Scams - Gifting
Number of Customer Reviews for Gifting: 5
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Greed is a vice and it leads people to do things they would never attempt to do. Thousands of people have fallen prey to the greed for fast money by enrolling in gifting programs. Members of this program pay an initial fee and then they have to enroll more members into the program. As the number of members increases, one earns a commission for every new member enrolled. In a way, gifting programs resemble multilevel marketing, with the difference that there is no product involved.
As per the law, one can gift up to ten thousand dollars to one’s acquaintances without paying any taxes. The gifting programs utilize this gap in the law to run fraudulent programs. Externally it appears that members’ just gift each other sums ranging from five hundred to three thousand dollars. In reality, they expect much more in return from the new members. Every new member has to enroll two members under him, and so the chain continues.
This may appear to be a simple formula to earn good money without much work. However, in actuality, members cannot always find new people to join the gifting program. Some person in the chain may default and this leads to the collapse of the entire system. In that case, the original founder of the program has to return the gifts. He may or may not have the money to refund to the members.
If members do not receive their deposit, they can complain to the regulatory authorities. As a result, the person running the program can land into trouble with the authorities. Therefore, the gifting program is not without its pitfalls. One has to tread carefully to earn good money without catching the attention of the tax and federal authorities.
Most of the gifting schemes run out of steam and close shop very soon. There is no written contract regulating these programs. In case of a problem, there is no way to resolve the disputes. Therefore, if one is not alert, one can end up losing one’s principal amount.
Gifting is thus a lucrative way to earn easy money. However, one must be very smart to avoid the attention of the authorities. One must have a good team in place to ensure the success of the program and to increase one’s earnings.
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