WorldVentures pyramid scheme warning issued in Rwanda
Following an internal investigation into WorldVentures by Rwandan authorities, yesterday the Rwanda Development Board issued a pyramid scheme warning to the public.
The RDB’s announcement, signed off on by CEO Clare Akamanzi, states that WorldVentures is operating in Rwanda illegally.
According to the RDB, the illegality of WorldVentures in Rwanda is two-fold;
Firstly the company is not registered to do business in Rwanda, as required by law.
Yet despite this, the RDB claims to have observed
some company representatives (claiming) they have authorization from the Rwanda Development Board and other Government entities – a false claim, intended to delude the public.
Secondly, writes the RDB;
Having investigated the business model of this company, it is our conclusion that it possesses characteristics of a pyramid scheme.
We want to stress to the public that pyramid schemes are illegal in Rwanda.
Update 19th September 2018 – In response to Rwandan authorities banning it for being a pyramid scheme, WorldVentures is claiming it “does not do business in Rwanda“.
One can safely assume Rwandan authorities investigated WorldVentures after promotional efforts by Rwandan affiliates caught their attention.
Yeah, I’m sure WorldVentures had no idea it was being promoted in Rwanda…