Death Row Gifting Scam Prevalent In State
The pyramid scheme has a new look and the Oregon Division of Financial Regulation is warning consumers to steer clear. Gifting clubs, such as Death Row, are illegal pyramid schemes that are scamming several Oregonians.
The Death Row gifting club, not associated with Death Row Records, was operating in Oregon last year. It advertised on social media and in online forums as a community wealth share group. More than 20 Oregonians lost their initial $1,400 investments.
The Death Row gifting scheme promised financial returns of at least $9,000. The division was alerted to the scheme when an Oregonian reported not receiving anything in return for their $1,400 investment. The investment was not registered with the division and no one was licensed to sell investments in Death Row. Victims invested their money using a cloud-based payment platform and communicated with others about the investment during online forums for the Death Row program.
Officials from the Oregon Dept. of Consumer & Business Services said that gifting clubs are increasingly prevalent, and are a form of illegal pyramid scheme.