Breaking News: Prosperity Automated System Under Fire

The L.A. Times is reporting that the SEC is seeking to shut down Prosperity Automated System.

The Securities and Exchange Commission is seeking to shut down a network of 25,000 websites, accusing operators of running a $15-million pyramid scheme that promises to shower participants with easy cash.

Prosperity Automated System, which bills itself as a marketing network, "is destined to collapse and leave the vast majority of investors with substantial losses," the SEC said Wednesday.

Stephen Donahue, an SEC enforcement official in Atlanta described PAS as:

"Websites that come with the memberships do nothing but sell more memberships,"

Use the comment section below to offer your opinion and experience with Prosperity Automated System.

Comments

[Josh Peak]

Very interesting, we'll see what comes out of it, but I think all is alleged, until proven wrongs have occured. I hope this isn't true, as I know folks have had much success with PAS, and wouldn't want to see people lose in this case.

Success,
Josh Peak

[Rob Toth]

Frankly, I saw this happening from day 1. You can put a label on it as you wish (marketing system this, investment opportunity that) but the fact is a customer pays $3000 with the promise that others across the network will also pay $3000... corporate will keep running the advertising to "guarantee" this return on investment.

But it's a money game.

I'm not here to debate whether it's right or wrong... frankly I'm not a big fan of it because it sells hope and the average guy "buying in" can't afford $300 let alone $3000... but it just sounds too good to be true for them and dollar signs float in their eyes... they put it on a credit card or borrow it from a family member hoping to have an easy $3000 coming in from time to time.

It's not a smart use of one's money and it is indeed just a money game... too many, however, don't know the rules of the game and will lose out.

[Fred Homan]

Bill Osterhout is a scammer. It has been a few years, but I lost $3,000.00 to his system. He could sell ice cubes to an Eskimo. Throw him in the slammer!!!

[Jerry]

Yikes. That doesn't bode well and doesn't look good for any prospective distributor who would like some insurance for return on his investment. Curious to see where this leads...

Jerry
www.leads4insurance.com