TL:DR Breakdown:
- Lions share promoter in New Zealand has been ordered to stop her promotions.
- The authorities said the crypto operation is likely a pyramid scheme, which is illegal.
New Zealand authorities have initiated investigations to crack down pyramid scheme businesses running in the country. As part of that movement, NZ regulator, the Commerce Commission, has ordered an active promoter of the Lions share scheme to stop her country’s operations. The regulator suspects that the operation is a pyramid scheme and has warned citizens to stay off it, as such schemes are considered illegal in the country’s law.
As Radio New Zealand reported on Tuesday, the NZ Lions share scheme promoter, Shelly Cullen, will face court if she fails to adhere to the instruction from the regulator. Cullen was ordered to cut-off any association with pyramid schemes, including Lion’s Share. She must not promote or convince people to join such schemes. She was also asked to delete any content on Facebook, YouTube, etc., that promotes such schemes.
Cullen was reported as an active promoter of the lion’s share cryptocurrency scheme, who publish several contents on social media platforms in promotion of the lion’s share scheme in the country. She also hosted online seminars for the crypto operation. However, Cullen has agreed to stop promoting the suspected pyramid scheme after receiving the stop order from the NZ Commerce Commission.
Pyramid schemes are illegal
The regulator cited the country’s Fair Trading Act, saying that pyramid schemes are illegal. Such businesses depend on the recruitment of new participants to deliver financial returns to older members. Since such activities are illegal, the regulator also advised NZ citizens to abstain from engaging such businesses, including Lions share.
Lions share promises financial returns in Tron (TRX) cryptocurrency. The Commerce Commission launched an investigation about the scheme after several complaints were raised against the crypto operation.
