Law enforcement warn these blessing circles are illegal and usually leave members out of cash Tera Roberson , Special Projects Producer Published: November 11, 2020, 3:56 pm If you have social media accounts, you might have seen the “Blessing Loom,” which promises $800 in a matter of days, but state officials warn residents not to fall for it. The scam often uses a multi-layered octagon board called a “loom.” Hall has been doing his research about this scam. ... “These so-called gifting circles that are all over social media right now are nothing more than illegal Ponzi schemes,” Attorney General Hood said in a statement. Entering the system is by invite and as simple as paying a small amount of money. To put it short: one is invited, usually by a friend or relative, to join a simple, circular, money making system. WARNING: From Federal Trade Commission about Blessing Loom Attorney General Leslie Rutledge announced today two lawsuits over what she described as illegal … Experts say pyramid schemes are illegal … The “Blessing Loom” is a diagram showing names of participants. This is a high-tech version of what used to be called the chain letter scam and it's just as illegal. September 15, 2020 (Anchorage, AK) – The Alaska Department of Law warns Alaskans not to participate in a growing pyramid scheme called “The Blessing Loom.” The scam is currently believed to be operating in multiple communities across the state. Also known as the “Mandala Game,” “Blessing Circle,” “Infinity Loom,” “Giving Circle,” and by other names, the scam is a chain letter-type of pyramid scheme. However, it flourished (no pun intended) over the last few weeks because people are more concerned about their financial stability during the pandemic . 8220;The Loom” or “Blessing Loom” is a money making venture that has been, digitally, travelling around the world for some time now. Ever since he tried to warn his loved ones about it, some understood where […] By Attorney General's Office on Sep 16, 2020 Comments Off on Warning: The Blessing Loom is an Illegal Pyramid Scheme Share on Facebook Follow on … An old scam known as "The Blessing Loom" is popping up on social media and many are falling for it. Posted: May 6, 2020 / 06:22 PM CDT / Updated: May 7, 2020 / 08:06 AM CDT. The Blessing Loom aka the Gifting Tables Scam is a pyramid scheme that’s been going around for a while. But remember, pyramid schemes are illegal in the United ... Consumers spent much of 2020 … Blessing Loom 2020, Loom Pyramid Scheme, Blessing Loom Template, Loom Ponzi Scheme, The Blessing Loom, Blessing Circle, Loom Circle, Loom Scheme, Money Loom. One day, he was on one of his social media platforms and noticed an old scam has resurface, the ‘Blessing Loom” scheme. ... 2020 at 8:57 PM CDT ... You could also get in … BAKERSFIELD, Calif. (KGET) – Chris Hall is a Bakersfield native.
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