Law ‘error’ may protect pyramid scheme planners

A SIGNIFICANT oversight in laws established to prosecute the operators of the notorious pyramid schemes has made it impossible to secure convictions, the Labour party claimed yesterday.

A section of the Consumer Protection Act meant those operating the controversial pyramid or “gifting” schemes, faced a fine of up to €150,000 and/or imprisonment for up to five years.

In 2006, pyramid schemes cost investors €20 million in west Cork alone.