{"id":1429,"date":"2014-04-09T15:58:40","date_gmt":"2014-04-09T15:58:40","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/04\/sec_files_charges_over_securit"},"modified":"2022-03-11T09:18:44","modified_gmt":"2022-03-11T15:18:44","slug":"sec-files-charges-over-securit","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-files-charges-over-securit\/","title":{"rendered":"SEC Files Charges Over Securities Fraud Scams that Used YouTube, Facebook, Twitter, & Other Social Media"},"content":{"rendered":"

\t\t\t\tThe US Securities and Exchange Commission has filed securities fraud <\/a>charges against Joseph Signore, Paul L. Schumack II, and their respective companies for their Florida-based Ponzi scam that purportedly used YouTube videos to target hundreds of US investors to get them to invest in virtual concierge machines that were supposed to garner 300-500% returns in four years. The two companies are T.B.T.I. Inc. and JCS Enterprises Inc.<\/p>\n

According to the SEC, the two men and their companies falsely promised investors that their money would go toward the purchase of these ATM-like machines, which businesses would then use to promote services and products via touch screen, coupons, or printable tickets. The machines were to be placed at airports, hotels, and stadiums.<\/p>\n

Instead, contends the regulator, Schumack, Signore, and their companies used investors’ funds in Ponzi scam-fashion, taking new investors money to pay the “returns” of earlier investors and paying for their personal expenses (including credit card bills, restaurants, unrelated business ventures, and family spending). <\/p>\n

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

The US Securities and Exchange Commission has filed securities fraud charges against Joseph Signore, Paul L. Schumack II, and their respective companies for their Florida-based Ponzi scam that purportedly used YouTube videos to target hundreds of US investors to get them to invest in virtual concierge machines that were supposed to garner 300-500% returns in […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3741],"tags":[],"class_list":["post-1429","post","type-post","status-publish","format-standard","hentry","category-securities-fraud"],"yoast_head":"\nSEC Files Charges Over Securities Fraud Scams that Used YouTube, Facebook, Twitter, & Other Social Media — Investor Lawyers Blog — April 9, 2014<\/title>\n<meta name=\"description\" content=\"The US Securities and Exchange Commission has filed securities fraud charges against Joseph Signore, Paul L. 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