Thanks everyone, the country I'm from is Australia. The person who promoted it to me is American and he just moved back there.
I guess I can sue him, but I doubt I'd get anything out of it based on all the time and energy I pour into it.
Anyways, based on Australia what do you guys think? I could sue the promoter for $ or they'd just get issued some fine?
You can sue anyone for any reason! Take it as a thumb rule but it doesn't ensure that you will win the case. Since the company is not a registered player in the financial market and also the affiliate marketer is an American, Australian court can't held him for any reason unless and until that person decides to come back to your country! I would rather suggest not to go ahead as sue this person because you will end up only spending money behind a lawyer. Instead try to negotiate with the ponzi company if they can refund the money to you without any interest.
I believe you have learned the lesson in hard way! There are no such real world businesses which can generate as much as 10% monthly income. Ponzi is basically a money rolling business and 99.99% of ponzis are scam! Please don't invest even a nickel in ponzis no matter how good they sound!
Thanks, do you think I have to convince a court to hold him if he comes back to Australia? As in spend money on a lawyer and go to court to convince them? Would it be guaranteed that they would hold him if he comes back?
As in - If I "sue" someone, are they put on a travel ban to make sure they can't leave the country? Im guessing I have to convince authorities to put a travel ban on him if he comes back even though he's not a citizen, just an American.
If you were from The US or Canada, absolutely. One example is the story of 12DailyPro, it was a paid autosurf running more or less on the HYIPs model. until the SEC starts investigating this Ponzi. Another one is Bitconnect. Promoting a scam is an act punishable by a justice sanction. Usually a fine equivalent to the amount you won, so you have to pay back to the courts your winnings you generated with the scam.
As other users above said it depends on the laws in your country, that's what really matter.
It is, but you have to prove that the promoter knew what he was promoting (intent). One case can be totally different from another. To visualize this I'll give you some examples.
1. The promoter took a referral link from a site that he was investing in and believed to be real, not a scam. You clicked in the link, registered into the program and lost.
2. The promoter thought it to be legit and told you about it, invited you in. You know the rest.
3. The promoter knew it to be a ponzi scheme and invited you in, but he was honest and told you what it was and that you're risking everything.
4. The promoter knew what it was but joined the referral program to lure others in. He did not invest himself, only took profits from the referral program.
5. The promoter was paid to lie about the program and invite people in. He knew what it was, did not invest himself, was being paid a wage.
6. The promoter was an employee of a company that he believed to be legit and paid a wage. He was hired to advertise them and was never told that it's a scam.
If he was a contract worker on a wage you'll be wasting time. In all cases you'll have to prove that he knew what he was promoting, and it would be best if he had a stake in the scheme and pulled out before the collapse. If he also lost money (was scammed), it will make the case much harder if not impossible to win.
It was definitely #1. The promoter invested and referred to me (we both thought it wasn't a scam)
Do you think the Promoter would get at the very least charged by the gov for promoting a scam?