A North Carolina man was indicted Oct. 24 in the U.S. District Court for the Western District of North Carolina for allegedly operating a Ponzi scheme based on profits from a sham internet-based penny auction company that bilked more than $850 million from over 1,500 victims worldwide (United States v. Burks, W.D.N.C., 3:14-CR-208-MOC, indicted 10/24/14).
Defendant Paul Burks previously agreed, without admitting or denying the allegations, to settle a related Securities and Exchange Commission lawsuit by relinquishing his interest in his company Rex Venture Group LLC and paying a $4 million penalty 160 Securities Law Daily, 8/20/12, 44 SRLR 1605, 8/27/12
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