Articles under ‘companies’:

Herbalife’s top Chinese executive quits, new compensation plan?

In addition to the $200 million dollar fine Herbalife copped for running a pyramid scheme last year, the company was given ten months to introduce a new compensation plan. Among other things, Herbalife’s new plan must accurately track genuine retail sales activity and cease paying affiliates solely on recruitment of new affiliates who purchase Herbalife [Continue reading…]

My Advertising Pays processor lawsuit dismissed

Last December the My Advertising Pays sued payment processor VX Gateway for $59.6 million dollars. The Ponzi scheme alleged VX Gateway was wrongfully withholding investor funds and sought recovery. VX Gateway opposed legal action in Texas and sought to the have the lawsuit dismissed in favor of arbitration in Panama. A decision was made on [Continue reading…]

MBI International added to Central Bank of Malaysia’s alert list

Nine years after it launched in 2009, Malaysia’s top financial regulator has finally taken action against MBI International. Bank Negara Malaysia is pretty much Malaysia’s SEC equivalent and regulates the country’s financial sector. On May 22nd, the bank added MBI International and M Face International to its consumer alert list.

MMM Nigeria affiliate facing eighteen years in prison

Following the collapse of MMM Nigeria a few months ago, it was estimated that some 3 million Nigerians together lost $57 million dollars. Following a criminal complaint filed by two affiliates, now one MMM Nigeria affiliate is facing up to fifteen years in prison.

Two more OneCoin arrests, money trail leads to Bulgaria & Mauritius

The interrogation of Indian OneCoin affiliates in custody continues to pay off, with a continuing investigation by the Mumbai EOW leading to two more arrests. While OneCoin is notorious for laundering money through shell companies at a corporate level, the Indian investigation is revealing how things work on the ground.

John Maxwell to appear at OneCoin sponsored Colombian event

John C. Maxwell is an American motivational speaker who, through his John Maxwell Company, hosts leadership conferences all around the world. As per Maxwell’s website; For 40 years, John C. Maxwell has invested in leaders from all walks of life. His unique insights into the nature of leadership have earned him respect across generations of [Continue reading…]

Paraguay’s Public Prosecutors investigating D9 Clube Ponzi

D9 Clube launched last year and, in addition to Ponzi ROIs and pyramid recruitment commissions, provided affiliates with 52 weeks access to the BetFair betting platform. BetFair is an independent company that has nothing to do with the operation of D9 Clube. Despite this however, BetFair is a key factor in D9 Clube marketing presentations. D9 [Continue reading…]

Austrian Public Prosecutor launches OneCoin criminal investigation

Early last year Austria’s Federal Ministry of Labour, Social Affairs and Consumer Protection issued a warning against OneCoin. Some point after it appears the Austrian Financial Market Authority (FMA) opened their own investigation, the conclusion of which has now prompted a criminal investigation.

OneCoin twists arm of blockchain whitepaper author?

Reeling from the realization among affiliates that OneCoin currently doesn’t have blockchain, newly appointed CEO Pierre Arens has rushed out a press-release. The May 10th publication seeks to reassure affiliates that he is “wholly satisfied” with OneCoin’s current SQL database “blockchain”.

Indian OneCoin scammers siphon $11.6 million out of bank accounts

Efforts to recover funds stolen by Indian OneCoin affiliates have hit a roadblock, following the revelation that 75 crore ($11.6 million USD) has been withdrawn from bank accounts used to accept invested funds.