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Sou Sou Disguising as Black Wealth

By: Kaneisha Mitchell


It is known as “sou-sou,” “blessing loom,” or “gifting circle.” You are told that if you put in $500 and bring in two additional individuals whom each contribute their own $500. After a few weeks, you would receive a return of $4,500. Black people are being targeted. The message being spread of providing blessings to others or creating Black Generational Wealth is luring people in at high volume especially during the pandemic.

The sou-sou or imitation sou-sou is illegal and comprised of four levels. It requires an upfront entry fee with the expectation of a large pay out and the recruitment of others. The only way to keep the pyramid going is to continuously recruit new individuals so there is continuous revenue coming into the pyramid. In the beginning stages you hear success stories of payouts and how lives have been changed for the better. Then you have weekly presentations that’s main purpose is to rally the troops and keep everyone excited and engaged. Eventually people lose their hard-earned money and the sou-sou dissolves.

The FTC is monitoring social media or other avenues closely during this pandemic due to the increase volume of what they call “money-making schemes.” Ask yourself this, how does everyone receive a payout of $3,000, $4,000, or $5,000? The reason why the payout amounts are under a certain threshold is to keep the “gift” or “blessing” from being considered taxable income.

Black people have been disenfranchised for generations so selling a dream to help lessen the gap is enticing to so many. We, as the Black community must strategize on ways to build Black wealth that will last and be impactful.



 

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