Ponzi Schemes Taking Over YouTube
In a pyramid scheme, scammers persuade potential participants to pay money into a program, promising them easy money for each person they, in turn, persuade to join. As more people are enlisted, the money is simply funneled to the top of the pyramid, enriching the scam artist and leaving the victims at the bottom of the pyramid broke and embarrassed.
The YouTube videos in question are often misleading and confusing; many make references to supposed IRS codes that make the "gifting clubs" legal, and some claim to benefit good causes or churches.
