Fergie's Tech Blog

SEC Shuts Down $50M Internet Ponzi Scheme

Joel Rothstein writes for Reuters:

U.S. regulators last week charged the owner of 12dailypro.com and her two companies with fraud for running a $50 million Ponzi scheme, according to a statement released on Monday.

The U.S. Securities and Exchange Commission alleged that Charis Johnson, 33, raised more than $50 million from more than 300,000 investors by convincing visitors to the Web site that they could earn a 44 percent return on their investments in 12 days by looking at Internet advertisements.

posted by Fergie @ 2/27/2006 06:06:00 PM