MUTUAL WEALTH UNDER INVESTIGATION

Updated: 03/07/2014 15:13
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mutual wealth under investigation
According to its official website, the Securities and Exchange Commission filed an official complaint in the US District Court for the Central...
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According to its official website, the Securities and Exchange Commission filed an official complaint in the US District Court for the Central...

According to its official website, the Securities and Exchange Commission filed an official complaint in the US District Court for the Central District of California to stop "a fraudulent pyramid scheme by phony companies masquerading as a legitimate international investment firm", namely Mutual Wealth.

What one may read in the complaint is rather succinct and to the point, since the claim is that "almost nothing that Mutual Wealth represents to investors is true".

One of the arguments is that Mutual Wealth does not actually purchase or sell any securities on behalf of investors, as it is supposed to do, but just "diverts investor money to offshore bank accounts held by shell companies". What is more, there is no seat of the company in Hong Kong or New York. To add to this, the list of executives on www.mutualwealth.com is completely fabricated and it is not "duly registered with the SEC", as MW claims "in e-mails to investors". SEC also mentions the fact that MW "operates through entities in Panama and the UK and uses offshore accounts in Cyprus and Latvia legal team will be in Court this week".

One may also venture a suggestion that since there are only 150 investors from the US involved in Mutual Wealth, who – according to the SEC's website – "collectively invested a total of at least $300,000", the commission should only concentrate on American citizens. What's more, one may ask why people outside the US should be controlled by an American entity... As the admmin puts it, "SEC can take care of their own citizens, but not the whole world! I didn't ask SEC to care about my money! I hope that MW has enough power to defend itself".



About the author

Walter Anderson used to work as a creative freelance writer with three years experience in the industry working in print and online media. I used to search for exciting new projects and hence launched the monthly online newsletter, which has been supposed to increase any website traffic by 40%. Since 2010, Walter Anderson has been officially hired by HYIPNews.com media portal first for the position of the article and news writer writer and then starting from 2012, the vacant position for the chief writer at HYIPNews has been taken by Walter Anderson and is still taken by now.
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