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Federal securities regulators have filed fraud charges and an emergency order to freeze the assets of a North Carolina company officials say operated a $600 million Ponzi scheme that is on the verge of collapse.
The action by the Securities and Exchange Commission Friday is intended to help investors recoup money and avoid devastating losses.
Paul Burks of Lexington, N.C., is accused in a federal complaint of raising money from more than 1 million customers through ZeekRewards.com, a website in operation less than two years.
http://abcnews.go.com/US/wireStory/federal-officials-allege-600m-ponzi-scheme-17031347#.UC7Ntdlt520
The action by the Securities and Exchange Commission Friday is intended to help investors recoup money and avoid devastating losses.
Paul Burks of Lexington, N.C., is accused in a federal complaint of raising money from more than 1 million customers through ZeekRewards.com, a website in operation less than two years.
http://abcnews.go.com/US/wireStory/federal-officials-allege-600m-ponzi-scheme-17031347#.UC7Ntdlt520