Sunday, October 27, 2013

BREAKING NEWS: Colombian President Calls for Investigation into WCM777 possible Ponzi scheme

Somehow just alerted me to this Tweet:
If you need a translation:
WCM777 pyramid reported by News One should be investigated by police. Please proceed, General Palomino -- signed Juan Manual Santos
This is no less than President of Colombia, calling for the national police chief Rodolfo Palomino to investigate WCM777 pyramid scheme.

Wow, what happened here? Searching for News One (Noticias Uno) revealed a different Tweet
or translated:
International pyramid presents its business in Colombia #WCM777 -- signed NewsOne
The Link goes to

Apparently this scheme has indeed reached Colombia.

You are welcome to read the news yourself through Google translate, but here's a quick summary.

NewsOne sent an undercover reporter to check on the scheme, which was invitation only, word of mouth only. No advertisement, held in a hotel near Bogota (Colombia capital) airport.  It was presented by a Renato Rodriguez, though first, there's a taped message by Ming Xu, who said something about the coming economic collapse and everybody must be ready. Then Renato delivers his speech... The business is so easy. Just invite 6 people and each of them invite 6 people... Just wire your money to China, and wait and see your money multiply.

Then came the testimonials... In month and I half I received over 3500 US dollars, which is millions of Colombian pesos! One raved.

Event ended with cheers and prayer.

Another insider, questioned with a hidden recorder, talked about Chinese bank and how WCM considers international law to be stupid.

WCM777 is just one of the various suspicious activities around Ming Xu and World Capital Market. Previously we've documented him offering EB-5 visas for 530000 US dollars if they put money into one of his entities, supposedly 1and300. There are various other suspicious ventures around this enterprise.

Their retreat from US, where they used to be registered and based, is a sign that they are not compliant with US law.

How they comply with Chinese law is uncertain.

UPDATE  Colombian National Police Chief Rodolfo Palomino confirms he will investigate WCM777 with the full power of the agency.

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