Local June 5, 2024 - 8:01 am

New bill seeks to prohibit pyramid schemes

Santo Domingo.- The Dominican Republic’s Chamber of Deputies has sent a bill to regulate network marketing and prohibit pyramid schemes to the Industry and Commerce Commission. The bill aims to protect consumers from fraudulent schemes that have caused financial losses to many individuals. The article highlights several cases of pyramid schemes and frauds, including:

• Butter Case (2022): Wilkin García Peguero promised investors returns of up to 100% in a month, but was accused of running a pyramid scheme.
• Jairo González Case (2023): González is accused of defrauding over 160 people with investments in the stock market and cryptocurrencies.
• Travel Agency Scam (2023): Katherine Villa Cruz is accused of defrauding hundreds of people with fake travel packages.
• Land Sale Scam (2024): A family filed a complaint against a real estate company for allegedly selling land to a funeral home.
• Operation Nest (2024): A real estate network was accused of scamming clients by not delivering homes they had sold.

These cases demonstrate the prevalence of pyramid schemes and fraud in the Dominican Republic, highlighting the need for stricter regulations to protect consumers.