Friday, September 26, 2014

SEC charges marketing company with the International Programme Ponzi

The company uses 99% of fund investors to pay earlier investors, the SEC said. The company uses 99% of fund investors to pay earlier investors, the SEC said.

The Securities and Exchange Commission on Friday announced charges against U.S. company eAdGear to implement a system of international sales structure and gave a preliminary injunction and asset freeze against the company.

Charged with a federal court in San Francisco eAdGear Inc. the Hong Kong unit, eAdGear Holdings Ltd. CEO Charles S. Wang, 52; his wife Cathy Zhang Qian, 52; and Chief Financial Officer Francis Y. Yuen, 53 Laurata Chan, director of the accounting firm, is named as a relief defendant, according to a statement from the SEC.

The company was run mainly in the United States, China and Taiwan, and has more than $ 129 million raised worldwide investors, the SEC said.

The company says it is an internet marketing business successful. However, the SEC levied eAdGear said use 99% received from new investors to earlier investors funds to pay.

The operators have pocketed some of that money to pay personal and bought houses millions of dollars to lend out.

"EAdGear and their operators falsely claimed it to market a business profitable, when in fact, the Internet, a Ponzi scheme have operated and Pyramid dams were running loose Chinese communities and investors caused millions of dollars', L. Jina Choi said conductor the Regional Office in San Francisco with the SEC, in a statement.

The company launched its website in 2010, describes the company's mission as "global advertising" and says that "provide [s] vital internet tools for small and medium businesses looking to market their products and / or services over the internet."

He says the company generates millions of dollars from his "Gale technology" to the page ranking of search engine marketing and optimization were to increase false, the SEC said.

According to documents of the company, there were no sales to paying customers, until November 2012, although the company reportedly for two years running successfully.

In April 2014 eAdGear had about $ 370,000 to his bank account and was on the verge of collapse. Wang said that the investors eAdGear had about 5 million U.S. dollars, the SEC, that the actual number "much higher."

The Federal Court of SEC request to freeze assets and provides a preliminary injunction granted. The order prohibits the defendant to pay, more investors get in one of their other sites - www.eadgear.com, www.eadgear.net, www.winteam777.com and www.winteam168.com. A hearing was scheduled for Oct. 10.

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