Tag: SEC
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UPDATE: After Claiming It Was Interested In ‘Building A Network That Ticks,’ ‘CashCropCycler’ Appears to Be DOA; ‘NEOMutual’ Also Appears To Have Gone Missing After ‘Crowdfunding’ Claims
Touted on the MoneyMakerGroup Ponzi forum by former Zeek Rewards pitchman “mmgcjm,” a bizarre “program” known as CashCropCycler appears to have tanked. Joining CashCropCycler in the recent HYIP DOA lineup was NEOMutual, a purported “crowdfunding” opportunity that claimed it used bitcoin and a series of offshore payment processors to provide daily interest rates of 1.4…
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SEC: Utah Ponzi Schemer With ‘Loans’ Program Ripped Off Church Associates, Family Members, Friends, Seniors — And Some Of The Money Went To ‘Multilevel Marketing And Web-Based Advertising Business Opportunities’; Separately, Newspaper Reports Allegations Of Cash Handoffs To Investors In Parking Lots
In the latest affinity-fraud scheme detected in Utah, an Orem man conducted a $4 million offering fraud and Ponzi scheme aimed at church associates, family members and friends, including senior citizens and the “recent widow of a church associate” whom he volunteered to help with finances after she lost her husband, the SEC said. Some…
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Series Of News Releases From Purported MLM Trainer Plants Seed That Federal Trade Commission Has Given Green Light To Several Opportunities, Including Herbalife
EDITOR’S NOTE: The PP Blog called the Federal Trade Commission to get its take on these news releases, which use the agency’s name and imply that the FTC recently has given several MLM “opportunities” a clean bill of health. The agency did not immediately respond. What would you think if you read a headline on…
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Receiver Estimates That $290 Million In Fraudulent Transfers Occurred At Zeek; Clawback Litigation May Begin In Third Quarter; U.S. Domestic And ‘Foreign Winners’ Will Be Pursued; Victims Already Have Filed Claims Seeking $287 Million — With More Expected To Follow Before Sept. 5 Deadline
The court-appointed receiver in the Zeek Rewards Ponzi-scheme case is reporting “significant progress” in securing assets for return to victims and says the estate has gathered approximately $325.1 million since the receivership began in August 2012. As of 5 p.m. on July 29, Zeek victims had filed claims seeking about $287 million. The claims portal…
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BULLETIN: SEC: Now, A Bitcoin Ponzi Scheme Operated By Trendon T. Shavers — AKA ‘Pirate’ And ‘pirateat40’
BULLETIN: The SEC has gone to federal court in the Eastern District of Texas, charging Trendon T. Shavers of McKinney in an alleged Bitcoin Ponzi scheme that gathered more than $4.5 million before collapsing in August 2012. Bitcoins are a digital currency that has “no single administrator, or central authority or repository,” the SEC said.…
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BULLETIN: Pat Kiley, Trevor Cook Ponzi Pitchman, Sentenced To 20 Years in Federal Prison
BULLETIN: Patrick Kiley, a radio host and conspiracy theorist who warned of “massive, massive chaos” and became a pitchman for the $194 million Trevor Cook Forex Ponzi scheme in Minnesota, has been sentenced to 20 years in federal prison. Kiley, 75, now becomes the fifth person sentenced to a long prison term in the epic…
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UPDATE: Statue Of Jesus Christ Used In TelexFree Promo On YouTube
Depictions of Jesus Christ were used in the Profitable Sunrise and the equally bizarre “Cash Tanker” HYIP schemes — and now are being used in promos for TelexFree, an MLM “opportunity” under investigation in Brazil amid pyramid-scheme and securities concerns. It looks as though the statue of Christ the Redeemer in Rio de Janeiro has…