Articles under ‘companies’:

MMM Nigeria opens a day early, marketing ploy?

Following its collapse last month, MMM Nigeria suspended affiliate withdrawals and announced they’d reopen on January 14th. On January 13th MMM Nigeria did in fact reopen. Sergei Mavrodi purportedly boasted they’d done so because of the ‘hysteria raised by the authorities and the mass media around MMM‘. Funny how according to MMM Nigeria authorities and media [Continue reading…]

OneLife suspend OneCoin withdrawls, affiliates can’t cash out

Whatever hopes OneCoin affiliates had of getting their money out of the scheme have been dashed, after it was announced the xCoinx internal exchange will remain closed. The news was broken to OneCoin affiliates over the weekend, tacked onto the end of a video message by Founder Ruja Ignatova.

Two major MLM Ponzi scammers to be sentenced in February

If you’ve been paying any attention to the rumblings of the MLM underbelly, hours after Donald Trump is sworn in on January 20th Ponzi and pyramid schemes will be declared legal and a new golden era of scamming will be upon us. Until then, February is shaping up to be quite the win for US [Continue reading…]

Third distribution returns at least 75% of Zeek victim losses

Following the expiry of a December 31st deadline for Zeek Rewards claimants to file OFAC certification, the Receiver has announced a third distribution payment. Funds had been reserved for OFAC deficient claims, but with the deadline now passed those funds will be distributed to Zeek victims with valid claims.

Nigerian SEC warns against OneCoin, SwissCoin pyramid schemes

In a public notice published yesterday, the Nigerian SEC has issued a warning against cryptocurrencies and pyramid schemes. OneCoin, SwissCoin and Bitcoin are specifically singled out, with the SEC extending the warning to “such other virtual or digital currencies”.

Apostelos Ponzi victims’ PNC Bank lawsuit dismissed

Mid last year victims of William Apostelos’ Ponzi scheme filed a lawsuit against PNC Bank. By processing Ponzi payments, victims claim PNC Bank ‘played an “indispensable role” in the success of’ Apostelos’ scheme. The Aposteloses “deposited virtually all of the money” that they raised into one primary PNC business account (referred to as the “8143 Account”) [Continue reading…]

Rothschild family clarifies no association with LCF Coin

Most people who have signed up with LCF Coin appear to have a “what if…” attitude. There’s nothing particular harmful about it alone, but if you have to dismiss ample evidence that points to LCF Coin being completely bogus, that’s when the problems start.

Malta issues CoinSpace regulatory warning, website offline

The CoinSpace website domain is registered to Danjel Pawl through an address in Malta. The CoinSpace website lists a different corporate address, also in Malta. Whether Pawl actually exists is unknown, but CoinSpace’s attempts to represent the company is run out of Malta has caught the attention of Maltese authorities.

Latest FTC guidance to MLM industry emphasizes retail sales

One of the more frustrating aspects of covering MLM regulation and litigation is a tendency for people to ignore what’s currently happening, in favor of past legal opinions and decisions from the past. Some of these opinions and decisions are decades old but people still cling to them as gospel. One of the more common [Continue reading…]

FTC to return $200 million to 350,000 Herbalife victims

As part of the “we’re not a pyramid scheme, *winkwinknudgenudge*” settlement Herbalife reached with the FTC last year, $200 million will be returned to 350,000 Herbalife victims.