Category: The Economy
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Did Internal Ponzi Cause Bramer Bank Of Mauritius To Crumble?
EDITOR’S NOTE: On May 10, 2012, on the news site of Zeek Rewards, the Rex Venture Group-operated “program” based in Lexington, N.C., announced it was moving part of its customer-service operation to Mauritius. Mauritius is an Indian Ocean island nation with a population of about 1.3 million. Zeek did not identify the Mauritius outsourcing company.…
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British Columbia Bans U.S. Resident From Securities Market, Says She Was Pushing Fraud Schemes For Commissions
The British Columbia Securities Commission, which regulates securities in the Canadian province, has banned a U.S. resident who allegedly promoted a series of schemes on commission. “Sharon Downing has admitted that she engaged in an illegal distribution of securities,” BCSC said. Downing, according to BCSC, promoted schemes for Thomas Arthur Williams and six entities engaged…
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SEC Declines Comment On ‘IntellaShares’ And Its Purported ‘BLACKLIST’; Ponzi-Board ‘Program’ Trades On Name Of Save The Children
UPDATED 11:31 A.M. EDT U.S.A. In 2010, the Federal Trade Commission took action against an online venture known as iWorks. This allegation appeared on Page 7 of the FTC’s Dec. 21, 2010 complaint: “They have also attempted to drive down their chargeback rates by threatening to report consumers who seek chargebacks to an Internet consumer…
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Two Former Federal Agents Involved In Silk Road Probe Were Bitcoin Thieves And One Was An Extortionist, Justice Department Says
UPDATED 8:33 P.M. EDT U.S.A. There must be some long faces at the U.S. Drug Enforcement Administration and the U.S. Secret Service today. That’s because two federal agents once assigned to a Task Force investigating the illicit Silk Road marketplace have been charged with federal crimes. Carl M. Force, 46, of Baltimore, was a DEA…
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Registration Page At TelexMOB Triggers ‘Web Forgery’ Warning In Firefox Browser
Late last night the PP Blog visited the registration page of the emerging and bizarrely named “TelexMOB” scheme, which appears to be targeting victims of the alleged TelexFree Ponzi- and pyramid scheme. Our earlier story is here. The page now is triggering a “Web Forgery” warning in the Firefox browser. Such warnings may be associated…
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United States Asks Canada To Extradite Nicholas Smirnow, Alleged Head Of ‘Pathway To Prosperity’ Ponzi Scheme
UPDATED 7:41 P.M. EDT U.S.A. If the office of U.S. Attorney Stephen R. Wigginton of the Southern District of Illinois gets its way, Canada will turn over accused international Ponzi schemer Nicholas Smirnow to the United States. Smirnow, whom INTERPOL says in a wanted notice is 57, was arrested at Toronto’s Pearson International Airport a…
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SEC Enforcement Chief References Investor Alert On ‘Pyramid Schemes Posing As Multi-Level Marketing Programs’ In Congressional Testimony Today, Says ‘Coordinated Effort’ To Disrupt Them Under Way
“The staff also has recently seen what appears to be an increase in pyramid schemes . . . under the guise of ‘multi-level marketing’ and ‘network marketing’ opportunities . . . These schemes often target the most vulnerable investors, and social media has expanded their reach. The Division is deploying resources to disrupt these schemes…
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March PP Blog Subscription Post
NOTE: This post originally was published March 4 at 1:07 p.m. It will remain in this slot for several days. New posts will appear below it. Dear Readers, As was the case with our 2,500th-post commemoration in November, there are four subscription options. In the spirit of that post and the 6th anniversary post in…