Ming Xu repentant about WCM777?
Roughly two weeks ago we saw the SEC finally move in and shut down Ming Xu’s WCM777 Ponzi scheme. As I understand it, these last few weeks Xu has made himself available to the SEC as they continue to tie up any loose ends pertaining to the case.
In a series of tweets that hint at a finality to Xu’s personal input into the SEC case, a much more sombre sounding Xu shed the briefest of light on his side of the story.
Typically Xu uses his Twitter account to spam the service with seemingly unrelated bible quotes. Occasionally though he does leave a few personal messages, and it is a series of such messages he left about twelve hours ago that I referred to above.
Feigning ignorance about “MLM/Ponzi” schemes, Xu (right) explains
Before I don’t know MLM/Ponzi, I tried to turn this around with incubation of 300 companies and kingdom loyalty card.
Kingdom Card is the solution for the Payout obligation if the loyalty point can be used online and offline.
Kingdom Card is the solution to build a collaborative economy and a close loop kingdom community to expand the Kingdom.
The mention of 300 companies Xu “incubated” should give you some idea of the scope of the paper-trail mess the SEC are/were wading through.
Meanwhile I’m not really sure what is meant by Xu’s comments about Kingdom Trade. From what little I bothered to research about it, Kingdom Trade was supposed to be a virtual currency that WCM777 affiliates used to by products and services from third-party merchants.
Naturally the audience that the Kingdom Trade service would attract and the audience the WCM777 Ponzi scheme attracted were apples and oranges. So how Kingdom Trade integrating with WCM777 would solve the Ponzi problem escapes me.
“Collaborative economy” just sounds like people dumping money into something, insert elusive details here and then everybody makes money.
Anyway, that mystery aside, Xu then goes on to conclude by sharing the brighter side of being a Ponzi mastermind:
I don’t want to deny my responsibility. Am I blindsided by self righteousness and self deceit? God judges my heart.
One thing I don’t regret is that I brought Gospel to many people and shared the vision of God’s economy, and Kingdom.
I always believe a bad thing can be turned around with good heart as a Christian. In the way of righteousness is life; in its path there is no death.
I am sorry if I hurt people. It is out of my control now but God is in control. There is a purpose for this. GBU.
Perhaps not so much “god” being in control as the prosecutors over the SEC.
Again, with WCM777 having nothing to do with “gospel”, I’m confused by Xu’s statements.
If all Xu wanted to do was bring the gospel to people, there’s plenty of ways to achieve that without the use of a Ponzi scheme.
In any case Xu’s comments, if truly heartfelt, make for a refreshing alternative to fellow Ponzi mastermind Paul Burks aftermath response.
When questioned about his part in orchestrating the $600M+ Zeek Rewards Ponzi scheme, Burks denied responsibility on the grounds he never told anyone to invest more than they could afford to lose.
Personally I’m not entirely convinced Xu’s claims of ignorance are genuine. We called WCM777 out as a Ponzi scheme back in June of last year, and since then no less than thirty articles have featured in BehindMLM’s WCM777 navigation category. At the very least that gave Xu plenty of time to pull the plug before regulators got involved.
Hell, even the cheapest of legal advice should have alerted Xu to the glaring compliance issues that arise from paying existing investors with new investor money.
That said, with Xu’s lawyer Vincent Messina refusing to return $5 million that was transferred to him pre SEC shutdown, perhaps he wasn’t receiving the best legal advice to begin with.
Meanwhile something about crocodile tears and putting things in god’s hands after you’re busted for running a global Ponzi scheme just doesn’t sit right with me. Funny that.
The guy’s a socio-path. Lock him up for as long as the law allows.
Of course his lawyer doesn’t want him to give the $5 million back, how would SHE then be paid? LOL
I thought the lawyer is HE, no?
I think you’re right, but he still needs a good bitch slap.
After Madoff, the US courts aren’t going easy on the Ponzi scammers. The SEC may be if they want to let people negotiate a plea deal.
I think Mr. Maglich had a case where the judge threw out SEC’s accepted plea from the scammer, that allowed the scammer to “without admitting fault… accept decisions…”
I don’t think the US courts have changed after Madoff, the issue was getting Madoff caught in the first place.
I would like to see a link to the Maglich story you referenced.
i hear there was a court date on the 10th. any word about that? is he going to refund everyone who invested?
The proposed injunction against Xu was granted on the 10th. The case is still ongoing.
Here you go:
http://www.ponzitracker.com/main/2011/7/26/judge-rejects-plea-agreement-in-utah-ponzi-scheme.html
Looks like the judge was doing his job. I don’t see any apparent post-Madoff influence, people who were scammed were outraged at the plea agreement and the judge agreed with them. I wish the judge in the Pokorny v. Quixtar case had done the same thing.
Ever notice how when some people get caught doing something wrong, they start spouting about what a good Christian they are? Kind of like how so many convicts “find Jesus” in prison, most likely so they’ll get paroled earlier.
The receivers website has four links to court documents but the fourth one goes to a blank page. Would like to know what’s up with that.
It was always part of his strategy. He seemed to have fostered a cult alongside the Ponzi to appeal to a certain subset of Christians (thus the constant use of the word “kingdom”). It was both amusing and disturbing to watch.
Interestingly, it seems like people I know who get recruited into schemes seem to always get recruited from someone at church.
give it to Russia, I will cut off his head, feed it to the dogs
This man stoled 18k from me I took my moms advice to invest so I did in january its been 3 months and I havent received a nickel. He uses gods name in vein all he is a crook!! I would love for anyone to share his address??
Not only did he take mine but my moms and step dads money too
I,m aRetired old man this is intolarable that the USA should allow hese scoundrels to pull these ponzi schemes and allowed to go free when they have created so much havoc in the life of people all over the world.
They will get away with it here but beyond the veil there will be justice including for those so call judges that let these people to get away with murdering schemes.
Are we going to recover our little or whatever $$$$ you put into this??? Who should we contact??? We trusted this people.
Either talk to a lawyer or get in touch with the SEC.
If people would use “common sense” and not join these “too good to be true” programs, these programs would never launch.
But since people, “Well meaning” want to change there lives financially, they choose to go the “easy way” and hope that these scams are legit in the end and won’t steal your money.
People need to educate themselves, like reading here at BehindMLM or taking a compliance courses IE: Kevin Grimmes 6 hours course, before joining anything.
Background checking on any guru who launches a site is a must! Glad we have Behindmlm, and those who participate, Chang, Hoss and yees you Norway (Even though I get lost in your way of thinking )..lol as a “for the people” advocates.
The receiver for WCM777/World Capital Market has released the 2nd report detailing the current status.
http://www.worldcapitalmarketreceivership.com/downloads/SECvWCM/2014-08-140129Receivers2ndReport.pdf
You’re kidding about this one, right?
From the receiver’s report is this quote:
In other words, other than the two golf courses purchased (with investor funds), everything else is fraudulent. There was no online biz, cloud storage, “social capital”, etc. etc.
@ K. Chang
You’re kidding about this one, right?
I thought the same thing before I read your comment….lol
i was a victim is there a possibility to get my money back? who do i contact, who is the SEC?