Utah-based internet advertisement seller Traffic Monsoon LLC is facing Securities and Exchange Commission allegations that it orchestrated a $207 million Ponzi scheme using its main internet advertising product (SEC v. Traffic Monsoon, D. Utah, 2:16-cv-00832, 7/26/16).
The purported profit-sharing scheme by the company and its owner Charles Scoville relied entirely on new sales of its leading product Banner AdPack to repay earlier investors, the SEC said in a complaint filed in the U.S. District Court for the District of Utah July 26. “In reality, Traffic Monsoon’s advertising business is an illusion designed to obscure the fact that ...
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