WCM777 Scam News UpDate: Phil Ming Xu arrested in China?


May 17, 2016 Facebook Twitter LinkedIn Google+ MLM & Affiliate Marketing News



WCM777 Scam UpDate: Phil Ming Xu arrested in China?

Phil Ming Xu arrested in China?

Posted: 16 May 2016 06:56 PM PDT

In mid 2014 Phil Ming Xu was permanently restrained from committing further violations of the Securities Exchange Act. The sentence was handed down following an SEC investigation into WCM777, a Ponzi scheme founded by Xu in 2013. The 2014 sentencing stipulated that Xu would required to ‘pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a civil [Continue reading…] Source: Phil Ming Xu arrested in China?

he was asked to pay US$1,999 for company membership and would be rewarded with at least 32 digital assets, each worth a dollar, every day.

He was told he could cash half of them in and spend the rest on the company’s shopping website.

set up a string of new companies and persuaded investors to convert their digital assets to shares in the new companies.

Eventually, most investors did not receive any return and many lost their original investment.

Wantong Qiji, which became Global Unity, was run by World Capital Market Inc.

The scheme was run from Beijing by a small group led by WCM’s president, surnamed Xu.

They posed as high-profile investment bankers and venture capitalists and, to impress investors, organized trips for them to Hong Kong and Dubai.

Last June and August, police received alerts from the People’s Bank of China and the Guangdong branch of China Securities Regulatory Commission that the company and its owners were not qualified to conduct public financing, and a criminal investigation began.

The ministry said the company did not invest any money from investors in any projects, nor could the capital it held have sustained the stated returns.

Xu is now in custody.

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

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