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.