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SEC says shuts cloud computing scam targeting Asians, Hispanics

29
Mar
2014

The U.S. Securities and Exchange Commission on Friday said it has shut down a worldwide pyramid scheme that falsely promised fast gains to tens of thousands of Asian-American, Hispanic and foreign investors from cloud computing services. A federal judge on Thursday granted the regulators request for an asset freeze over entities operating as WCM and WCM777, which are based near Los Angeles and in Hong Kong and run by Ming Xu of Temple City, California. WCM and WCM777 allegedly raised more than $65 million since March 2013 by promising people they could double their money in 100 days by investing between $399 and $1,999 in cloud services such as website hosting, data storage and software support.

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