Trading standards officers today said a get-rich-quick chain letter targeting York residents was "doomed to fail".

Council bosses said a notorious pyramid scheme which claims to be a foolproof way of making money has reappeared in the city.

The chain letter asks residents to send a £10 gift to a person named on a list before adding their name to the list and forwarding it to 200 local people.

It claims that once the process has been repeated several times, the sender stands to receive ten similar cash gifts.

Colin Rumford, City of York Council's head of trading standards, said: "Only a few people at the start of these schemes will make any money. All such schemes require an infinite supply of new participants for everyone to make money.

"Since the supply will always be finite, the pyramid must collapse eventually and most participants will lose their money. In effect, all people are doing is taking money from each other."

Trading standards officers warn that people should consider whether they can afford to take the risk before participating in such as scheme.

Have you invested a large amount of money in a similar pyramid scheme? Contact Evening Press reporter Chris Greenwood on 01904 653051 and tell him about your experience.

Updated: 10:15 Wednesday, March 19, 2003