FW: FBI, SEC Probe Web Sites Offering Large Returns for Looking at Ads

["Richard M. Smith" <rms () computerbytesman com>]

http://online.wsj.com/article/SB113953819846670333.html?mod=todays_us_page_o
ne
 

FBI, SEC Probe Web Sites Offering Large Returns for Looking at Ads

By MARK MAREMONT
February 10, 2006; Page A1


Last spring, a Web site called 12daily-Pro.com began offering viewers an
amazing financial deal: a 12% daily return on membership fees.

All they needed to do was to view a dozen advertisements a day on the Web
site, the company said. The site would then pay returns to visitors based on
how much they invested in membership "upgrades."

Now federal and state authorities are investigating 12dailyPro and sites
making similar offers as possible Internet-era variations on a classic Ponzi
scheme. Named for Charles Ponzi, an Italian immigrant to the U.S. who gained
notoriety early in the 20th century, a Ponzi scheme is a fraud that promises
outsize returns to investors but pays them with money from subsequent
investors, rather than revenue generated by business.

The 12dailyPro site is among the largest of the dozens of what are called
"autosurf" Web sites that have cropped up on the Internet. With names like
Auto.ExchangeTrade.com and vegasurf.com, the sites piggyback on a legitimate
trend -- the surge in Internet advertising -- by promising generous returns
to members who agree to view their ads.

The pitch on one such Web site, SurfCityAutoSurf.com, is typical. "Yes, it's
true," says a message on its home page, "you can actually earn up to $100.00
Daily or $3,200 Monthly simply by autosurfing [watching websites]."

On 12dailyPro, visitors were allowed to become members free. To earn cash,
they had to "upgrade" their membership in increments of $6, with a maximum
investment at any one time of $6,000. 

...

 

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