[UPDATE] An Alleged $75mm Ponzi Scheme Pt. III
Published on: December 25 2022 by ethercycle
- Recap of previous articles about the alleged Ponzi scheme
- Brief overview of new developments in the case
Body:
I. Background on Ponzi schemes
- Definition and history
- Common characteristics
II. Details of the alleged 75mm Ponzi scheme
- Names of those involved
- How the scheme was carried out
- Impact on victims
III. Recent updates on the case
- Arrests and charges filed
- Recovery efforts for victims
- Ongoing investigations
IV. Lessons learned and implications
- Importance of due diligence and skepticism
- Need for stronger regulations and oversight
- Impact on public trust in financial institutions
- Recap of key points
- Call to action for continued vigilance against financial fraud
- Final thoughts and reflections on the case.
Table of Contents About [UPDATE] An Alleged $75mm Ponzi Scheme Pt. III
[UPDATE] An Alleged $75mm Ponzi Scheme Pt. III
The Unofficial Shopify Podcast covers a variety of topics related to the impact of COVID-19 on businesses. In this episode, they discuss The Income Store, a business that was shut down by the SEC for running a Ponzi scheme. The hosts go into detail about the business model, which involved building websites for investors and splitting the revenue. Despite the fact that none of the websites actually made any money, the owner guaranteed a return on investment. The hosts also talk about new developments in the case, including objections to how the receiver is managing the business and claims that the websites have value. They also discuss Cody Neer, who sold a Shopify store to The Income Store for $750,000 and is referenced in court filings. However, they question his legitimacy as a digital marketing expert and e-commerce coach, as they cannot find any evidence of his success. The hosts also point out that The Income Store was a pass-through entity, meaning that all profits went directly to the owner's pocket, which raises questions about potential shadiness in the business. Ultimately, they conclude that the case is a cautionary tale about investing in businesses that promise guaranteed returns.
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