Thursday, March 6

Mutual Wealth will be closed by SEC

Hello everyone,

Mutual wealth is not listed in DavidNews.com HYIP monitor, but it is important to write article about them, because this can be a good lesson for all the HYIP admins. Yesterday SEC (The Securities and Exchange Commission) announced that they will suspend all the accounts and close Mutual Wealth website. Read press release here.



Things like this happens from time to time and SEC close some HYIP when it becomes big. Thing like this happened in 2013 when SEC closed Profitable Sunrise, but that was different case. I'm really sorry for all the investors what lost money over there because of SEC, but this time this is not fault of them, this is truly admins fault. 

What happened?
Looks like admin just wanted to be smarter then everyone else in this industry. From the documents what you can find in SEC website seems that admin tried to register Mutual Wealth under SEC. Of course after some short time they understood that there is nothing going on, except ponzi scheme and they decided to take legal action against them. Admin just wanted to be smarter, but one admin against tens of government officials was lost case in first place.

What will happen?
Of course website will go down, if not in "usual way when the domain will be seized" then it will go down by itself. Many people will start to panic and ask for "principal withdraw", obviously they will  have no money to pay out to investors. Also it is possible that payment processors themselves will just freeze their accounts. Right now when you try to access theirs Twitter account you see that it is suspended, but I will say that others will follow and in few days all this party will be over. This is the end for Mutual Wealth, like it happened with similar scenario from Profitable Sunrise in 2013.


This just shows that HYIP game is unpredictable. I know some friends who invested big there, I also know some DavidNews.com readers who also invested big over there and seems like all their funds will be gone. This is really sad story, I hope HYIP admins will learn from this lesson and will try not to be smarter then everyone else.

David
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7 comments:

  1. i still get payment to day

    ReplyDelete
  2. According to mutual wealth
    The case against them was quashed yesterday in los angales court and if only if there is still something to go they might have to give up the US clients only but today they say all might work out and the SEC will do news release soon
    Please david can you look into that
    Thank you

    ReplyDelete
  3. Anonymous3/09/2014

    The site is completely down. There is no access to anything anymore.
    It seems money can disappear, do you know how can investors get their original investments back?

    ReplyDelete
  4. the mere fact that mutualwealth is paying over the years and no complaints against them is of course it is paying, act as legitimate, the only problem is when the company itself goes out of boundary, specially when promoting the business, that they said they are registered under SEC and whatsoever,, but SEC is only basing its understanding of how the mutualwealth operates and the validity or legitimacy of what can be seen in the website, That they are located in this location but is not really there. the question is how can they still pay all their investors if its really a scam?? Is it because SEC want to have more of them,, finding a hole wherein they can gain control of them, their money, and show that its all under the rules, theyre just doing their job, etc., or there might be some sort of relationship between SEC and mutualwealth that,, HEY I,m already holding this big Bucks in my account, Can we make a deal that I,ll give you a percentage just to make the world believe that we will be going down? Just do some kinda report that we made a terrible mistakes that you caught us doing some sort of illegal acts and thats it, you freeze the website, all accounts, etc. and BOOM all the money,, OURS,,,I,m not saying that I,m a smart guy but what can you expect from all the investors? will they complain or file a case against SEC? still scam or not they,re still paying so how is it possible SEC????

    ReplyDelete
  5. Hi, I am still in the dark as to who is telling the real truth here...did MW really have a misunderstanding with regards to their rights to do what they do, or is the SEC telling the full truth - maybe the SEC just does this type of thing because they know they can get away with going after assumed illegal funds? They have identified a list of 'shell companies' where funds have been re-directed (stolen) and accused them of violating SEC rules. One thing I don't understand: if MW really weren't trading on the NYSE, then how could they break any SEC rules which has to do primarily with securities trading?? The information has just run dead and their investors demand answers, I just don't know how long these cases take!

    ReplyDelete
  6. One more thing...it was my initial understanding that MW was NOT a HYIP - I don't even understand how HYIP's can even exist as a viable investment opportunity; MW was assumed to be a HFT system (high-frequency trading) and conceptually it is actually a far more practical method of income generation, despite whether MW was lying about their entire operation or not. This is exactly what enticed investors so effectively, the fact that it makes more sense to 'invest' this way! The SEC will of course make this sort of thing to be out and out a lot of rubbish, since they understand nothing about proactive trading strategies or the risk management that goes with it.

    ReplyDelete
  7. One loser idiot working at the SEC probably made it his life mission to close somebody down... ANYbody...

    ReplyDelete

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