Model Pyramid

Sri Lankans who get into pyramid schemes simply because they are lquote not illegal would find themselves in a legal vacuum with no help from the system, a top legal luminary points out.
One of Sri Lankas top lawyers and a former head of the Securities and Exchange Commission, Arittha Wickremanayake says authorities should speed up legislation.rn

rnBut even where such laws do exist they crop up from time to time as the story of this classic pyramid scam illustrates and the state can not only stop pyramids but also force such firms to repay victims. rn

rnWickremanayake warns that Sri Lankans who get into such schemes simply because they are lquote not illegal would find themselves in a legal vacuum with no help from the system. rn

rnIn 1989 an American couple named David and Martha Crowe, operated a company called American Gold Eagle in North Carolina state in the USA.rn

rnThe firm offered a “Gold Matching Program” to the public. Participants placed a US$ 200 part payment on US$ 8