WCM777 @ BehindMLM

Following court-approval to establish a victim claims process, news from the WCM777 Receiver that a claim portal has been established. This means that those who lost funds in WCM777 can file a claim against their losses.

Just a quick update from the WCM777 Receiver, with the publishing of her fifth interim report on the 28th of August. There’s not too much new information, so I’ve summarized the important points below:

Just a quick update for those victims wondering about the proposed claim process last month, good news – it was approved. As per a July 13th update on the WCM777 Receivership website: The Court has entered an Order approving a Claims Process. You will receive specific instructions, along with the official Claim Form and bar [Continue reading…]

Good news for those of you who’ve been asking about claiming your losses in WCM777, with the Receiver late last week filing a proposed claims process. Over $20 million will be returned to WCM777 victims, with the Receiver anticipating between 24,000 to 96,000 claims.

Recovering efforts by the WCM777 Receiver continue, with a fourth interim report filed on April 20th. In it there’s not so much new information, but rather developments on existing efforts to recover funds. Krista Freitag’s report clocks in at twenty pages of length, with the most relevant parts in summary format below.

In April of 2014 a Receiver was appointed to manage the assets of WCM777 and its related entities. One of the duties assigned to the court-appointed Receiver was to ‘make an accounting, as soon as practicable, to this Court of the assets and financial condition of‘ the company. After almost a year of exhaustive forensic accounting, a report on [Continue reading…]

Two recent satisfying decisions in the WCM777 case has seen Vincent Messina, his relative’s company International Market Ventures and PMX Jewels ordered to return stolen investor funds. For those unfamiliar with the parties, Vincent Messina is WCM777 CEO’s ex-lawyer, Internet Marketing Ventures (IMV) is a company owned by a relative of Messina and PMX Jewels [Continue reading…]

Last we checked in, the WCM777 Receiver’s Third Interim Report detailed that in February of 2014, $1 million in stolen Ponzi funds was transferred to Phil Ming Xu’s sister. This was done under the guise of Xu’s company ToPacfic, who on paper were purchasing garments. Trouble is, Xu transferred the million odd dollars back in February [Continue reading…]

Good news for those who lost money in the WCM777 Ponzi scheme, affiliate claims could be processed and paid out as early as mid to late 2015. But that’s only the tip of the iceberg in the court-appointed Receiver’s “Third Interim Report”. Reading like a movie script at times, here’s what’s been going on behind [Continue reading…]

Those who invested and lost money in WCM777 have had a long wait for updates. A Receivership was appointed back in March, but other than a report that detailed the extent of Phil Ming Xu’s fraud, things have been pretty quiet. Behind the scenes though the Receiver has been busy, recovering assets and selling off [Continue reading…]