Ponzi schemes spread on YouTube

Just an alert for our readers regarding Ponzi schemes on Youtube -

L.A. Times has reported a Better Business Bureau warning on the proliferation of Ponzi-like shcemes on Youtube. The agency says nearly 23,000 of these videos have been identified, and they've gotten nearly 60 million views.

The videos usually don't ask for money directly but send viewers to websites where they are urged to sign up for the "gifting program," usually for fees ranging from $150 to $5,000. Some of the videos claim that because it's "gifting," it's somehow legal.

A spokesman for YouTube, which is owned by Google Inc., said the company doesn't comment on individual videos.

Better Business Bureau warning here.