Posts Tagged ‘SEC halts pyramid scheme’

SEC halts pyramid scheme targeting Brazilian and Dominican US immigrants

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Newscast Media WASHINGTON—The Securities and Exchange Commission today
announced that it has filed charges against the Massachusetts-based operators of a
large pyramid scheme that mainly targeted Dominican and Brazilian immigrants in the
U.S. The charges were filed under seal, in connection with the Commission’s request
for an immediate asset freeze.

That asset freeze, which the U.S. District Court in Boston ordered, secured millions of
dollars of funds and prevented the potential dissipation of investor assets. After the
SEC staff implemented the asset freeze, at the SEC’s request the court lifted the seal
today, permitting public announcement of the SEC’s charges. CONTINUE TO FULL STORY>>

         

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