Cooperative private placement and pyramid selling are two different things. It seems that the central government has a strict policy distinction, but what is terrible is that pyramid sellers do pyramid selling activities in the name of cooperative private placement.

I just watched the videos about He Daosheng's speech uploaded by several pyramid schemes swindlers, all of which were dubbed, and the gestures and mouth shapes didn't match. Dubbing is about how good the "capital operation" is, just like the central decision-making, which has nothing to do with the actual speech, and you can't see it without careful consideration. You can see the tricks of pyramid schemes!