On September 28, 2006 the Securities and Exchange Commission began action to shut down Prosperity Automated Systems 25,000 websites and accused the operators of running a 15 million dollar pyramid scheme. The complaint targets the company and its creater, William Osterhout.
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Prosperity Automated System Targeted by SEC
Internet Pyramid Scheme AllegedThe 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 los...
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