{"id":1413,"date":"2014-03-11T22:32:15","date_gmt":"2014-03-11T22:32:15","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/03\/sec_stops_pyramid_scam_that_ta"},"modified":"2022-03-10T16:39:11","modified_gmt":"2022-03-10T22:39:11","slug":"sec-stops-pyramid-scam-that-ta","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-stops-pyramid-scam-that-ta\/","title":{"rendered":"SEC Stops Pyramid Scam That Targeted Investors Via Twitter, Facebook, Skype, and YouTube"},"content":{"rendered":"

\t\t\t\tThe Securities and Exchange Commission has put out an emergency enforcement action to stop a pyramid scam <\/a>that has already taken $300,000 from about 150 investors in the US. The scheme involves bogus companies pretending to be an international investment firm. Customers were solicited via Twitter, Skype, Facebook, and YouTube.<\/p>\n

Now, the SEC has gotten a federal court order freezing the holding the funds that purportedly were stolen from investors by MWF Financial and Fleet Mutual Wealth Limited, known together as Mutual Wealth. The regulator claims that the company used social networking and its website to target investors, making false promises of returns of 2 to 3% a week if they opened accounts with the firm. <\/p>\n

According to the Commission, Mutual Wealth made its fraudulent pitches via social media. Misrepresentations were published on the company’s Facebook page, including data about income yields of up to 8% weekly and HFT portfolios with ROI of a maximum of 25%\/annum. Mutual Wealth purportedly touted its use of a high-frequency trading strategy that lets capital be put into securities for just minutes at a time. The company offered a commission or referral fee if investors became “accredited” and brought in new investors. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has put out an emergency enforcement action to stop a pyramid scam that has already taken $300,000 from about 150 investors in the US. The scheme involves bogus companies pretending to be an international investment firm. Customers were solicited via Twitter, Skype, Facebook, and YouTube. 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