Just twenty-four hours after the publication of our comprehensive iGetMania review, Canadian regulators have now issued a warning against investing in the company.
Officially titled “Warning – Caution regarding GetEasy and iGetMania investment program”, the notice was published on the Autorité des marchés financiers (AMF) website on January 26th. [Continue reading…]
GetEasy took off in the wake of the regulatory shut down of TelexFree.
Seeking to scoop up disenfranchised investors who lost funds in the billion dollar Ponzi scheme, GetEasy successfully attracted a significant number of investors from Portugal, Spain and to a lesser extent, South America and greater Europe.
Following a few months of growth, as is typical in Ponzi schemes in their initial traction phase, things began to fall apart in GetEasy after it was announced police in Portugal were investigating the company.
The investigation was announced in October last year, with ROI payments grinding to a halt after the Bank of Portugal issued a warning the following month.
As I understand it, GetEasy was primarily laundering stolen investor funds through Portuguese banking channels. Following the Bank of Portugal’s warning, GetEasy was left unable to secure legitimate banking channels to continue to pay off its investors.
That left GetEasy in limbo for a few months, with an announcement towards the end of last year revealing the company’s plans to operate their own bank.
Details on the specifics of this plan are sketchy at best, with one claim made by GetEasy already debunked by a regulator in Luxembourg.
What we do know however is that these new plans are to be implemented under the brand iGetMania, with GetEasy hoping to elude regulatory suspicion under a new name (because it’s apparently that easy to cover your tracks…).
Initially GetEasy announced their bank would be live in the first week or so of January, but that deadline came and went. We’re still following that story but in the meantime the iGetMania compensation plan has been released.
So today we take a look at GetEasy 2.0. Is it still a global Ponzi scheme offering ridiculous returns, or is there something to GetEasy’s investment bank plans?
Read on for a full review of the iGetMania MLM business opportunity. [Continue reading…]
Typically when we’ve seen regulatory investigations announced in the MLM world, the company in question is quick to acknowledge the situation.
They usually do this by announcing their full cooperation with the authorities, and in the worst instances, suspend business operations while they try to figure out how much trouble they’re in.
Not so when it comes to the Achieve Community. [Continue reading…]
If you’d noticed a downtrend in activity within an established MLM downline, surely the logical thing would be to focus on pushing growth via the sales of products and services to retail customers?
You’ve got the team, you’ve got something to sell – so go out there, market your wares and find people looking to buy what you’re selling.
Not so if you’re a Dubli affiliate.
Straight from the mouthes of some of Dubli’s top-ranked affiliates, today we take a look at an alternative way to combat stagnation. [Continue reading…]
It took a day later than I expected, but last night I received confirmation that the Colorado Securities Division has opened an investigation into the Achieve Community.
Yesterday I’d published a preliminary announcement regarding a possible investigation, with confirmation arriving later in the day via email. [Continue reading…]
To me this is one of those “everybody was in on it but now nobody wants to take responsibility for getting scammed” type stories.
Increasingly Africa is a hotbed of recruitment for the MLM underbelly. Over these last twelve months I’ve seen Nigeria in particular popping up time and time again in marketing efforts for various dubious opportunities.
With a notorious reputation for internet fraud, I suppose the two go hand in hand but you’ve got to wonder exactly how many Nigerian princes there to keep falling for these scams.
Today we take a look at a case in Ghana, a country a few hundred kilometers west of Nigeria.
TelexFree, bank staff making off the books loans to investors and bank management in denial… yeah, you know this isn’t going to end well. [Continue reading…]
Yesterday saw an unexpected comment appear on BehindMLM, supposedly authored by an investigator with the Colorado Securities Division:
I am investigator with the Colorado Division of Securities seeking anyone from CO who has put money in with The Achieve Community.
The comment, left by “Inv. M.C. Williams”, appeared on one of BehindMLM’s Achieve Community articles and suggests that US regulators have launched an investigation into the company. [Continue reading…]
At the turn of the new year GetEasy CEO Tiago Fontoura got in front of a phone camera and told the world that GetEasy had established a trust fund in Luxembourg.
This company has a fund in Luxembourg, our own bank, investment bank… as I told you.
This was followed up by a clarification announcement from IFC Group, GetEasy’s Ponzi partner in crime, again asserting the existence of the fund:
All our future members investment funds will be channeled through the proper fund structures. For this we have bought and created two Master Fund Vehicles in Luxembourg, already registered and in Bloomberg, and in Cayman, on the brink of being registered.
Additionally the newly release iGetMania compensation plan also directly refers to the fund, claiming it is authorised by the CSSF (Luxembourg’s primary financial regulator):
Despite these claims that the fund iGetMania has set up in Luxembourg is already registered, turns out that’s not the case.
According to the CSSF, a registered fund doesn’t even exist. [Continue reading…]
As part of the order staying discovery in the TelexFree civil case until criminal proceedings are concluded, the court requested that the Department of Justice file a report on the status of the criminal proceedings on January 15th.
As per this order, the DOJ’s filed status report sheds some light on the current progress of the criminal case against Telexfree. [Continue reading…]
There is no information on the Morning Ignition website indicating who owns or runs the business.
Infact, at the present time the Morning Ignition website serves as little more than an information capture page for the company’s prelaunch.
No actual launch date is provided, so how long Morning Ignition’s prelaunch is expected to drag out for is unclear.
The Morning Ignition website domain (“morningignition.com”) was registered on the 27th of January 2013. Jason Spurlock is listed as the domain owner, with an address in the US state of Kentucky also provided.
Spurlock (right) first appeared on BehindMLM’s radar as the owner of Network Marketing VT.
Network Marketing VT saw affiliates pay a $98 monthly participation fee, which was gifted in full to the affiliate who recruited them.
Amid a sea of complaints related to non-payment of commissions to affiliates, a year later after launch Network Marketing VT collapsed.
A few months later Spurlock launched MMB60, which again saw affiliates gift $98 a month to the affiliate who recruited them.
Today the MMB60 website redirects to that of Morning Ignition, indicating that sometime in the last year it too collapsed.
Read on for a full review of the Morning Ignition MLM business opportunity. [Continue reading…]