SEC shuts down $600 mln ZeekRewards Ponzi scheme
8/17/12 5:02 PM ET (MarketWatch)Print
WASHINGTON (MarketWatch) - The Securities and Exchange Commission on Friday announced fraud charges and set up an emergency asset freeze to halt a $600 million Ponzi scheme, alleging that the website ZeekRewards.com fraudulently conveyed the false impression that the company was "extremely" profitable when payouts bore no relation to the company's net profits. "Most of ZeekRewards' total revenues and the "net profits" paid to investors have been comprised of funds received from new investors in classic Ponzi scheme fashion" the SEC said.
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