to take legal action against members of the public that were engaging in the activities of Four Corners Alliance and similar financial schemes.
“It should be emphasised that the bank is empowered to take legal action against members of the public who participate in illegal financial schemes, promote their business activities or recruit members of the public to take part in such activities,” the central bank said.
Four Corners Alliance is selling a set of 43 books to interested members of the public, distributed through six purchase levels. According to the Four Corners Alliance website, a broad spectrum of financial topics are covered in the book, “that will put the control back where it belongs, the consumer”.
By engaging in activities with Four Corner Alliance, members of the public stood the risk of having legal action taken against them, the Bank of Namibia said.
By engaging in the business of Four Corner Alliance, members of the public are required to buy an online book through the Alliance and in turn recruit more members who will also buy the prescribed book.
Through revenue generated by the purchase of the book, members then gain points from sales made on the book.
“The core business of Four Corner Alliance is to introduce members of the public to the business practice and they are expected to pay a once off membership fee of N$250 to the company supposedly for the purchase of an online book,” the Bank of Namibia said.
According to the Bank of Namibia, participants are encouraged to introduce or recruit four other persons who in turn are expected to introduce more members of the public in order to earn monetary rewards within the business matrix of Four Corners Alliance.
“Participants earn more money upon promotion to higher status, with bonuses ranging from N$240 up to N$8.3 million as bonus and funds that are allocated to participants as rewards come from the contributions or supposed sales of online books made by newly recruited members,” the central bank said.
The Bank of Namibia was also empowered to take legal action against members of the public that were engaging in the activities of Four Corners Alliance and similar financial schemes.
“It should be emphasised that the bank is empowered to take legal action against members of the public who participate in illegal financial schemes, promote their business activities or recruit members of the public to take part in such activities,” the central bank said.
Four Corners Alliance is selling a set of 43 books to interested members of the public, distributed through six purchase levels. According to the Four Corners Alliance website, a broad spectrum of financial topics are covered in the book, “that will put the control back where it belongs, the consumer”.
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