Phil Ming Xu’s WCM777 Scam UpDate: Receiver’s 8th Interim Report

April 18, 2016 Facebook Twitter LinkedIn Google+ MLM & Affiliate Marketing News

Phil Ming Xu’s WCM777 Scam Alert

WCM777 Receiver’s 8th Interim Report (4th quarter, 2015)

Posted: 17 Apr 2016 05:48 PM PDT

As part of her court-appointed Receivership duties, Kristina Freitag has filed an eighth interim report. The report spans the Receivership’s activities during the fourth quarter of 2015. Some of the developments such as the settlement with Phil Ming Xu’s family BehindMLM has already covered, but there’s also some new stuff we haven’t seen too. As [Continue reading…] Source: WCM777 Receiver’s 8th Interim Report (4th quarter, 2015)

In addition to enriching himself with stolen Ponzi funds, WCM777 owner Phil Ming Xu also splashed out on his family.

Through Xu’s efforts at investment fraud, his sister Sue Wang and mother Xiao Mei Deng received $2.5 million dollars.

Some of that money went to buying Xu’s mother a house and some of it to fund his sister’s business ideas. The rest of it was put towards existing mortgages and general expenses.

Having learned of Xu enriching his family, the Receiver approached Wang and Deng about returning the stolen money.

$1.1 million dollars has since been recovered, with $1.4 million in cash and assets unaccounted for.

Wang and Deng initially failed to respond to the Receiver’s attempts to recover the funds, prompting the filing of a lawsuit in March, 2015.

Read the full article and join in the discussion over at BehindMLM.

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