SPRINGFIELD, MO (01/02/18) - You might have seen it on social media. You’re asked to join a circle of people to make fast money. But it’s being called a ponzi scheme and is most likely illegal.
It’s called The Blessing Loom. Scammers are targeting folks on social media to help them make quick cash.
Here’s how it works it consists of four circles. You’re promised $800 once you give $100. You’re than asked to recruit people. Once you do it’s your turn to move up in the circle to get your money.
The Federal Trade Commission is calling this a pyramid scheme and says there is no real investment to the game. People have spoke out on Youtube on how they were scammed out of hundreds of dollars.
And on Facebook, users warning others not to join a group. One person as going far as to saying, “there are no shortcuts to hard work.”
If you have fallen victim to this scam, we’d love to hear from you and tell your story. You can contact Fox 5 KRBK via email at email@example.com or call us at 417-522-0020. Also, for more on the FTC's pyramid schemes click on this link https://www.ftc.gov/public-statements/1998/05/pyramid-schemes.