Tag: Francis Y. Yuen
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EAdGear Case: Judge Orders More Than $26 Million In Disgorgement And Penalties
Another pyramid scheme has proven costly for its operators. Here, according to the SEC, is the rundown from the EAdGear case brought in 2014. eAdGear Holdings Limited and eAdGear Inc. have been ordered to disgorge $21 million in ill-gotten gains, pay prejudgment interest of $640,000 and pay a civil penalty in the amount of $1,000,000.…
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‘WINGS NETWORK’: Court Orders Disgorgement Of Tens Of Millions Of Dollars In Pyramid/Ponzi Case — Plus, Prison Sentences Ordered In eAdGear Case
Back in February 2015, the SEC brought a Ponzi- and pyramid action against the alleged operators of “Wings Network,” alleging a cross-border MLM fraud that had gathered tens of millions of dollars. Massachusetts Commonwealth Secretary William Galvin, head of the Massachusetts Securities Division, charged Wings Network and some individuals in 2014. The SEC announced today…
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Guilty Pleas Entered In eAdgear Ponzi- And Pyramid Criminal Case
UPDATED 1:10 P.M. EDT U.S.A. Two eAdGear Ponzi- and pyramid-scheme figures have pleaded guilty to federal criminal charges of structuring transactions to evade bank-reporting requirements and conspiracy, according to court filings and records in U.S. District Court for the Northern District of California. The SEC charged eAdGear in September 2014, alleging it had gathered $129…
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URGENT >> BULLETIN >> MOVING: SEC Charges eAdGear, Alleging $129 Million Pyramid- And Ponzi Scheme
URGENT >> BULLETIN >> MOVING: (12th Update 1:28 p.m. EDT U.S.A.) The SEC has gone to federal court in San Francisco, alleging that the eAdGear “program” was a pyramid- and Ponzi scheme that gathered $129 million. The action against eAdGear is the second major pyramid-scheme prosecution announced by the SEC this week. The SEC has…