State to stamp out pyramid schemes

PEOPLE who operate or take part in pyramid schemes will face up to five years in prison and fines of up to €150,000 once new laws are passed.

Traders who cheat consumers will also face stringent fines and jail terms under the Consumer Protection Bill, published by Enterprise Minister Micheál Martin yesterday.

But the most severe sanctions are reserved for those who organise or take part in the controversial pyramid or “gifting” schemes.