Woman Fined $5.9 Million for Promoting Pyramid Scheme

Shelly Cullen, who described herself as "the biggest scammer out there," has been fined NZ$5.9 million for promoting the Lion’s Share cryptocurrency-based pyramid scheme to Māori and Pasifika communities in New Zealand during 2020 and 2021. This includes a NZ$600,000 fine and over NZ$5.3 million to reflect her commercial gains.

The Commerce Commission highlighted the significant harm caused, noting 83% of participants lost money. Cullen's actions were deemed at the top of the offending scale, justifying the maximum penalty. Commerce Commission deputy chairwoman Anne Callinan emphasized the need for the penalty to outweigh Cullen's gains to deter future violations. Callinan advised the public to be cautious of schemes requiring recruitment and to seek second opinions on investment opportunities.

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