January 27, 2017
Herman Ronnie Young, Jr., d/b/a Race Cycler
SANCTION AMOUNT: Approximately $1.32 million
Defendants: Herman Ronnie Young, Jr.
Defendant operated a pyramid and Ponzi scheme through a website called Race Cycler, in which thousands of individuals nationwide and overseas collectively invested over $1.3 million from August 2014 until February 2015. Investors paid membership fees and then recruited other members in order to move up the pyramid and eventually earn reward points, which could be converted to cash. The scheme supposedly had a legitimate e-book business underlying it, but the purported products were practically valueless.
- Key Docs
- Official SEC press release