She helped develop the program and its key features, marketed it to investors, and managed some of its operations. .
"The co-conspirators used this money, in Ponzi-like fashion, to pay other victim-investors in the scheme and to personally enrich themselves prosecutors wrote in a court filing last month.
The SEC superhot vr discount alleges that Dawn Wright-Olivares and Daniel Olivares, who each now live in Arkansas, provided operational support, marketing, and computer expertise to sustain m, which offered and sold securities in the form of premium subscriptions and VIP bids for penny auctions. .
The staggering number of victims suggests that investigation of the fraud and establishment of a distribution process will likely be a drawn-out process involving hundreds, if not thousands, of people.
"Growth of this magnitude was overwhelming he said.A veteran of the multi-level marketing business is going on trial on federal charges related to what government investigators called a 900 million scam that bilked 1 million people across the United States and abroad.If customers continue to increasingly elect to receive cash payouts rather than reinvesting their money to reach higher levels of rewards points, ZeekRewards cash outflows would eventually exceed its total revenue.Burks asked Olivares to join ZeekRewards and prosecutors said she collected at least.2 million for herself.Olivares became friends and worked with Burks on multilevel marketing companies since in the 1990s.He was a former county music disc jockey and performed as a magician in nursing homes in the 1980s and '90s.The obligations to investors drastically exceed the companys cash on hand, which is why we need to step in quickly, salvage whatever funds remain and ensure an orderly and fair payout to investors, said Stephen Cohen, an Associate Director in the SECs Division of Enforcement.
From a small, brick building in Lexington, North Carolina, Burks ran an online auction site.
In reality, their cash was just going to the earlier investor.
The complaint charges Olivares with violating Section 17 of the Securities Act and Section 10 of the Exchange Act and Rule 10b-5. .
According to the SEC, Zeek has paid over 375 million to investors to date, and currently holds approximately 225 million in investor funds in financial institutions all over the world.
Ever." Dalrymple stated that the BBB's analysis of Zeek had raised many red ultimate fantasy football national sweepstakes code flags, and that it immediately notified criminal authorities.To settle the SECs charges, Wright-Olivares agreed to pay at least 8,184,064.94 and Olivares agreed to pay at least 3,272,934.58 amounts that represent the entirety of their ill-gotten gains plus prejudgment interest. . The scheme depended on investors choosing to reinvest their profits, for according to the SEC, Zeek would have been insolvent in a matter of weeks, if not days, had investors chosen to receive their profits in cash."As a result, individual victim-investors filed gifts from 2 year old to mom false tax returns with the IRS reporting phantom income that they never actually received.".On Friday, August 17, 2012, the Securities and Exchange Commission SEC filed an emergency action in a North Carolina federal court, alleging that ZeekRewards and its founder, Paul.ZeekRewards misused the power of the Internet and lured investors by making them believe they were getting an opportunity to cash in on the next big thing.20, 2013, the Securities and Exchange Commission today announced charges against a woman and her stepson for their involvement in a North Carolina-based Ponzi and pyramid scheme that the agency shut down last year.