Action against Defendants, seven corporate entities and their owner, for an alleged Ponzi and pyramid scheme. According to the SEC, Defendants fraudulently sold securities that they purported would return 20 percent cash back on shopping purchases. The SEC alleges that Defendants paid the promised returns with funds received from other investors and used investor funds for personal expenses. The SEC further alleges that Defendants marketed their scheme by employing a pyramidal structure of affiliates.

SEC Litigation Release

SEC Complaint