SEC halts pyramid scheme being promoted on Facebook and Twitter

Securities and Exchange Commission

Newscast Media WASHINGTON—The Securities and Exchange Commission today
announced an emergency enforcement action to stop a fraudulent pyramid scheme by
phony companies masquerading as a legitimate international investment firm.

The SEC has obtained a federal court order to freeze accounts holding money stolen
from U.S. investors by Fleet Mutual Wealth Limited and MWF Financial – collectively
known as Mutual Wealth. The SEC alleges that Mutual Wealth has been exploiting
investors through a website and social media accounts on Facebook and Twitter,
falsely promising extraordinary returns of 2 to 3 percent per week for investors who
open accounts with the firm. CONTINUE TO FULL STORY>>