Co. Accused Of Pyramid Scheme Says It Was Framed By SEC

Law360 (August 14, 2019, 6:08 PM EDT) -- The founder of multilevel marketing company IPro accused the U.S. Securities and Exchange Commission on Tuesday of essentially setting it up to take the fall for an alleged $26.5 million pyramid scheme in a countersuit against the agency filed in California federal court.

The regulator went after Daniel Pacheco in May, claiming he had promised buyers of his IPro packages, which contained instructional materials for running an e-commerce business, that they could be compensated in cash or IPro's own cryptocurrency for recruiting new customers.

In an unexpected turn Tuesday, Pacheco brought counterclaims against the SEC and several cross-relief defendants, including IPro's...

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