Office of Fair Trading inspectors have saved more than 500 investors from being ripped off, by shutting down an elaborate scam on the Gold Coast.

Donald Perry Fleming, of Virtual World Trust, recently pleaded guilty in Southport Magistrates Court to three breaches of pyramid selling provisions of the Fair Trading Act.

The court heard seminars and the internet lured participants to give Mr Fleming their credit card details, after paying $US100 to open trust accounts and agreeing to pay $US30 on monthly administration fees.

Consumers were told they could generate an income of up to $8,609,344.20 by coaxing others into the scheme.

During a raid on the company's Isle of Capri office, Fair Trading investigators seized computers and documentation showing a pyramid, intervening before money could be deducted from participants' accounts.

Magistrate Tina Previtera fined Fleming $1000 in default 18 days' imprisonment and ordered him to pay $58 in court fees. No conviction was recorded.

The Office of Fair Trading also prosecuted four people for their involvement in the Cash Club. They were fined a total of $7100 and ordered to pay an additional $4774.40 in court costs. Two other people have been charged in connection with the scheme.

Fair Trading Minister Merri Rose has warned consumers it is illegal to participate in or promote pyramid selling schemes in Australia.

"People should not be duped by these purported get-rich-quick schemes," she told Parliament.

"If something sounds too good to be true, it probably is. You can not only lose money by getting involved in pyramid selling schemes, but you can end up in court yourself.

"If you suspect there is a pyramid selling scheme in your area, contact your nearest Office of Fair Trading."

Media contact: Rebecca Adams (Office of Fair Trading) 3239 0652 or David Smith (Minister's office) 3225 1005 / 0409 496 534