An administrative complaint was filed against EMGOLDEX Team USA, Inc. by the Enforcement Section of Massachusetts Securities Division last October 22, 2014 as a result of an unregistered and fraudulent activity of the respondents, throughout Massachusetts, including the offer and sale of unregistered securities in a pyramid scheme.
A part of the complaint describes EMGOLDEX in its usual scheme being adopted all over the world and it says,
"EmGoldex is an illegal pyramid scheme disguised as a legitimate multi-level marketing company targeting investors both in Massachusetts and around the world. EmGoldex is purportedly registered in and maintains an administrative office in, the Seychelles, an island nation off the eastern coast of Africa. While representing itself as an internet-based store, specializing in the sale of gold, EmGoldex has no discernable retail sales activity and relies on new investor funds as its primary source of income. The substantial returns promised by EmGoldex to investors are based exclusively on the recruitment of new investors into the pyramid scheme. Investors have no incentive to sell EmGoldex's purported product, gold bars. Instead, investor efforts are focused on recruitment, which guarantees profits in excess of 1,105%. Respondents are at the forefront of recruiting efforts in the Commonwealth through an elaborate marketing and social media blitz. Respondents have ensnared hundreds of new investors from the Commonwealth into the EmGoldex scheme, with promises of fast, easy, and risk-free profits."
To see the complete copy of the administrative complaint referred above, copy and paste the following address in your browser - https://www.sec.state.ma.us/sct/current/sctemgoldex/EmGoldex-et-al-Complaint-Docket-No-2014-0056.pdf
No comments:
Post a Comment