The SEC’s fraud lawsuit against Wings Network (Tropikgadget) began back in February 2015. Last year several final multi-million judgments were entered against Wings Network and its top affiliates, with a recent $7.7 million dollar judgement now bringing litigation to a close.
Articles under ‘Wings Network’:
Last we checked in on the SEC’s case against Wings Network, parent company Tropikgadget was ordered to pay disgorgement of $25,213,990, prejudgment interest of $961,742, and a third-tier civil penalty of $725,000. On August 31st a Massachusetts Federal Court entered final judgements against Wings Network management and two top affiliates.
For one of the investors of the Wings Network pyramid scheme, litigation initiated by the SEC early last year has come to an end. In their complaint, the SEC alleged Simonia de Cassia Silva of Gloucester, Massachusetts earned $419,900 in recruitment commissions. As part of a consent judgement that took into account Silva’s “financial condition”, she has been [Continue reading…]
Under the ruse of cloud services, Wings Network operated your typical MLM pyramid scheme. Affiliates bought in for between $249 and $1499, with commissions paid on subsequent affiliate recruitment. Launched in late 2013, troubles for Wings Network began in mid 2014. Amidst speculation of a pending regulatory bust, Wings Network suspended US operations. On May 15th, [Continue reading…]
Last we heard the Massachusetts Securities Division had filed a complaint, alleging Wings Network was a $12.5 million dollar pyramid scheme. Filed in May, the complaint came some twenty four hours after Wings Network announced it was suspending its US operations. Later in the year, Nevada’s Secretary of State issued a separate securities warning, cautioning [Continue reading…]
It was only a few months ago that Wings Network “suspended” its US operations. Of course that was all pseudo-compliance baloney, with the company’s affiliates continuing to recruit US-based investors. This eventually attracted the attention of the Massachusetts Securities of State, who filed a pyramid scheme complaint against the company in May. The case is [Continue reading…]
Well that was fast. Not even twenty four hours after we predicted regulatory charges would be filed against Wings Network, despite the company “suspending all US operations“, the Massachusetts Securities Division has filed a complaint against the company. Filed on May 15th, the complaint was filed ‘in order to commence an adjudicatory proceeding against Wings Network”. Also [Continue reading…]
Company launches Ponzi scheme, regulators get involved, company suspends US operations, company makes big roo-rah about it being a “voluntary” shutdown, regulators file lawsuit and shut them down anyway. The above is fast becoming a reality for Ponzi scheme operators that operate in and out of the US. It was only a few months ago [Continue reading…]
Not content to sit idle while a new wave of reload scams target TelexFree investors, Massachusetts Secretary of State William F. Galvin’s office has announced the issuing of subpoenas to Wings Network. We attended one of their events,’’ Galvin said. “We had heard from some investors who, in light of TelexFree, had become concerned — and [Continue reading…]
There is no information on the Wings Network website indicating who owns or runs the business. The Wings Network website domain (“wingsnetwork.com”) was registered on the 9th of November 2011, however the domain registration is set to private. Why this information isn’t provided on the Wings Network website I can’t say, but the company’s compensation [Continue reading…]