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Tag: SEC

Zeek Fallout Almost Too Strange To Contemplate

For starters, Zeek affiliates being approached by upline sponsors and email/website appeals to send in money “to defend Zeek Rewards and all of our independent businesses as per our legal rights of due process” might want to read this July 25 PP Blog post. It’s about how wordplay was used to sanitize HYIP scams. For…

Aug 27, 2012
UPDATE: ASD’s Andy Bowdoin Asks Judge For Mercy; Requests Sentence Of ‘Time Served’ And ‘Home Incarceration’ In Ponzi Scheme That Gathered At Least $119 Million And Caused Millions Of Dollars In Losses

UPDATED 2:32 P.M. EDT (U.S.A.) Confessed Ponzi schemer Andy Bowdoin of AdSurfDaily has asked U.S. District Judge Rosemary Collyer for mercy and for a sentence of “time served” and “home incarceration.” Federal prosecutors have asked Collyer to sentence Bowdoin to 78 months, the maximum sentence under a plea agreement Bowdoin signed in May. Bowdoin, 77,…

Aug 26, 2012
As Zeek-Related Fundraising Efforts Begin, ‘Andy’s Fundraising Army’ Down For The Final Count: AdSurfDaily Patriarch Andy Bowdoin Awaits Sentencing In Pre-Zeek, 1-Percent-A-Day Ponzi Scheme Case

UPDATED 11:31 P.M. EDT (AUG. 26, U.S.A.) After the collapse of AdSurfDaily in 2008, there were at least four efforts to raise funds to “defend” the Ponzi enterprise and/or its participants. The PP Blog has received reports that at least one such effort is under way in the aftermath of the collapse last week of…

Aug 24, 2012
DEVELOPING STORY: JSS Tripler/JustBeenPaid HYIP Ponzi Scheme Appears To Be Morphing Into Autosurf Ponzi Scheme; Cheerleaders Try To Tame The Troops On Ponzi Boards Amid Reports That Frederick Mann Has ‘Retired’

Just days ago Frederick Mann — the purported operator of the JSS Tripler/JustBeenPaid “program” — was hinting that his fraud scheme that advertised a return of 60 percent a month needed a new name because critics were being entirely too negative. Like the now defunct Zeek Rewards “program,” which last week was described by the…

Aug 22, 2012
SEC Takes Down Another Ponzi, Agency Says; Ricardo Bonilla Rojas Faces Civil And Criminal Charges After Allegedly Aiming Puerto Rico-Based Scheme At Evangelical Christians And Factory Workers

The SEC has gone to federal court in Puerto Rico, alleging that Ricardo Bonilla Rojas was operating a $7 million Ponzi scheme targeted at evangelical Christians and factory workers. Victims in the case hail from Puerto Rico, Florida, New York, and North Carolina, the agency said. Rojas, 53, is a resident of Arecibo, Puerto Rico.…

Aug 21, 2012
BULLETIN: Zeek Receiver Establishes Website: ZeekRewardsReceivership.com

“On August 17, 2012, Judge Graham C. Mullen of the U.S. District Court for the Western District of North Carolina, Charlotte Division, entered an order appointing Kenneth D. Bell of McGuireWoods LLP as temporary receiver of ZeekRewards for the purposes of marshaling and preserving all assets of ZeekRewards and those assets (a) held or possessed…

Aug 21, 2012
JSS Tripler/JustBeenPaid Hides Behind Zeek-Like Wordplay On Eve Of Zeek Collapse

On Aug. 17, the SEC filed spectacular allegations of Ponzi- and pyramid-scheme fraud against Zeek Rewards, which claimed it was not selling securities and members were not making an investment. Zeek operator Paul R. Burks was charged with selling unregistered securities as investment contracts. Zeek abused the power of the Internet and raised $600 million…

Aug 21, 2012
NORTH CAROLINA ATTORNEY GENERAL WARNS: Watch For ‘Reload Scams’ In Wake Of Zeek Collapse

UPDATED 4:06 P.M. EDT (U.S.A.) It happened after the collapse of AdSurfDaily in 2008 — and it’s happening now in the aftermath of the collapse of Zeek Rewards amid spectacular allegations by the SEC Friday of Ponzi and pyramid fraud. The office of North Carolina Attorney General Roy Cooper issued a warning minutes ago about…

Aug 20, 2012
URGENT >> BULLETIN >> MOVING: SEC Calls Zeek ‘$600 Million Online Pyramid And Ponzi Scheme’

URGENT >> BULLETIN >> MOVING: (UPDATED 6:25 P.M. EDT (U.S.A.) The SEC has filed an emergency action in federal court in Charlotte, N.C., that alleges Zeek Rewards is a $600 million Ponzi and pyramid scheme. “The obligations to investors drastically exceed the company’s cash on hand, which is why we need to step in quickly,…

Aug 17, 2012
BULLETIN: Prominent Football Coach And TV Commentator Jim Donnan Charged In Alleged $80 Million Ponzi Scheme

BULLETIN: The SEC has gone to federal court in Atlanta, alleging that Hall of Fame football coach Jim Donnan and a business partner in Ohio conducted a massive Ponzi scheme that sucked in other coaches and caused one of Donnan’s trusting former players to invest $800,000. The scheme began in 2007 and collapsed in 2010,…

Aug 16, 2012
EDITORIAL: Karl Wallenda Wouldn’t Do Zeek

In this editorial: Our assertion: Were he alive today and desperately needed cash, famed daredevil Karl Wallenda would find Zeek’s tightropes too dangerous to walk. Purported MLM “expert” sent to woodshed: Zeek “consultant” and former SEC defendant Keith Laggos reportedly gets the Zeek boot after using phrases associated with the investment trade and after suggesting…

Aug 12, 2012