Day: September 7, 2012
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UPDATE: NX Systems Inc. Says It Has More Than $14.4 Million In Frozen Zeek Account
Oregon-based NX Systems Inc. has advised a federal judge that Rex Venture Group LLC, the North Carolina-based parent company of Zeek Rewards, had more than $14.4 million in an account frozen on Aug. 17. On that date, the SEC accused Zeek of being a $600 million Ponzi- and pyramid scheme that had affected more than…
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BULLETIN: SEC: Asset Manager Hid Madoff Losses, Boasted ‘Benchmark-Beating Returns,’ Recruited New Investors, Missed Redemptions — And Blamed MF Global Collapse
EDITOR’S NOTE: Scams undermine faith in legitimate markets. This is a case in which a purportedly legitimate asset manager allegedly is using the sort of explanations/excuses commonly used by Ponzi-forum hucksters. ** ________________________________________________ ** BULLETIN:The SEC has gone to federal court in the Northern District of Illinois, alleging that asset manager Nikolai Battoo duped investors…
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UPDATE: ‘Wealth Creation Alliance’ Now Publishing Ads For HYIP Scheme After HYIP Scheme
UPDATE: (UPDATED 11:51 A.M. EDT U.S.A.) Our first story on Wealth Creation Alliance (WCA) is here. Like the collapsed Zeek Rewards MLM scheme that the SEC accused last month of being a $600 million Ponzi- and pyramid fraud, WCA preemptively denies it is an investment company. And WCA also specifically denies in is an “HYIP,”…