PatrickPretty.com

Tag: SEC

SEC Enforcement Chief References Investor Alert On ‘Pyramid Schemes Posing As Multi-Level Marketing Programs’ In Congressional Testimony Today, Says ‘Coordinated Effort’ To Disrupt Them Under Way

“The staff also has recently seen what appears to be an increase in pyramid schemes . . . under the guise of ‘multi-level marketing’ and ‘network marketing’ opportunities . . . These schemes often target the most vulnerable investors, and social media has expanded their reach. The Division is deploying resources to disrupt these schemes…

Mar 19, 2015
BULLETIN: Zeek Figure Robert Craddock Indicted In Separate Scheme

BULLETIN: Florida resident Robert Craddock, a figure in the Zeek Rewards Ponzi-scheme story, has been indicted in a separate scheme involving the alleged theft of more than $135,000 from a compensation fund set up to assist businesses affected by the Deepwater Horizon oil spill in 2010. The office of U.S. Attorney A. Lee Bentley III…

Mar 16, 2015
UPDATE: ‘Automatic Mobile Cash’ Tanks

“Automatic Mobile Cash,” pushed on YouTube by “Achieve Community” hucksters Rodney Blackburn and Mike Chitty, has tanked, according to chatter on the MoneyMakerGroup Ponzi forum. MMG poster “im the man,” citing information from SolidTrustPay, claimed yesterday that SolidTrustPay had blocked AMC’s ability “to accept deposits or make withdraws.” Other information in the 16-page, 226-post MMG…

Mar 10, 2015
‘Achieve Community’ Domains Disconnected

Two domains linked to the alleged “Achieve Community” pyramid- and Ponzi scheme appear to have been disconnected. On Feb. 17, the PP Blog reported that the domains — ReadyToAchieve.com and TheAchieveCommunity.com — were displaying “Account Suspended” messages. ReadyToAchieve appears still to have DNS servers, but now displays nothing and will not return a ping. TheAchieveCommunity,…

Mar 9, 2015
Will Joel Wilson’s Racketeering Conviction In Michigan Ponzi-Scheme Case Send A Message To Apologists For Achieve Community? Saleswoman Also Convicted

There is no good state in which to run a Ponzi scheme, but Michigan and Colorado — the states in which “Achieve Community” operated — are two of the worst. This is because both states have racketeering statutes that have been used in Ponzi-scheme cases. The case of Joel Wilson, convicted yesterday in Michigan on…

Mar 6, 2015
‘Achieve Community’ Figure Rodney Blackburn Now Touting ‘Tea’; Panel From Video Says It ‘Mitigates HIV’ And ‘Prevents Colds And Flu’

UPDATED 3:08 P.M. ET U.S.A. Fresh from the alleged “Achieve Community” pyramid- and Ponzi scheme, the apparent collapse of “Trinity Lines” and potential debacles involving “BRING THE BACON HOME,” “Unison Wealth” and others, Rodney Blackburn now is promoting a “tea” purported to mitigate HIV. HIV is the virus that causes AIDS. The tea, called “laso,”…

Mar 5, 2015
WCM777: More Theft And Money Laundering MLM-Style

“Many investors gave cash to the company and to their leaders (or upline sponsors) who then deposited the cash along with other investor funds.” — Krista L. Freitag, court-appointed receiver in the WCM777 pyramid- and Ponzi case, Feb. 27, 2015 EDITOR’S NOTE: Tens of millions of dollars allegedly flowed through WCM777 and related entities. At…

Mar 5, 2015
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…

Mar 3, 2015
URGENT >> BULLETIN >> MOVING: SEC Calls ‘Wings Network’ A ‘Ponzi And Pyramid Scheme’; Firms, Executives And A Dozen Promoters Charged

URGENT >> BULLETIN >> MOVING: (14th update 3:19 p.m. ET U.S.A.) The U.S. Securities and Exchange Commission has gone to federal court in Massachusetts, alleging the “Wings Network” MLM “program” is a Ponzi and pyramid scheme that gathered at least $23.5 million. Wings Network purported to offer “digital and mobile solutions to customers, including apps…

Feb 27, 2015
BULLETIN: ‘MooreFund,’ A Ponzi-Board HYIP ‘Program’ Pushed By Achieve Community Huckster, Is Using Unauthorized Security Seal From Norton

BULLETIN: (Updated 8:17 a.m. ET Feb. 25 U.S.A.) An HYIP “program” that operates at MooreFund.com is using a “Norton Secured” seal that is not authorized, Symantec told the PP Blog late this afternoon. Symantec, owner of the famous Norton brand, is a software and computer-security company. Its name is misspelled as “Symentec” on the FAQ…

Feb 24, 2015
BULLETIN: Troy Barnes, Kristi Johnson Invoke 5th Amendment In SEC’s Pyramid/Ponzi Case; Barnes Tells Agency He Is ‘Target’ Of Criminal Investigation; SEC Says Barnes ‘Discussed’ Moving ‘Victim Funds’ Outside Of United States

BULLETIN: “Achieve Community” Ponzi/pyramid defendants Troy Barnes and Kristi Johnson have informed the U.S. Securities and Exchange Commission that they have invoked their Fifth Amendment right not to incriminate themselves in the agency’s civil case. A deposition scheduled for Barnes Feb. 20 in Detroit was canceled. So was a deposition set for Johnson today in…

Feb 23, 2015