Category: The Economy
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Zeek Receiver Posts ‘Notice Of Certification Of Defendant Class Action’; Document Pertains To Thousands Of Alleged ‘Winners’
What once was only theoretical in the context of MLM HYIP schemes — that a receiver appointed by a court could simultaneously sue thousands of “winners” from disparate locations for return of funds received from an alleged Ponzi or pyramid scheme — is now a reality. This reality was cemented today by the posting of…
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BULLETIN: Zeek Figure Robert Craddock Indicted In Separate Scheme
BULLETIN: Florida resident Robert Craddock, a figure in the Zeek Rewards Ponzi-scheme story, has been indicted in a separate scheme involving the alleged theft of more than $135,000 from a compensation fund set up to assist businesses affected by the Deepwater Horizon oil spill in 2010. The office of U.S. Attorney A. Lee Bentley III…
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EgoPay Site Inaccessible
Poster “Markus” stopped at the PP Blog at 2:19 p.m. ET today, raising a question about why the site of the EgoPay payment processor won’t load. When the PP Blog later sought to visit the site, it encountered this error message: “www.egopay.com – Connection failed.” Precisely when the site started generating that message is unclear.…
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BULLETIN: CLAIM: Former CIA Operative Was Paid More Than $400,000 By Companies Linked To WCM Ponzi Scheme
UPDATED 9:44 P.M. EDT MARCH 14 U.S.A. How strange were things in the universe of WCM777, an MLM “program” accused by the SEC last year of pulling off an $80 million, cross-border Ponzi swindle? Would you believe that a former CIA operative with two felony convictions ended up on the payroll? Robert Sensi, the former…
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‘MyAdvertisingPays’ And A Bromide Thrice Vomited
It turns out that a hackneyed expression currently in play within MyAdvertisingPays (MAPS) is a lightly remixed version of one used in the collapsed Zeek Rewards and Achieve Community schemes. Will this thrice-vomited bromide become a kiss of death for MAPS? Back before the SEC shut down Zeek in 2012, the $897 million scheme traded…
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BULLETIN: To Hinder Recovery, Zeek Assets Were Funneled To Cook Islands And Used To Purchase Property In Turks And Caicos, Receiver Says
BULLETIN: The court-appointed receiver in the Zeek Rewards Ponzi- and pyramid case says millions of dollars in Zeek assets were transferred from the United States to the Cook Islands in the South Pacific by a former Zeek vendor known as Preferred Merchants Solutions LLC. At least part of the money allegedly then was used to…
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[PART 2]: ‘MyAdvertisingPays’ Scheme Referenced In TelexFree-Related Class-Action Complaint That Alleges Racketeering — A Zeek Tie, Too
EDITOR’S NOTE: Part 1 of this two-part PP Blog series covered allegations against an alleged New York City-based TelexFree promoter . . . **__________________** 2ND UPDATE 9:42 A.M. EDT U.S.A. Though not charged as a defendant, the emerging “MyAdvertisingPays” (MAPS) scheme is referenced in a proposed class-action lawsuit filed against multiple TelexFree figures and financial…
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[PART 1]: CLAIM: Major TelexFree Promoter Operated Out Of New York City Beauty Salon And Marriott Hotel
“Because that’s where the money is.” — Classic rejoinder attributed to Brooklyn-born criminal Willie Sutton, reportedly after he was asked why he robbed banks. The often-quoted line may or may not be apocryphal. (Also see “Sutton’s Law” on the need to consider the obvious and “When you hear hoofbeats, think of horses not zebras.”) UPDATED…