SEC shuts down Orlando pyramid scheme
If you've never invested in "Wealth Pools International" or "Recruit for Wealth," consider yourself fortunate. The SEC says the companies were part of an Orlando-based pyramid scheme that claimed 70,000 victims in 64 countries and raised $132-million this year alone.
The SEC froze the companies' assets this week and charged them and Robert Lane with sale of unregistered securities. The SEC says the scheme involved the sale of English and Spanish language tutorial DVDs, but the profits came from recruiting new investors. "The defendants enticed investors to purchase thousands of DVDs by falsely promising them that they would earn income for life with no further effort." Hispanics in Orlando and Puerto Rico were the primary target.
A point of interest: The federal judge who ordered the assets frozen appointed Denise Dell-Powell as receiver for the two companies. She also happens to be bankruptcy trustee Soneet Kapila's attorney.
St. Petersburg Times personal finance editor Helen Huntley writes about money topics and answers questions about financial planning, investments and personal income taxes.
it aint a pyramid---it's a ponzi.. big difference....but then again do you really think hard
Posted by: yo helen | May 30, 2008 at 09:12 PM
If Denise or Soneet show up at your business you better hope they are customers!
Posted by: quivers | December 15, 2007 at 10:41 PM
This guy Bob is amazing.
Will Denise be holding a sale of his assets?
Posted by: | December 15, 2007 at 02:05 PM
Denise is the receiver so Soneet could qualify to be the Trusteee eh?
The dream team reunites.
Posted by: | December 13, 2007 at 12:06 AM
> Seriously, other than a permissive government that can be bought cheap, what the heck is going on? You notice it's the feds who busted this one and the feds who busted Pearlman - never the state.
Florida state govt is crooked. But you knew that already. The other thing is Floridians are more corrupt/stupid; that's why they can't discern sheet from shinola, or don't mind electing crooked leaders.
Posted by: | December 12, 2007 at 03:18 PM
Why is Florida tha scam capital of the US? You don't read about these scams coming from Michigan or Hawaii.
Seriously, other than a permissive government that can be bought cheap, what the heck is going on?
You notice it's the feds who busted this one and the feds who busted Pearlman - never the state.
Posted by: | December 12, 2007 at 11:13 AM
From her headshot on her Ackerman-Senterfitt page, one could conclude that she could be hot.
Maybe the business of busting scams is the next big one in FL. Watch for the scammers to come begging for investments in this business.
Posted by: | December 11, 2007 at 11:37 PM
Is Denise hot?
Posted by: | December 11, 2007 at 09:44 PM
More business for Denise. Just another ho hum day at the office racking up big bills cleaning up on scams. What a racket.
Posted by: | December 11, 2007 at 07:23 PM