February 27, 2015
The U.S. Securities & Exchange Commission (SEC) filed charges against 3 company officers and 12 promoters who were operating an international pyramid scheme using Portuguese companies operating under the name Wings Network that targeted Latino communities in the United States.
According to the complaint, the scheme raised over $23.5 million from thousands of investors including Brazilian and Dominican communities in Massachusetts. The promoters used Facebook to promote meetings in Pompano Beach, FL, Waco, Texas, Clinton, Mass., Sandy, Utah and Duluth, Ga, and Philadelphia, PA. .
Officers named in the complaint are:
- Sergio Henrique Tanaka of Sao Paulo, Brazil and Davie, Florida
- Carlos Luis da Silveira Barbosa of Lisbon, Portugal
- Claudio de Oliveira Pereira Campos of Lisbon, Portugal
The SEC alleges that the companies were operating a Ponzi Scheme using money raised from new investors to pay to earlier investors to create the impression of a successful and ongoing business.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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