Thousands Of Women Duped In Pyramid Scam

Nine women have been convicted for their role in a pyramid scheme which saw thousands of women lose at least £3,000 each.

The gang encouraged vulnerable women to "beg, borrow or steal" the cash needed to join the scam - and promised participants a payout of £24,000 within a matter of weeks.

But of the 10,000 people involved in the "Give And Take" ploy, 88% lost their entire investment - with some victims ploughing as much as £15,000 into the scheme.

Meanwhile, committee members behind the fraud pocketed up to £92,000 each, and were able to continue the scheme because their members were sworn to secrecy, and banned from writing about it.

At lavish parties held at a hotel run by one of the organisers, hopeful guests were told "you can't lose" in inspirational talks by the chairwoman of the scheme, Laura Fox.

Miles Bennett, prosecuting at Bristol Crown Court, said: "This wasn't a bunch of ladies sitting around playing bridge. This was a committee and Fox ruled these nights with a rod of iron.

"This was a pyramid promotional scheme where people were invited to give £3,000, with the promise they would receive £24,000. Wouldn't it be wonderful if life was that simple?

Eventually, such schemes run out of people to recruit

"It is clear that, blinded by the possibility of riches and quick bucks, people were quite prepared to ignore the obvious pitfalls of a pyramid scheme."

The Give And Take scheme, also known as Key To A Fortune, began in April 2008, and ran for 11 months.

It was only when a suspicious member of the public contacted Trading Standards that the scale of the scam come to light.

A total of eleven women, aged between 34 and 69, were prosecuted for their alleged involvement in the pyramid scheme.

Chairman Laura Fox, Carol Chalmers and Jennifer Smith-Hayes were found guilty of operating the pyramid scheme in 2012, and were each sentenced to nine months in prison.

Sally Phillips, Jane Smith and Rita Lomas were handed suspended prison sentences after they admitted promoting the scam.

Three others - Mary Nash, Susan Crane and Hazel Cameron - are due to be sentenced for operating and promoting Give And Take in October.

Rhalina Yuli was acquitted during the trials, while two juries couldn't reach a verdict on the charges Tracey Laurence faced.

The Office of Fair Trading estimates that 480,000 adults fall victim to pyramid schemes every year, losing more than £900 each on average.

But according to their research, only 1% of those affected report their losses to the authorities.

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