Tag: EmGoldEx
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BULLETIN: SEC Of The Philippines Calls EmGoldEx A Ponzi Scheme That Spawned Cascading Frauds
EDITOR’S NOTE: Officials in the Philippines not only are using securities laws in the EmGoldEx prosecution, but also a relatively new law against cybercrime in that nation. This potentially could stiffen penalties. As noted below, EmGoldEx also caused trouble in the United States. UPDATED 10:43 A.M. ET U.S.A. EmGoldEx was a Ponzi scheme that morphed into entities known…
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DEVELOPING STORY: Thai Police Bust ‘UFunClub,’ Yet Another Cross-Border Network-Marketing Program; Case May Involve $307 Million
UPDATED 9:10 A.M. EDT U.S.A. It’s whack-a-mole via MLM or network marketing — again. There are reports in Thai media about a major pyramid/Ponzi bust involving a cross-border “program” known as “UFunClub.” (See links below.) No American suspects appear to have been arrested or named so far, but Americans have promoted UFunClub. One of them,…
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EDITORIAL: Creeping Up On MLM Perdition
EDITOR’S NOTE: The MLM “program” known as Wings Network is alleged to have operated through two business entities that used the name “Tropikgadget.” The SEC’s case, announced Friday, is filed in U.S. District Court for the District of Massachusetts. That’s the same venue in which the agency’s epic TelexFree case was filed last year. There…
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URGENT >> BULLETIN >> MOVING: Massachusetts Charges 4 Alleged Promoters Of EmGoldEx Scheme, Saying ‘Program’ Was Fraud And That Hucksters Stacked Children In Downlines
URGENT >> BULLETIN >> MOVING: (14th Update 4:33 p.m. EDT U.S.A.) Massachusetts has charged promoters of the EmGoldEx MLM “program” with securities fraud and selling unregistered securities, alleging they “created a complex web entangling investors throughout the Commonwealth” in a “pyramid scheme” that offered “guaranteed returns of up to 1,105% for recruiting more individuals.” The…