Andrew, good call!
- Jeff
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Stockgeneration (SG)
As many investigative reporters, such as David Marchant of offshorebusiness.com, predicted, the Dominica-based scam known as Stockgeneration has finally collapsed.
Although touted as a "game", Stockgeneration was actually a weird mix of:
Stock Fraud -- Trading in essentially non-existent securities
Ponzi Scheme -- Early investors were paid their "winnings" from moneys taken in from later investors, and early investors were given extraordinary returns to induce many later investors to join
Multi-Level Marketing Scheme -- Investors earned bonuses and commissions by recruiting others into Stockgeneration
Pure Fraud -- In the final analysis, there wasn't much that was legitimate about Stockgeneration
We hope to report more on Stockgeneration in the coming weeks. If you have information or evidence regarding Stockgeneration, please send it to us at quatloos@quatloos.com or by fax to 949-756-8644 attention "Quatloos!".
We've been told that the U.S. Securities & Exchange Commission is investigating Stockgeneration, and that you should contact agent Celia Moore of the SEC at (617) 424-5900 x650, e-mail: moorece@sec.gov
Warning: Many people have been burned in Stockgeneration, and some of those are attempting to re-coup their losses by selling their (nonexistent) interests to others, etc. Please be advised that Stockgeneration is dead, and we have been advised that the promoters of Stockgeneration have already moved on to promoting several similar games with the same intent (i.e., pay out for awhile, let them build up, and then suddenly stop the game and take everything in it). For the time being, you should stay out of this and all similar programs, and if you have your money in any stock game you should try to get your money out as soon as possible -- and let the dust settle before going back to play.
A support group for SG victims has been formed, and has a forum at delphi.com
We will post more information as it becomes available, and then post a full and detailed examination of the Stockgeneration scam, including posting actual copies of documents used in this scam, etc.
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