The U.S. Securities and Exchange Commission said Zhunrize Inc., an Atlanta-based business that sells online stores to members who then sell company-provided products on those sites, has been ordered to halt operations after the agency accused the company of a global pyramid scheme that allegedly has raised more than $100 million.
Efforts were being made to reach Zhunrize and Chief Executive Officer Jeff Pan for comment. Pan also is named in an SEC complaint filed in U.S. District Court in Atlanta this week.
The SEC said the court has issued a temporary restraining order against Zhunrize, and the company’s assets have been ordered frozen.
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