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,"
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