WCM777, an alleged large multi-level marketing Ponzi scheme, announced its rebranding as Kingdom777 on or shortly after December 30, 2013. The company claimed Kingdom777 "acquired the assets" of WCM777 from World Capital Market (BVI), renaming the operation.
Ponzi schemes often change names to escape negative associations. WCM777, however, cited various reasons for its transition. CEO Ming Xu's announcement stated Kingdom777 was "founded by a group of visionaries with faith," including Xu and Tiger Liu.
The announcement specified that Xu and Liu would no longer serve as officers. They would instead hold the honorary title of "Founders." Kingdom777, the statement said, intended to "transform WCM777 and stop the existing promotion and change the system to be legal globally."
This claim followed Xu's own confirmation in November that WCM777 operated an illegal Ponzi scheme within the United States. The rebranding suggests an effort to circumvent these legal issues internationally. Xu's statement outlined a plan for a "reasonable payout ratio" after a restructuring period.
The company also declared intentions to register its stock with the U.S. Securities and Exchange Commission (SEC). This registration would precede the launch of "777 Points Trading," a program described as "secondary market trading before the IPO," collateralized by the company's stock. Kingdom777 said securities lawyers would guide the process.
Such a filing with the SEC, given WCM777's admitted Ponzi structure, would present an unusual scenario for regulators. The company’s announcement concluded by stating Kingdom777 would evolve into a "top global company" under new leadership, aiming to "be a blessing to the global community." Ming Xu previously encouraged affiliates to record their attempts to file with the SEC and upload the video to YouTube.