Readers have reported that a pyramid scam is making its way around immigrant communities. People are being asked to contribute $1,400, with the promise of gaining $11,000 back. Participants are told they must get two other people to participate as well. The problem is that those ‘playing’ never get any money back. The police have been alerted, and are investigating. They urge people to please beware of such schemes. If something is too good to be true, it probably is!
For more about avoiding scams and protecting your finances, see these articles by our Business education/financial literacy partners, (avoid scams) ProsperityME, (be alert to red flags) cPort Credit Union, (how to avoid scams) City of Portland Office of Economic Opportunity, (be careful of what you carry in your wallet) Maine Credit Union