It’s been a while since I’ve seen any news on this one, but I have found an update. For some this may cause financial pain, but that is what happens in Ponzi schemes even when you think you’ve done well.
You can see the article on ABC 4’s site. While there is some money in the account to pay back some of those who lost money, there isn’t nearly enough, and they are looking at going after some of the big winners in this Ponzi scheme.
It looks like it will be quite complex figuring out who gets money back. First they have to try to resolve chargebacks through the various financial institutions. Then they have to figure out who lost money.
I really do feel for the people who were fooled by this and similar scams. It’s so hard to earn money from home I know this looked like a blessing to many people. Unfortunately, there isn’t any real way to earn like this anywhere. Real investments don’t pay off day after day, month after month at so high a rate. Those that do pay a relatively high rate come with a high risk of losing it all. There are no guarantees.
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[...] This just amazes me. It was the SEC that closed them down. The thing was quite clearly a Ponzi scheme, and the last time I checked on how things were going in September, it looked like some of the people who had made big money at this might be at risk for having to pay others back. [...]