Pyramid scam - State must protect investors

PYRAMID selling has long been recognised as a scam, yet it is being conducted in the public glare under the eyes of the authorities.

The Garda Síochána has asked the Director of Public Prosecutions to examine the so-called Liberty pyramid scheme involving thousands of investors in Cork, Kerry, Limerick and Clare.

People have already been encouraged to invest around €12 million at €5,000 a time and to get two other similar investors each for an ultimate payout of €40,000. It is essentially money for nothing. Those who get in at the start may make a lot money but ultimately most people - blinded by greed and the prospect of easy money - will get no return.