Bad news for anyone invested in TrafficMonsoon.com - (Former) Owner Charles Scoville lost control over TM's funds.
Contradicting Charles Scoville’s insistance that he’s negotiating directly with the SEC and that everything is fine, yesterday the regulator filed an ex-parte motion requesting the appointment of a Receiver.
The SEC’s motion, filed on July 27th, reaffirms the regulator’s stance that Traffic Monsoon is a Ponzi scheme.
Read Full Article: http://behindmlm.com/companies/traffic-monsoon/charles-scoville-loses-control-of-traffic-monsoon-receiver-appointed/
I can't believe that they raised 200MM, with a business model that is basically ad-fraud.
The 'investors' almost deserve to have lost their money. They wanted to get rich quick off an illegitimate business.
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reminds me of TheDAO, just without the Hardfork factor :D
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@ash TheDAO is even better than a Ponzi scheme. Well planned and executed, Get really rich quick for a small group of people.
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and it was unstoppable :)
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I do not believe most fraudsters all PTC
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The difficulties of investing :( always a risk.
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Ouch!
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