SEC

PP Blog Tag archives on references to "SEC."

SEC Declines Comment On Whether It Contacted Traffic Monsoon Pitchman Sunil Patel About Saturday Rally In England

SEC Declines Comment On Whether It Contacted Traffic Monsoon Pitchman Sunil Patel About Saturday Rally In England

Traffic Monsoon pitchman Sunil Patel has promised “security” at a “Revolution Day” rally Saturday in the area of Brighton Beach/Brighton Pier in England to advocate for the alleged Ponzi scheme. In a video post today on Facebook, Patel claimed the SEC has contacted him about the event. The SEC this afternoon declined to comment on […]

Private Attorneys Now Investigating Traffic Monsoon

Private Attorneys Now Investigating Traffic Monsoon

UPDATED 1:15 P.M. EDT U.S.A. It has happened in previous cases involving alleged violations of federal securities laws, and now it’s happening with Traffic Monsoon. “The Peiffer Rosca Wolf law firm is investigating Traffic Monsoon, LLC and Charles Scoville’s alleged Ponzi scheme on behalf of investors – whom Traffic Monsoon called ‘members,’” the firm said […]

BULLETIN: Utah Division of Securities Rejects Claims In Traffic Monsoon Promo That Scheme Had Been Given Clean Bill Of Health

BULLETIN: Utah Division of Securities Rejects Claims In Traffic Monsoon Promo That Scheme Had Been Given Clean Bill Of Health

BULLETIN: The Utah Division of Securities — the state-level regulator — has rejected online claims that the agency had investigated Traffic Monsoon and had given it a clean bill of health. Federal regulators sued Traffic Monsoon and alleged operator Charles Scoville last week, alleging Ponzi fraud, securities fraud and the sale of unregistered securities to […]

Some Traffic Monsoon Promoters Are Zeek Clawback Defendants

Some Traffic Monsoon Promoters Are Zeek Clawback Defendants

UPDATED 11:51 A.M. EDT U.S.A. Zeek Rewards’ receiver Kenneth D. Bell had no comment this morning on reports that some Zeek clawback defendants also were participants in Traffic Monsoon, alleged last week by the SEC to have been a Ponzi scheme that had gathered at least $207 million. The reports appeared on RealScam.com. In March […]

SEC: Claims That Traffic Monsoon Was A Successful Advertising Business ‘Merely An Illusion’

SEC: Claims That Traffic Monsoon Was A Successful Advertising Business 'Merely An Illusion'

“The complaint alleges that more than 99% of Traffic Monsoon’s revenue is derived from new investor funds, making claims that it is a successful advertising business merely an illusion.” — U.S. Securities and Exchange Commission, July 28, 2016 EDITOR’S NOTE: This (below) is the full litigation statement of the SEC on its Ponzi case against […]

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

REPORT: SEC Moves Against 'TrafficMonsoon,' Calls It A Ponzi

The 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 […]

DEVELOPING STORY: U.S. Attorney Carmen Ortiz ‘Has Been Recused’ From Prosecution Of TelexFree Figures James Merrill and Carlos Wanzeler

DEVELOPING STORY: U.S. Attorney Carmen Ortiz 'Has Been Recused' From Prosecution Of TelexFree Figures James Merrill and Carlos Wanzeler

2ND UPDATE 6:27 P.M. EDT U.S.A. A government filing dated July 1 — a Friday before the long Independence Day weekend — says U.S. Attorney Carmen Ortiz of the District of Massachusetts “has been recused” from the prosecutions of TelexFree figures James Merrill and Carlos Wanzeler. The document does not say why Ortiz no longer […]

Stephen L. Cohen, SEC Official Who Introduced World To Zeek Case, Leaving Agency After Nearly 12 Years

“The obligations to investors drastically exceed the company’s cash on hand, which is why we need to step in quickly, salvage whatever funds remain and ensure an orderly and fair payout to investors. ZeekRewards misused the power of the Internet and lured investors by making them believe they were getting an opportunity to cash in […]

Sept. 26 Deadline Set For Filing TelexFree Claims; Claims Portal Opens As James Merrill Fights Evidence In Criminal Case

Sept. 26 Deadline Set For Filing TelexFree Claims; Claims Portal Opens As James Merrill Fights Evidence In Criminal Case

TelexFree participants and others who may have a claim against the estate should read this important notice from bankruptcy Trustee Stephen B. Darr. It is styled “Notice of Deadline for Filing Electronic Proofs of Claim and Claims Procedures” and appeared on the docket yesterday. The electronic claims portal has been established at TelexFreeClaims.com and is […]

Alleged Zeek ‘Winner’ Repeatedly Invokes Fifth Amendment In Clawback Case

Alleged Zeek 'Winner' Repeatedly Invokes Fifth Amendment In Clawback Case

UPDATED 3:07 P.M. EDT U.S.A. Darren Miller, an alleged winner of more than $1.635 million in Zeek Rewards and one of the lead defendants in a civil class-action clawback lawsuit filed by Zeek receiver Kenneth D. Bell, repeatedly has invoked his Fifth Amendment right not to incriminate himself, according to new court filings by Miller. In […]

DEVELOPING STORY: Phil Ming Xu Of WCM777 May Be Under Arrest In China

DEVELOPING STORY: Phil Ming Xu Of WCM777 May Be Under Arrest In China

UPDATED 3:11 P.M. EDT U.S.A. A report dated today at ShanghaiDaily.com says an individual “surnamed Xu” and associated with “World Capital Market Inc.” is “now in custody” after a police action against a “pyramid scheme” in China. The PP Blog has contacted the U.S. Securities and Exchange Commission to determine if the person reportedly under […]