What was first touted as a game and an easy way to make a little money has turned into something a bit more serious. It is what is known as a Ponzi scheme.
A Facebook page, Simpson County Money Board, which was created in mid-April, now has 700 followers. The goal is to turn a $100 investment into a quick $800 return. The money comes through Pay Pal or Venmo. In order to play you must post a screen shot with proof of payment to be counted on a particular board.
Once the individual has paid and verified, they are place on the board. As more people come in after that person the name moves toward the center of the board. The goal is to recruit people under you so your name moves up fast.
This information was presented to the Mississippi Better Business Bureau by Hanna Berry- May. May said she found out about the site and confronted the people involved and they claimed it was nothing more than a game and nothing was wrong with it. Berry said she told them it was illegal and they should close the site. They refused and this is what she said prompted her call to the BBB. May was asked if she had participated in the ruse and she said no, that she realized what it was and was lured in to participate.
The release from the BBB said, “As Mississipians are receiving their stimulus payments, scammers are finding ways to take your money easy.”
Better Business Bureau says if you see Money Board pop up on your timeline, or someone you know asks you to join, don't fall for it. Chances are you will lose your money.
The problem, BBB says, is that schemes like this usually fall through and you won't see any return on the money you send.
"Consumers are not only sending money but sharing their personal information," says John O'Hara, CEO of BBB serving Mississippi. "By sharing this with your friends, you may also be causing them to lose money."
Mississippi law prohibits participation in pyramid schemes. Violators can face up to six months in jail and/or a $500 fine.
If you see a scheme like Simpson County Money Board on social media, please report it to BBB. O’Hara said in this case it is not their goal to prosecute the young people involved but that the site needs to be taken down.
