In unrelated news, agency wants to teach folks how to spot a pyramid scheme
A Florida man is in hot water for allegedly raising $108 million from more than 800,000 investors for what he claimed was an artificial intelligence development company – but which America's Securities and Exchange Commission charges was a fraudulent, unregistered securities offering.[PDF] the SEC claims Orlando man Ashraf Mufareh and his company, Onpassive LLC, put together a fraudulent"pyramid scheme.
It claimed investors who took him up on the"early bird" special – called"Founders" – were promised a"higher placement in the pyramid, and higher returns, than later investors waiting to buy into the scheme by making a product purchase and commencing payment of a monthly subscription after product launch." The idea was, the SEC alleges, that earlier birds would receive a portion of monthly subscription fees paid by those placed after them as a"commission.
Belgique Dernières Nouvelles, Belgique Actualités
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