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| 'Pyramid scheme' operation sees six women convicted | 'Pyramid scheme' operation sees six women convicted |
| (35 minutes later) | |
| Six women have been convicted of operating a "pyramid" scheme in which thousands of investors lost money. | Six women have been convicted of operating a "pyramid" scheme in which thousands of investors lost money. |
| The "Give and Take" scheme operated in south-west England and south Wales five years ago. | The "Give and Take" scheme operated in south-west England and south Wales five years ago. |
| The six were all from the Bristol area and each were given a nine month prison sentence. Investigators say more than £20m was invested by about 10,000 members of the public. | |
| Three other women were given suspended sentences for promoting the scheme. | Three other women were given suspended sentences for promoting the scheme. |
| The group encouraged people to "beg, borrow or steal" £3,000 to put into the scheme between May 2008 and April 2009. | |
| It began in Bath and Bristol and spread to Gloucester, Bridgwater, Cheltenham, Torquay, Weston-super-Mare and Wales. | |
| Those running the scheme told its investors it had a quick, easy and legal way to make cash - by paying in £3,000 they would receive more than £20,000, as more members joined. | |
| But eventually the number of new recruits dried up and the scheme collapsed, with 90% of investors loosing their money. | |
| Eleven women, aged between 34 and 69, became the first to be prosecuted for such a scheme, under new legislation in the Consumer Protection from Unfair Trading Act 2008. | |
| Following two trials in 2012 and 2013, which can now be reported for the first time, three were convicted, three pleaded guilty, one was acquitted and two juries could not reach a verdict on another. | |
| Court proceedings | |
| A third trial was due to begin at Bristol Crown Court on Wednesday. However, the women entered guilty pleas before a jury was sworn in. | |
| Mary Nash, 65, Susan Crane, 68, and Hazel Cameron, 54, will be sentenced in October. All three admitted operating and promoting the pyramid scheme. | |
| Laura Fox, 69, East Harptree, Jennifer Smith-Hayes, 69, of Bishopsworth and Carol Chalmers, 68, of Weston-super-Mare were convicted of operating and promoting the scheme during a trial in 2012. | |
| They were sentenced to nine months in prison. | |
| Sally Phillips, 34, of Hengrove, Jane Smith, 50, of Bishopsworth, both Bristol and Rita Lomas, 49, of Whitchurch, Somerset admitted promoting the scheme in 2012. | |
| Phillips received a three-month suspended prison sentence, Smith a four-month suspended sentence and Lomas a four-and-a-half month suspended sentence. | |
| Two trials of Tracey Laurence, 60, of Bradley Stoke, South Gloucestershire failed to reach a verdict. | |
| Rhalina Yuill, 34, of St George, Bristol was acquitted of promoting a pyramid scheme on her second trial. |