SEC Halts Pyramid Scheme Targeting Asian And Latino Communities

On 28 March 2014, the SEC announced charges and asset freezes against the operators of a worldwide pyramid scheme targeting Asian and Latino communities in the US and abroad. The SEC alleges that three entities collectively operating under the business names WCM and WCM777 have raised more than $65 million since March 2013 by falsely promising tens of thousands of investors that the return on investment in the cloud services venture would be 100% or more in 100 days.

The full text of the SEC complaint...