Misleading Advertising Law

The SEC announced today that a permanent receiver, Thomas F. Lennon Inc., had been appointed to deal with the assets of LifeClicks LLC and 12daily Pro. This is the same receiver that had been appointed on an interim basis. The defendants consent to the order without admitting or denying the allegations.

The receiver is developing a website "devoted to providing investors with information relating to the receivership". The order can be found on the website or here.

In an apparent nod to Ms. Johnson's professionalism, the SEC acknowledged that:

"that the defendants defrauded investors by operating 12daily Pro as almost a pure Ponzi scheme -- using new investor monies to pay the promised returns to existing investors -- in violation of the federal securities laws" (my emphasis)

Almost pure is good.

However, I can find no truth to the rumour that the website will pay to be included in the other legitimate autosurf programs. Nor can it be confirmed that none of the 12daily Pro autosurfers will be allowed to access the website since their contract with 12daily Pro specified and confirmed that "the 12daily Pro program was not an investment". More to come.