Reuters: SEC Shuts Down Cloud Computing Scam Targeting Asians, Hispanics

The United States Securities and Exchange Commission today shut down a worldwide cloud computing pyramid scheme designed to target Asian-American, Hispanic, and other foreign investors.

According to the SEC, investors were told they could parlay “points” they got for making investments or enrolling other investors into stakes in initial public offerings of 300 high-tech companies that the WCM entities were incubating.┬áThe SEC said the defendants were also creating a “secondary market” where about $890 million of points had been traded, and even sought to allay concerns by writing on WCM777’s website: “We are not a Ponzi game company.”

You know, I’ve a thought about this: if you need to insist you aren’t a scam artist, then you’re probably lying.

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