Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Warning about suspected pyramid scheme

Issued 19 July 2002-03 / 013


Commerce Commission issues warning about suspected pyramid scheme: Infinity Concierge NZ Limited

The Commerce Commission warns members of the public to be very careful before joining what it considers is likely to be a pyramid scheme run by New Zealand registered company, Infinity Concierge NZ Limited.

“The Commission has serious concerns about the legality of this scheme, and we strongly advise people who are considering becoming members of this company not to be pressured into joining and to seek independent legal advice before making any financial commitment,” warns Deborah Battell, Director of the Commission’s Fair Trading branch.

The Commission executed a search warrant at Infinity Concierge’s meeting in Christchurch last night following allegations from the public and the Direct Selling Association that the organisers may be promoting a pyramid scheme. The Commission seized documents as part of its investigation into Infinity Concierge.

Individual membership to Infinity Concierge costs $3,500 plus GST and the Commission believes that, in the short time it has been operating, it may have more than 100 members.

Infinity Concierge has staff and members in both Auckland and Christchurch. The Commission has received information indicating the company is expanding its operations to other regions within New Zealand.

The Infinity Concierge scheme is also under investigation by the Department of Trade and Industry in the United Kingdom, where it is known as Igennex. Some members have been told that it has been approved by the British authorities. This is not the case.

In a similar operation, the Commission executed search warrants on Auckland based Net Guard (New Zealand) Limited last month for what was also believed to be a pyramid scheme. More than 30 people contacted the Commission with concerns about the activities of Net Guard, and the company has since closed down as a result of the Commission’s investigation. The Commission believes it showed the hallmarks of a pyramid scheme.

Two of the people who set up the Net Guard scheme in New Zealand, Malcolm Stockdale and Stuart Baldwin, were associated with Alpha Club, an alleged pyramid scheme the Commission is currently taking civil action against. The Commission’s investigation into Net Guard is continuing.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>

ALSO:

Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>

ALSO:

Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>

ALSO:

 
 
 
 
 
 
 
 
  • Bill Bennett on Tech