funsec mailing list archives

RE: Turning over a new leaf.....


From: Alex Eckelberry <AlexE () sunbelt-software com>
Date: Mon, 27 Feb 2006 10:52:04 -0500

Nope, requires paid subscriber access, even bugmenot won't work. 

-----Original Message-----
From: Richard M. Smith [mailto:rms () bsf-llc com] 
Sent: Monday, February 27, 2006 10:40 AM
To: Alex Eckelberry; funsec () linuxbox org
Subject: RE: [funsec] Turning over a new leaf.....

Give this link a shot:

http://online.wsj.com/article/SB114100760832383942-email.html

Richard

 

-----Original Message-----
From: Alex Eckelberry [mailto:AlexE () sunbelt-software com]
Sent: Monday, February 27, 2006 10:14 AM
To: Richard M. Smith; funsec () linuxbox org
Subject: RE: [funsec] Turning over a new leaf.....

Hot story, but grrr, damned WSJ subscriber sign-in. 

Can't find this article re-syndicated anywhere else. 

Alex
 

-----Original Message-----
From: funsec-bounces () linuxbox org [mailto:funsec-bounces () linuxbox org]
On Behalf Of Richard M. Smith
Sent: Monday, February 27, 2006 8:53 AM
To: funsec () linuxbox org
Subject: [funsec] Turning over a new leaf.....

"A key figure in the shutdown of 12DailyPro was Barry Minkow, a former
carpet-cleaning executive who was convicted of securities fraud in the
1980s before he turned to helping regulators and investigators detect
other frauds."

http://online.wsj.com/article/SB114100760832383942.html?mod=todays_us_mo
ney_
and_investing

SEC Alleges Internet Ponzi Scheme
By MARK MAREMONT
February 27, 2006; Page C8

The Securities and Exchange Commission filed a court action seeking to
freeze the assets of 12DailyPro, and the agency is accusing the Web site
and its operator of running an Internet Ponzi scheme that the SEC said
has raised more than $50 million from more than 300,000 investors who
were promised huge profits on their money.

The asset-freeze motion, filed late Friday in U.S. District Court in Los
Angeles, seeks to have a receiver appointed to oversee the operations of
12DailyPro and its parent, LifeClicks LLC, according to an attorney
familiar with the filing. The Internet company's operator, a Charlotte,
N.C., woman named Charis Johnson, has agreed to the proposed order,
according to the attorney. The filing wasn't available immediately
through the court's electronic documents service.

A judge has yet to rule on the proposed order but judicial approval is
considered likely.

Started last spring, 12DailyPro promised "members" that they could earn
44% returns on their money in just 12 days simply by viewing Web
advertisements.
Thousands of people from all over the world put up membership fees of as
much as $6,000 every dozen days. For a while, some got the profits
promised.
But early this month, 12DailyPro essentially shut down after its primary
online-payment processor, StormPay Inc., froze the company's funds,
saying it had been alerted that 12DailyPro may have been conducting a
fraud.

The SEC said the amount of investor funds voluntarily frozen by StormPay
was about $50 million, the attorney familiar with the filing said,
although it is unclear whether the full amount is still available. The
SEC also is seeking to freeze about $1.9 million of funds transferred
from 12DailyPro to bank accounts controlled by Ms. Johnson.

...

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