Planet Millionaire Scam Owner Frank Calabro Jr.’s Home Searched By Police
Shortly after being issued a Cease and Desist by the North Carolina Securities Division, Frank Calabro Jr.’s home has been searched and property has been seized. Frank was not at his home when it was searched. His whereabouts are unknown. Is he on the run?
Over the past five years, Frank has promoted and sold various investment products, including products on behalf of Zeek Rewards and Traffic Monsoon. It turns out from the search warrant that the My Advertising Pays scam was what first started regulators interested in Frank. Regulators investigation of Frank’s other scam promotions led to their current actions.
Here are the highlights from the search of Frank Calabro Jr.’s home:
Background Of The Case
The department of the Secretary of State initiated this investigation after receiving a complaint that Frank E. Calabro, Jr. was affiliated with a pay-per-click investment scheme called My Advertising Pays (MAPS) and that he operated out of North Carolina. MAPS shared very similar characteristics to another online scheme called Zeek Rewards. Our investigation determined that Calabro had also been involved with Zeek Rewards, which the U.S. Securities & Exchange Commission determined was an unregistered security and an $850 milliion Ponzi Scheme. The operator of Zeek Rewards was sentenced to federal prison.
Or investigation further found that Calabro had been involved with another online scheme called Traffic Monsoon. Traffic Monsoon was placed into receivership after the SEC determined that the operators engaged in securities fraud and operated a Ponzi scheme.
This background information led the Securities Division to look into the current activities of Calabro. It was found that Calabro was a prolific promoter of a new online investment program called USI Tech.
Frank Calabro Jr. has now been charged with Felony securities fraud and his home has been search and property has been seized.
Here are the items that have been seized:
If investors can show they have suffered a loss, in North Carolina all funds that are recovered in a securities fraud investigation are usually given back to the investors. This is done through the authority of a judge and usually with a receiver appointed by that judge. In cases such as drug cases, the government can seize and use funds recovered. But, in cases such as securities fraud, where identifiable victims have lost money, the government returns the funds recovered.