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SEC Files Charges Against Cloud Computing Pyramid Scheme Operators

The Securities and Exchange Commission says it has announced charges and asset freezes against the operators of a worldwide pyramid scheme targeting Asian and Latino communities in the U.S. and abroad.

The SEC alleges that these entities, collectively operating under the business names WCM and WCM777, are posing as multi-level marketing companies in the business of selling third-party cloud computing services, which can include website hosting, data storage, and software support. The entities are based in California and Hong Kong and controlled by “Phil” Ming Xu, who is a resident of Temple City, California, says the SEC.

According to the SEC’s complaint filed in federal court in Los Angeles, WCM and WCM777 have raised more than $65 million since March 2013 by falsely promising investors a 100 percent return on their cloud investments in roughly 100 days. Investors were also told they would receive “points” for making investments or enrolling other investors. The points would be convertible into equity in initial public offerings of high-tech companies their money would help launch.    

 

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