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Tag: SEC

BULLETIN: Bulgarian Responsible For Avon Stock Manipulation Last Month, SEC Charges

The SEC has gone to federal court in the Southern District of New York, alleging that a Bulgarian is responsible for the manipulation of Avon’s stock price last month though a false filing in the agency’s EDGAR database. Avon, an American network-marketing company famous for cosmetics, was only one of the companies targeted, the SEC…

Jun 4, 2015
Judge Orders Sann Rodrigues Off The Road

UPDATED 3:19 P.M. EDT U.S.A. TelexFree and IFreeX MLM promoter Sanderley Rodrigues de Vasconcelos (Sann Rodrigues) won’t be putting the pedal to the metal of his Lamborghini anytime soon — unless he wants to risk going back to jail. That’s because U.S. Magistrate Judge Steven C. Mannion of the District of New Jersey issued an…

May 28, 2015
Sann Rodrigues Released On ‘Conditions’

TelexFree and IFreeX promoter Sann Rodrigues has been released on “conditions,” including “the surrender of his passport and the passports belonging to his family members, a $200,000 secured bond, 24-hour electronic monitoring, and home confinement.” A U.S. Magistrate Judge in the District of New Jersey imposed the conditions on Rodrigues, according to a statement today…

May 26, 2015
REPORTS: TelexFree Figure Sann Rodrigues Arrested In New Jersey

BULLETIN: (Updated 9:27 p.m. EDT U.S.A.) TelexFree and iFreeX figure Sann Rodrigues has been arrested in New Jersey, according to the Blog of Joaldro Dalla “Billy” Costa, citing a report on radio station WSRO 650 AM in Framingham, Mass. Billy’s story is in Portuguese. Here is the English translation by Google Translate. Rodrigues — listed…

May 23, 2015
Bogus Offer To Take Over Avon Turns SEC Website Into Crime Scene

On May 14, someone used the SEC’s EDGAR database to plant a bogus news release that claimed a company known as PTG Capital Partners LTD. had made an offer to buy out Avon Products Inc. for $18.75 a share. As NPR put it on May 15, this was “a huge premium.” DealBook, on May 14,…

May 18, 2015
In TelexFree Trustee’s Probe, Advisers Turn To Cross-Border Zeek Case For Guidance

Billing records in the TelexFree bankruptcy case show that advisers to court-appointed Trustee Stephen B. Darr held an hour-long teleconference with McGuireWoods, counsel to Zeek Rewards’ receiver Kenneth D. Bell. This appears to mark the first time that Zeek’s name has surfaced in TelexFree-related court matters. The two cross-border MLM/network-marketing fraud schemes allegedly gathered a…

May 9, 2015
Zeek Rewards’ Dawn Wright-Olivares Loses ‘Several Motor Vehicles’ To Receiver In Cross-Border Ponzi Case; More Actions Coming Against International ‘Winners’ And Vendors

More lawsuits against international “winners” in the Zeek Rewards cross-border Ponzi-and pyramid-scheme case are coming, receiver Kenneth D. Bell has advised a federal judge. Bell also signaled to Senior U.S. District Judge Graham C. Mullen that lawsuits may be coming against alleged international Zeek vendors such as Payza and SolidTrustPay, both of which earlier were…

May 1, 2015
Was An Unlicensed Money-Services Business In The United States Gathering Funds For The Alleged UFunClub/UToken Ponzi Scheme In Thailand?

In March 2015, as part of its coverage of the WCM777 cross-border scam operating out of the United States, the PP Blog reported that court-appointed receiver Krista L. Freitag said this in a Feb. 27 court filing (italics added): “Many investors gave cash to the company and to their leaders (or upline sponsors) who then…

Apr 30, 2015
UFUNCLUB: Securities Division ‘Will Look Into The Extent Of A Colorado Connection’

UPDATED 10:52 A.M. EDT U.S.A. The Colorado Division of Securities said it “will look into the extent” of promotional ties the UFunClub “program” now under investigation in Thailand may have in the state. Whether other U.S. states would follow Colorado’s lead was not immediately clear. Earlier cross-border MLM/network-marketing schemes such as Profitable Sunrise and WCM777…

Apr 22, 2015
COLORADO: ‘Achieve Community’ Subject Of ‘Order To Show Cause’

UPDATED 6:17 A.M. EDT APRIL 21 U.S.A. The Colorado Division of Securities has directed an “Order to Show Cause” to “Achieve Community,” alleged in February 2015 by the U.S. Securities and Exchange Commission to be a combined Ponzi- and pyramid scheme that gathered at least $3.8 million. Colorado’s order cites a “Division Case No.” of…

Apr 20, 2015
EDITORIAL: SEC Announced TelexFree Prosecution 1 Year Ago Today, But Many MLMers Have Missed Or Ignored The Lessons

UPDATED 7:10 A.M. EDT APRIL 18 U.S.A. A year has passed since the U.S. Securities and Exchange Commission announced the prosecution of TelexFree. Here’s the lede from the PP Blog’s story on April 17, 2014: The U.S. Securities and Exchange Commission (SEC) has filed charges against the alleged TelexFree pyramid scheme and a federal judge…

Apr 17, 2015