It would have to be registered with CRA as a charity in the first place, and given a lottery licence that has to be made public,They take the loss if insufficient tickets are sold and book a profit is more are sold. It is a risky proposition and many of the home lottery charities have taken losses (due to competition making them a tougher sell).
Hmmm? "Rob Peter to pay Paul'...that's been around for a long time..nothing new here.Investors, meanwhile, were in the dark. “We never had an annual meeting. We never got a financial statement,” Town says. As long as the dividends kept coming—Concrete paid out just under $5 million to investors between 2005 and 2008—nobody fussed. Inside the company, though, things were worse than investors could have imagined. “They were basically running everything out of just one bank account.…They figured they’d just keep raising money and paying back the ones with the money they’d been using,” Steven Butt, president of brokerage and property management firm Avenue Commercial, which sold a building to Concrete and continued to manage it under contract. The only difference between this and a Ponzi scheme was Concrete Equities had some assets. But perhaps not for long.
So the moral of this story is folks..if you smell it's a scam from the start..DON'T LEAD THEM ON pretending youAn Ottawa couple have spent three days leading on scammers who are trying to manipulate the couple into paying thousands of dollars to receive a lottery prize.
"[They were] so persistent, it's unbelievable," said the wife.
This kind of scam is called an advance fee fraud, in which victims are conned into paying taxes on millions of dollars they've supposedly won before they can receive the prize money.
On Tuesday night, Paul and Carole <name withheld) received a phone call telling them they'd won $2.5 million and a 2014 Mercedes Benz. The scammers told the couple they qualified for the lottery prize just by using their credit and debit cards.
"We immediately were skeptical of it, but I had time on my hands so I thought, OK, I'll just see what the scam is," the husband said.
"It was kind of fun for a while."
The couple were emailed a raft of official-looking documents, pictures of supposed former winners, pictures of the car and an invoice for $5,000 dollars in taxes and fees, the amount they'd have to fork over before getting the payoff.
The scammers also kept phoning back, telling the couple not to let anyone else know about the transaction and win, including their own bank teller.
When the couple finally told them they were onto the scam, other people called the <namewithheld> claiming to be lawyers, wondering why they didn't want the prize.
"I contacted the police and they have so many calls of this type that they just can't address them," said the husband.
Ottawa police say no legitimate lottery will ask for money up front.
"So if you ever get a call saying you've won something but have to send them money, that should be a red flag right there," said the Ottawa Police Staff Sgt.
... +101%!This story falls under the title: There IS NO FREE LUNCH!..people.
So the moral of this story is folks..if you smell it's a scam from the start..DON'T LEAD THEM ON pretending you
may be interested. They will continue to bother you with all kinds of nuisance phone calls.
JUST HANG UP IMMEDIATELY ON THEM.