Bogus Magazine Cover Depicts Alleged Ponzi Schemer Charles Scoville Of Traffic Monsoon As 2016’s Best CEO
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A bogus cover of Forbes magazine circulating on Facebook depicts SEC Ponzi defendant Charles Scoville of Traffic Monsoon as the “BEST” CEO of 2016 — all while misspelling his last name.
The image, which falsely showcases the Forbes’ issue as a “LIMITED EDITION,” appears today on the “TrafficMonsoonupdates” page on Facebook, a cheerleading site for the alleged Ponzi scheme. The post comes at a time that both Facebook and Google have been criticized for not screening out fake news during the recent U.S. presidential election.
Scoville, of Utah, was not named the best CEO by Forbes either before or after the SEC alleged in July that he was at the helm of a Ponzi scheme that had gathered more than $207 million and had affected at least 162,000 investors across the globe.
And despite the implication that Forbes had named Traffic Monsoon the “BEST TRAFFIC EXCHANGE IN THE WORLD,” no such thing happened. The SEC’s case against Scoville and his company is still being actively litigated, according to the website of the court-appointed receiver for Traffic Monsoon.
It is not unusual for promoters of HYIP schemes to claim major publications have lauded them or even that U.S. Presidents supported them. Prior to its 2014 collapse, the TelexFree Ponzi- and pyramid scheme wrapped logos of local TV stations into its promos to imply endorsement. TelexFree may have generated more than $3 billion in illicit transactions.
In 2008, the $119 million AdSurfDaily Ponzi scheme falsely claimed then-President George W. Bush had given ASD operator Andy Bowdoin a special award for business achievement. An ASD knockoff scam known as AdViewGlobal fraudulently traded on the logos of Forbes and other publishers in 2009.
A current fraudulent scheme known as OneCoin also has traded on the name of Forbes, according to BehindMLM.com. Earlier, promoters of the WCM777 scam implied the endorsement of the Wall Street Journal.