SEC Warns of Scams Involving Online Ads

The Securities and Exchange Commission is warning the public about scams involving investment websites that promise to pay people for looking at online ads.

The SEC issued an investor alert this week regarding the “paid autosurf” programs as it announced it had filed securities fraud charges against the operator of one such website, www.12dailypro.com. In a tentative settlement with the SEC, the operator agreed to stop soliciting investors; assets were frozen and a receiver was appointed to take over company operations.

One of the latest forms of fraud on the Internet uses programs that pay people to view ads as a way to lure investing “members” with promises of huge returns. Officials say these programs are often pyramid schemes.