Breaking news: Zhunrize, an alleged e-commerce platform that was pitched as "Internet store you can own" for $3000 a pop has been closed by SEC as a pyramid scheme where joiners are encouraged to recruit more joiners and get paid if they do so.
SEC has obtained a full Federal money freeze order from court in Georgia and have frozen all assets belonging to Zhunrize, and cited stats of up to 70000 victims who handed over 105 million dollars.
http://www.courthousenews.com/2014/09/23/71668.htm
Behind MLM had previously done a review of Zhunrize where it concluded this can only be a ponzi scheme. I have provided additional comment that this is just "Skybiz" pyramid scheme reinvented for 21st century... using the same lure: ecommerce.
http://behindmlm.com/companies/zhunrize-review-a-3000-e-commerce-platform
This marks the THIRD major Ponzi scheme shut down in 2014 ... TelexFree, WCM777, AND now Zhunrize.
Just for the record to get it straight. Zhunrize has been given the green light to continue operations during an sec audit and is still in business.
ReplyDeleteit wasn't in the news. All the news says SEC got the TRO and asset freeze on Zhunrize. It's over and done with.
Delete"The Securities and Exchange Commission ordered Atlanta-based Zhunrize Inc. to stop operations"
http://www.bizjournals.com/atlanta/news/2014/09/25/sec-claims-zhunrize-a-fraudulent-pyramid-scheme.html
"SEC Obtains a TRO and Asset Freeze to Stop an Ongoing Pyramid Scheme"
http://www.sec.gov/litigation/litreleases/2014/lr23091.htm
I saw no additional news regarding any sort of asset release, not even on the SEC website.
Clearly, my records are already straight.
DeleteI lost $3,000 :(
ReplyDeleteLooks like they are done and I am out with dollars and the source to resell these products too. I actually resold their products online and made a few dollars. Now, with the website shopping cart disabled it appears we are out of business with this venture! Such a downer since so many are out their money and this opportunity which appeared to pay commissions to their e-commerce business owners on actual product sales. The recruiting in an MLM is always BS but I like to sell online and not bother people to join up.
ReplyDelete