$75 Million Scam
- Thread starter MisterF
- Start date
- Mar 30, 2018
- 12,091
- 14,356
500 investors paid $75 millions well you can get rich but you can’t buy common sense lol
- Jan 16, 2017
- 5,074
- 10,325
"An alleged Ponzi-like scheme that raised at least $75 million from more than 500 investors throughout the United States and abroad.
Promised investors an endless minimum guaranteed rate of return on revenues generated by websites. In exchange for an investor's "upfront fee," TGC claimed that it would either buy or build a website for the investor, and develop, market, and maintain the website.
As alleged, TGC falsely promised that it would use investors' funds exclusively for expenses related to the investor's website. In reality, as alleged, the sales were conducted through unregistered securities offerings, and TGC used new investors’ funds to pay investor returns, in Ponzi-like fashion, and to pay Courtright's personal expenses, including his mortgage and private school tuitions for his family."
Promised investors an endless minimum guaranteed rate of return on revenues generated by websites. In exchange for an investor's "upfront fee," TGC claimed that it would either buy or build a website for the investor, and develop, market, and maintain the website.
As alleged, TGC falsely promised that it would use investors' funds exclusively for expenses related to the investor's website. In reality, as alleged, the sales were conducted through unregistered securities offerings, and TGC used new investors’ funds to pay investor returns, in Ponzi-like fashion, and to pay Courtright's personal expenses, including his mortgage and private school tuitions for his family."
- Sep 10, 2010
- 11,806
- 26,658
Holy shit!! 
Something like this (even bigger than this $300 mil was in stake) happened in India too (Google Saradha Scam/Rosevalley Scam), but I never expected to see this happening to a first world country.
Something like this (even bigger than this $300 mil was in stake) happened in India too (Google Saradha Scam/Rosevalley Scam), but I never expected to see this happening to a first world country.
TheVigilante
Banned - Multiple Rules Violations
- Aug 31, 2010
- 14,993
- 16,105
We still dont have stricter policies for mlm related crap here in India still right?Holy shit!!
Something like this (even bigger than this $300 mil was in stake) happened in India too (Google Saradha Scam/Rosevalley Scam), but I never expected to see this happening to a first world country.
- Sep 10, 2010
- 11,806
- 26,658
We do have the needed policies, but the problem is with the enforcement of the policies. These thugs even buy police and the judges if needed.
traffic_freak
BANNED
- Oct 9, 2016
- 246
- 92
No surprises! it's a dog eat dog world we're living in - Everyone wants to get ahead...crazy crazy world!
- May 12, 2019
- 955
- 941
Repeat after me: rich people can be dumb too!
rlink
Regular Member
- Jul 5, 2010
- 303
- 50
$75 million ... how about onecoin scam ...
https://cointelegraph.com/news/onecoin-website-goes-offline-as-net-closes-in-on-4b-ponzi-scheme
Other sources say over 10 billion $ ...
https://cointelegraph.com/news/onecoin-website-goes-offline-as-net-closes-in-on-4b-ponzi-scheme
Other sources say over 10 billion $ ...
TheVigilante
Banned - Multiple Rules Violations
- Aug 31, 2010
- 14,993
- 16,105
Upto $10 billion holy feck
BusinessMachine
Never responded to a PM about a shitlist
- Dec 31, 2009
- 361
- 94
Have seen the same promises made by people who sell Adsense sites.
PatJustPat
Senior Member
- Apr 26, 2019
- 817
- 361
I know a Facebook group of rich investors who fell for this.
ziko12345
Elite Member
- Sep 29, 2019
- 2,524
- 1,672
Dumb people are dumb people no matter where they liveHoly shit!!
Something like this (even bigger than this $300 mil was in stake) happened in India too (Google Saradha Scam/Rosevalley Scam), but I never expected to see this happening to a first world country.
Stable Genius
Regular Member
- Dec 9, 2019
- 224
- 129
I have 2 questions:
1) Why does an investor need a website?
2) Was this Ponzi scheme raising $75M and couldn't afford someone on Fiverr to do websites?
1) Why does an investor need a website?
2) Was this Ponzi scheme raising $75M and couldn't afford someone on Fiverr to do websites?