From the SEC website:
“Auto-Surfing”: What You Need to Know
In the world of marketing, people often get compensated — with cash or free products and services— for doing fairly easy things, like sampling new ice-cream flavors, filling out surveys, or allowing a firm to monitor the television shows you watch or the websites you visit. While some “money for nothing” opportunities may be perfectly legitimate, others can turn out to be frauds.
Filed under SEC Releases by 1 Comment. 
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 21078 / June 10, 2009
SEC v. Matthew D. Weitzman, United States District Court for the Southern District of New York, Civil Action No. 09 CV 5353 (JSR) (S.D.N.Y. June 10, 2009)
Filed under SEC Releases by Comment.
Click here for Korean translation of the release.
Washington, D.C., June 9, 2009 — The Securities and Exchange Commission today charged two California men and two companies they control for conducting an $80 million Ponzi scheme that targeted Korean-American investors with false promises of extraordinarily high returns from foreign currency (forex) trading.
The SEC alleges that Peter C. Son, of Danville, Calif., and Jin K. Chung, of Los Altos, Calif., lured approximately 500 investors in the United States, South Korea, and Taiwan into their investment scheme in which funds were not traded in the forex market as claimed, but instead used to pay cash "returns" to certain investors in Ponzi-like fashion. They also misappropriated investor money for their own personal use, including mortgage payments on Son's multi-million dollar home. The SEC is seeking an emergency court order to freeze the defendants' assets.
Read more on SEC Charges Operators of $80 Million Ponzi Scheme Targeting Korean-Americans…
Filed under SEC Releases by %s Comments.
