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WASHINGTON (AP) - The Securities and Exchange Commission is warning the public about scams involving investment Web sites that promise to pay people for looking at online ads.
The SEC issued an investor alert Monday regarding the so-called "paid autosurf" programs as it announced it had filed securities fraud charges against the operator of one such Web site, http://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 paid autosurf programs — a growing business of paying people to view ads that can be operated legitimately — to lure investing "members" with promises of huge returns.
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