WCM777
was an MLM Ponzi scheme
shut down by the SEC
in March, 2014.

A Receivership was appointed immediately after and has been overseeing victim refunds from seized assets for just shy of four years.

In the Receiver’s February 13th Sixteenth and Final Interim Report, it has been announced the WCM777 Receivership is finally winding down.

As at the time of publication there are no outstanding issues pertaining to asset clawbacks.

The last clawback action executed by the Receiver saw
$80,000 recovered
from Huajian Wu and Dack King Lee.

In total the WCM777 Receivership was able to return $18.1 million dollars to WCM777 victims.

This amount represents 86% of the $21 million in approved victim claims.

Unfortunately some WCM777 victims were unable to receive their payments.

Common reasons for this cited by the Receiver include

inability to negotiate a check written on a United States bank account, to claimants waiting until insufficient time existed for foreign banks to clear a check written on a United States bank account, to misplaced checks, to claimants unwillingness to provide updated address information (possibly due to immigration concerns), to undeliverable addresses (e.g., claimants did not provide apartment numbers).

Some $3.5 million remains in the Receivership’s Distribution balance, which the Receiver hopes to clear within the next 60 to 90 days.

After which the Receiver will file

her final report and accounting, motion for authority to make final distributions to holders of allowed claims, final fee applications for herself and Allen Matkins, and motion to conclude the receivership.

And that’ll be that. Job well done!

🤖 Quick Answer

What was WCM777 and why was it shut down?
WCM777 was a multilevel marketing Ponzi scheme that operated fraudulently until its closure by the SEC in March 2014. The scheme defrauded numerous investors who participated in its illegal operations.

How long did the WCM777 Receivership operate?
The WCM777 Receivership operated for approximately four years following the scheme's shutdown in March 2014, overseeing victim compensation and asset recovery throughout this period.

How much money was returned to WCM777 victims?
The Receivership successfully returned $18.1 million dollars to WCM777 victims, representing 86% of the $21 million in approved victim claims filed against the fraudulent scheme.

What was the final clawback action in the WCM777 case?
The final

🔗 Related Articles

- Michael Force & Mary Dee cut off from Digital Altitude victim funds
- Charles Scoville files Traffic Monsoon Ponzi decision appeal
- BrandOnline365 Review: JubiRev without the Ponzi
- Forensic accounting dissects Xu’s WCM777 Ponzi scheme
- USFIA Receiver recovers $20.4 million