REPORT: SEC Moves Against ‘TrafficMonsoon,’ Calls It A Ponzi

trafficmonsoonlogoThe SEC has filed a lawsuit against the Traffic Monsoon “program” and called it a Ponzi scheme that had gathered $207 million, the Salt Lake Tribune is reporting.

The assets of Traffic Monsoon and alleged operator Charles Scoville have been frozen, the newspaper reports.

On June 1, the PP Blog reported that Payza — a payment processor under fire from the court-appointed receiver in the Zeek Rewards Ponzi- and pyramid case brought by the SEC in 2012 — bragged about its attendance at a Traffic Monsoon event in May.

Zeek’s Paul Burks was found guilty last week of multiple felonies for his operation of Zeek, a purported auction “program.”

Traffic Monsoon, which may be a whack-a-mole scheme, is a purported “advertising “program” similar to the AdSurfDaily Ponzi scheme and other scams, including Banners Broker.

The SEC warned about whack-a-mole schemes in March.

More as the situation develops . . .

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2 Responses to “REPORT: SEC Moves Against ‘TrafficMonsoon,’ Calls It A Ponzi”

  1. This came suddenly and unexpectedly for all the TM members.

    behind mlm has more details of what was said, but it is certain TM is over and done with now.

    The members were told to expect expecting Paypal to start releasing the funds from around the middle of August.

    However Charles Scoville attempted to transfer over $20M to a personal account BEFORE this date, since the real date for Paypal releasing the funds was middle of July.

    Of course, the SEC who were watching, stepped in and get a restraining order and cease and desist.

    Charles Scoville’s reason for withdrawing the money and not saying so was, according to him, that he wanted to ‘surprise’ MEMBERS with earlier than expected refunds.

    Either he was lying, or at best hopelessly naive for someone running a business that big. Either way, it looks like the SEC weren’t impressed.

  2. As I read it, Scoville told his members that Paypal would end the freeze in August, when they actually released the funds on July 11…that seems to make him a flat out liar no matter how you try to cut it!