SEC Files Complaint Against 12DailyPro
It was always just a matter of time. In the case of 12DailyPro, unlike most ponzi autosurfs, it didn't last long enough to crash under it's own weight. The Feds got to it first. The SEC has filed a complaint against 12DailyPro in California.
SEC complaint against 12DailyPro and Charis Johnson
The SEC has labelled 12DailyPro a ponzi scheme, has accused the owner Charis Johnson of misappropriating almost $2 million, and has stated that the sale of 'membership upgrades' is an illegal and unregistered sale of securities in the form of investment contracts.
I think one of the most important parts of the SEC's complaint is that the membship upgrade fees are illegal. All the ponzi autosurfs I know of say that the money people pay is a membership fee, not any kind of investment. Just one of the ways they try to present themselves as legitimate and legal. But of course it's all bullshit, but the ponzi promoters have been using this as one of their main arguments for years. But according to the SEC, none of those disclaimers is worth anything.
The fact is, members aren't being paid for providing a service (viewing web ads) because it's a service that isn't worth anything. As the SEC pointed out, because it's an autosurf, there's no way to know if the members are even watching. Also, members who pay more in upgrade fees earn more for doing the same amount of work. So clearly the members earnings has nothing to do with the 'services' provided by that member.
The point I'm trying to get at is that pretty much ALL ponzi autosurfs work the same way. And according to the SEC, they're all breaking the law. Yes, the people who get in early make money. That's how a ponzi works. But it's still a scam. And it's still illegal.
SEC complaint against 12DailyPro and Charis Johnson
The SEC has labelled 12DailyPro a ponzi scheme, has accused the owner Charis Johnson of misappropriating almost $2 million, and has stated that the sale of 'membership upgrades' is an illegal and unregistered sale of securities in the form of investment contracts.
I think one of the most important parts of the SEC's complaint is that the membship upgrade fees are illegal. All the ponzi autosurfs I know of say that the money people pay is a membership fee, not any kind of investment. Just one of the ways they try to present themselves as legitimate and legal. But of course it's all bullshit, but the ponzi promoters have been using this as one of their main arguments for years. But according to the SEC, none of those disclaimers is worth anything.
The fact is, members aren't being paid for providing a service (viewing web ads) because it's a service that isn't worth anything. As the SEC pointed out, because it's an autosurf, there's no way to know if the members are even watching. Also, members who pay more in upgrade fees earn more for doing the same amount of work. So clearly the members earnings has nothing to do with the 'services' provided by that member.
The point I'm trying to get at is that pretty much ALL ponzi autosurfs work the same way. And according to the SEC, they're all breaking the law. Yes, the people who get in early make money. That's how a ponzi works. But it's still a scam. And it's still illegal.
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