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PayPal accused of crucial role in massive ponzi scam

Investors say it served as payment processor for about $134 mn in investments in Traffic Monsoon

Robert Burnson | Bloomberg 

PayPal Holdings was accused by victims of an alleged Ponzi scheme of failing to detect the fraud while processing more than $100 million in investments. Even after the company had banned the operator of the internet advertising “pay-to-click” programme from using its services in 2011 over his involvement in a similar scheme, PayPal played “a crucial — indeed, indispensable — role” in letting him siphon and steal investor money, according to the complaint in federal court in San Jose, California. The operator, Charles David Scoville, was ...

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First Published: Sun, May 07 2017. 00:54 IST
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