The paper deals with a pyramid scheme as a special phenomenon with its distinctive features, describes this phenomenon from the perspective of different authors. The author appeals to the history and considers a pyramid scheme as a special construction that took place in the past and still exists in the present of Russia. Emphasis is placed on the most famous pyramid schemes, namely - the history of setting up pyramid schemes by Ivan Rykov and Sergey Mavrodi. The author examines a variety of pyramid schemes. Some attention is paid to the process of contemporary Russian legislation development that criminalizes setting-up, management and dissemination of high-profile information promoting pyramid schemes. The author gives opinions of reputable domestic and foreign researchers, law enforcement officials, historians. The paper raises the issue of recognition of a pyramid scheme and of financial literacy of the population at large. The author draws attention to how the information about the history of pyramid schemes may be useful in the present.