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.

Best Places Advertise Free Top Surfer

Click Here For Prospects Pay YOU $10 So You Can Advertise To Them

Live Internet Affiliate Marketing, MLM, Social Networking Training…

Using Blab & Twitter Periscope

Join Harvey The Silver Fox & Marty Bostick for Live Internet Affiliate Marketing Social Networking Training. They will be training for Joint Ventures, Business Building Tips, Affiliate Income Tips, Mobile Marketing, SEO Optimization, Video Marketing, Email Marketing, Directory Listing Optimization, Google Listing Optimization, Google Adwords Management, Website Traffic, Lead Capture Pages, AutoResponders, Email Marketing, Proper Web Design, Working With WordPress, Marketing Automation, Blogging, 1st Page Google Ranking, CoOp Marketing, Lead Generation, Telemarketing, Voice Broadcasting, List Building, Link Tracking, Tracking Phone Numbers, Rotators, Google PLUS, How To Use Twitter Periscope To Build Your Biz, How To Use BLAB To Build Your Biz, and more…

Catch Marty on Periscope using the button below…

Best Places Advertise Free Periscope Click Here


The owner of this website is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon properties including, but not limited to, amazon.com, endless.com, myhabit.com, smallparts.com, or amazonwireless.com.
Home Privacy Policy Terms Of Use Contact Us Affiliate Disclosure DMCA Earnings Disclaimer