Colombian government suspends WCM777 operations
Three weeks ago twe broke the news that Colombian President Juan Manuel Santos had personally ordered a police investigation into the local business operations of WCM777.
Twenty one days later, the results of that investigation are out.
The Colombian government has ordered WCM777’s operations suspended across Colombia.
Criminal investigations into top WCM777 Colombian affiliate investors have also been launched.
The suspension and criminal investigations, announced last Saturday by the Superintendent of Companies and effective immediately, includes the prohibition of Colombian affiliate investors from advertising WCM777.
Colombian police are now actively going after Colombian WCM777 affiliates advertising on the internet and seeking removal of the content.
Additionally the government has also “frozen” WCM777 affiliate’s deposited investments and ROIs held locally. They have also seized assets of top Colombian affiliates investors.
The reason behind the decision to effectively freeze WCM777’s Colombian operations appears to be the “usual unauthorized mass-collection of money” (Google auto-translate), which the Colombian police see as a “pyramid scheme”.
Please note that this is a breaking story (in Spanish) and as of yet I haven’t seen a print version of it available online.
I’ve done my best to make sense of an auto-translation of Noticias Uno’s report, but any Spanish-speaking readers are welcome to suggest any corrections.
At the time of publication there’s been no official response from WCM777 CEO Ming Xu. Responding earlier to Massachusetts’ revealing an investigation and subsequent banning of WCM777 in the US state,
Ming Xu issued the following statements over Twitter:
Time to rebuild WCM777 to be fully complied.
Wcm777 far behind on IT, customer service and training. Need fully be in compliance before coming back to USA. Has to be reborn.
We will be willing to be cooperative and be in compliance.
On the same day Massachusetts’ Securities Division contacted WCM777 to request information on local affiliate investors, WCM777 announced they were “closing their US operations” and “relocating” back to Hong Kong.
This move however was largely seen as just for show, with WCM777 still accepting US funds for investment via Global Payout, a Californian based payment processor.
With the revelation of Massachusetts’ investigation occurring late last week, the big question this week is whether or not we’ll see further regulatory action in the US, either at a state level or federal (SEC).
All I got is a short blurb of text:
I think that Zeek Rewards’s compliance guy is available…
Hi there, I just found out today that there are a lot more people have invested in WCM777 than I thought and most of them have invested “$6,000” because they were told they would get a greater return if they put in $6,000 instead of only $2,000.
One of them told me that she invested $6,000 and got about 80% of her investment back already except she can not take her money out from her account as the company’s website kept having “technical problem”. After I told them the articles I read on your blog they got worry and wonder how could they get their money back?
I told them maybe I can help them report it to the government and media so they can do their investigation and get involved. But I wonder if WCM777 would refund them even if the government get involved as this company is not register in Canada.
Also sounds like most of these moms did this investment secretly without telling their husband and families so they don’t want their names or faces to be expose to the media. One just put in $6,000 last month and she told me she saw some of her money was taken out from her account without her knowledge last week!
She and the the person whom sold her the investment are the only two people have the password to get access into her account and that person said she didn’t do it.
Anyways, after some complaints the money got returned back in her account and was told it was a computer problem, but I wonder if someone is taking out money secretly from their underlines after they found out what happened to WCM777 in Columbia and the States?
Anyways I wonder if you or anyone have any suggestions what these “poor” moms do to get their money back? As I mentioned before, most of these families live in the government housing and go to the food bank for food and they have older parents and young kids to take care and most of them don’t have a job so the $6,000 is a huge amount for them which they have been saving it for years.
I doubt they could get their money back but I hope the top promoters could get arrested and fined as sounds like they are the ones have been making a lot of money so I think they should be charged as scammers and pay these “poor” moms from their own pocket if WCM777 would not give refunds.
Well she hasn’t really gotten any of her initial investment back then has she.
All she has is monopoly money on a screen.
Well just wait Ecuador is ready to pull a triger on WCM777 already showing in local newspaper !!!