Beware: The cloud's Ponzi schemes are here
APRIL 4, 2014
The U.S. Securities and Exchange Commission has shut down a worldwide pyramid scheme that falsely promised fast gains to tens of thousands of Asian-American, Hispanic, and foreign investors from cloud computing services. The companies in question, WCM and WCM777, allegedly raised more than $65 million over the last year. They did this by promising people they could double their money in 100 days by investing between $399 and $1,999 in cloud services. read more.