Source: Npros.com 10/29/2013
WCM777 Ceases Operating in US
Although rumors of an investigation can't be confirmed, it is possible that WCM777's business model, in which invested affiliate funds were the sole source of revenue for the MLM, attracted the attention of U.S. regulators. Companies like WCM777 (such as GoFunRewards, also based in Hong Kong) tend to set up operations in the United States long enough to take in as much investor money as possible before coming under the scrutiny of regulators, and leave the country abruptly.
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WCM777 Acknowledges Selling Unregistered Securities
Following an investigation by the Massachusetts Securities Division, WCM777 is banned from doing business in the state and was ordered to refund more than $300,000 to affiliates in Massachusetts. WCM777 recently posted a short statement on the company's website stating that "the sale of securitie... Read More...WCM777 Ceases Operating in US
Hong Kong-based WCM777, which held a "grand Opening" in Los Angeles in June and claimed to have "received great support from the California government", has ceased operations in the United States. An announcement from the company says that its U.S. operation is closed, without giving a reason for it... Read More...
