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
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“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 […]
URGENT >> BULLETIN >> MOVING: ‘Wings Network’ And Alleged Promoters Charged
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URGENT >> BULLETIN >> MOVING: (16th Update 12:27 p.m. EDT U.S.A.) “Wings Network,” an MLM “program” in part targeted at TelexFree participants, has been charged in Massachusetts with operating a pyramid scheme and selling unregistered securities as investment contracts as part of a securities-fraud scheme. Several individual promoters or alleged recipients of fraud-scheme proceeds were […]