Category: Alleged Ponzi Schemes
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BULLETIN: Wright-Olivares, Olivares Plead Guilty For Roles In Zeek Rewards’ Ponzi Scheme
BULLETIN: (3rd Update 1:46 p.m. ET U.S.A.) Dawn Wright-Olivares and Daniel Olivares pleaded guilty this morning for their roles in the $850 million Zeek Rewards Ponzi- and pyramid scheme, the office of U.S. Attorney Anne M. Tompkins of the Western District of North Carolina said. Wright-Olivares, 45, was Zeek’s former COO. Her stepson, Olivares, 31,…
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Websites For WCM777 And Kingdom777 ‘Unavailable’
UPDATED 12:08 P.M. ET (U.S.A.) The WCM777 and Kingdom777 websites appear to be back online. Our earlier story is below . . . _______________________________ Websites linked to WCM777 and Kingdom777 are showing a “Service Unavailable” message this morning. The precise reason why is unclear. WCM777 now operates as Kingdom777. California securities regulators have called WCM777…
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UPDATES: (1) Colorado Boots WCM777; (2) California Didn’t Have To Look Far To Find ‘Program’: State Has Office In Same Building From Which Alleged Multimillion-Dollar Securities Scam Operated
UPDATED 6:33 P.M. ET (U.S.A.) The state of Colorado has issued a cease-and-desist order against the WCM777 “program,” saying the Ming Xu-led enterprise was selling unregistered securities. Ming Xu also is known as Dr. Phil Ming Xu, according to WCM777 promoters. In issuing the C&D, Colorado now has joined at least two other U.S. states…
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BULLETIN: California Calls WCM777 A ‘Scam,’ Issues Desist And Refrain Order That Names Executives And YouTube Pitchman
BULLETIN: (Updated 10:36 a.m. ET U.S.A.) The state of California has called the WCM777 MLM “program” a “scam” and issued a Desist and Refrain Order that bans the enterprise in the state. The Department of Business Oversight (DBO) has issued a companion Consumer Alert and is “strongly” encouraging California investors to file a formal complaint.…
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UPDATE: Dallas Group May Be Trying To Port WCM777 Members To Lucrazon
The PP Blog has received information that suggests a WCM777 group in Greater Dallas may be trying to port members to Lucrazon, a purported revenue-sharing “program.” WCM777 now is known as Kingdom777. “Same team leaders want to encourage us to invest $8000.00 and we can get 15 units and they said that it will be…
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Email From A Concerned WCM777 Participant Raises Prospect That Worries Are Being Ignored
EDITOR’S NOTE: UPDATED 6:15 P.M. ET U.S.A. WCM777, now known as Kingdom777, is an outrageous fraud scheme operating over the Internet that has penetrated multiple countries, including the United States. Some affiliates claim a payment of $14,000 returns $500,000 in a year. The purported head is “Dr. Phil Ming Xu.” Please use the Blog’s search function…
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Will Portugal Be Next Country To Open TelexFree Probe?
Citing reports in Brazilian media, BehindMLM.com is reporting that authorities in Portugal are monitoring TelexFree developments and beginning to collect documents. The development may signal that yet-another probe into TelexFree’s business practices is in the offing, potentially the first in Europe. From BehindMLM.com (italics added): According to the local media there are currently 41,000 TelexFree…
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SporTV Video Shows That TelexFree, An Alleged Pyramid Scheme, Is Using A Shared Office Facility In Massachusetts With At Least 25 Other Firms
UPDATED 9:21 A.M. ET (FEB. 22, 2014 U.S.A.) As the PP Blog reported on July 4, 2013, TelexFree is using a shared office facility in Marlborough, Mass. Promoters of TelexFree, alleged in Brazil to be a massive pyramid scheme that may be using a VOIP product as a front, have shown photos of TelexFree President…
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REPORTS: Now, A TelexFree-Related Hunger Strike; Man Locks Himself In Chains In State Of Acre, Site Of Pyramid-Scheme Probe
UPDATED 4:07 P.M. ET (JAN. 17, USA) Globo.com is reporting that the hunger strike has ended — after nearly 42 hours. See note/links in Comments thread. Our original brief is below . . . The URLs below are from various media sites in Brazil that are reporting on a hunger strike staged by a TelexFree…