Cyprus’ Parliament is looking to introduce stricter penalties for people participating in pyramid schemes. Beyond the fines and custodial sentences, agreements done as part of a pyramid scheme would be considered void, acting chairman of the House Legal committee Rikkos Mappourides said on Wednesday.

Mappourides, a DISY MP, said the law concerned companies or individuals who devise investment schemes based on a hierarchical setup. Anyone doing so would face criminal charges. The entire pyramid structure – individuals who organise, participate, and encourage others – will be held accountable.

The MP said further development of pyramid schemes must be stopped because a lot of money has been lost, reports Cyprus Mail.

bbabo.Net