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There’s no honey in the Movie Daddy website, which the Securities and Exchange Commission (SEC) flagged as a possible Ponzi scheme that preys on unwitting victims.
The corporate watchdog issued an advisory warning the public against buying subscription plans of Movie Daddy, which allows members to earn extra cash while watching and rating movie trailers.
The SEC found the platform was selling investment contracts without the required permits and licenses and was likely a Ponzi scheme—a type of scam that generates “returns” by using money collected from newer investors instead of any legitimate investment activity.
“In view thereof, the public is hereby advised not to invest or to stop investing in the investment scheme being offered by Movie Daddy, and its representatives,” the advisory showed.
According to the SEC, the online platform offers subscriptions starting from $40 “Baby Bear” plans to $2,990 “Legend” plans and promises monthly returns of $48 to $3,600 to members, depending on their chosen package. An investor can also earn referral bonuses from plan upgrades.
The SEC said Movie Daddy was not registered as corporation or partnership and operates without the necessary license to solicit, accept or take investments or placements from the public.
“Further, the scheme employed by Movie Daddy shows indication of a possible Ponzi scheme where monies from new investors are used in paying ‘fake profits’ to prior…
