Word: heilbroner
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Dates: during 1980-1989
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...Heilbron, who said, "I did not realize exactly how illegal the schemes were," confirmed that some B.C. students tried unsuccessfully to spread the pyramids to other colleges in order to continue the collapsing system...
Philip M. Heilbron, a B.C. senior who made "a little bit of money" in the pyramid schemes, said the schemes investors make profits by capitalizing on an ever-increasing participation. He said that a student starts the scheme by attracting eight investors to form at three-tier pyramid, while the student at the top collects $100 from each of those beneath him. The eight then form pyramids under themselves, he said...