Articles under ‘WCM777’:

Renato Rodriguez & partner settle Vizinova fraud charges

On March 2nd the SEC filed a lawsuit against Vizinova and owners Renato Rodriguez (full name: Pablo Renato Rodriguez Arevalo) and Gutemberg Dos Santos. Vizinova launched in March, 2014 and for all intents and purposes was a reboot of Phil Ming Xu’s WCM777 Ponzi scheme. Both Rodriguez and Dos Santos were affiliates in WCM777.

WCM777 victim claims will be paid “within the next week or so”

Good news for victims of the WCM777 Ponzi scheme, with the Receiver revealing allowed claims will be paid out “within the next week or so”. The Receiver’s announcement was made as part of her twelfth Interim Report.

WCM777 victims object to disallowed claims, Receiver responds

One of the pitfalls of Ponzi scheme investment is depositing funds directly with the scammer who recruited you. In the event the Ponzi scheme is shut down by regulators, such transactions are difficult to track and typically result in a victim claim being disallowed. Unfortunately more than a few WCM777 Ponzi investors deposited funds into [Continue reading…]

WCM777 Receiver files eleventh Interim Report

On November 11th the WCM777 Receiver filed her eleventh Interim Report. Topics covered in the report include: funds recovered the sale of a California property and the Diamex Diamonds (PMX Jewels) I’ve separated the various topics covered into appropriate subheadings below.

$361 million in WCM777 victim claims disallowed

The WCM777 Receiver has finally finished forensic accounting on investor losses. Of the $90.8 million dollars paid in by WCM777 affiliates, $72.2 million are recorded losses and $18.6 million was paid out in ROIs. The problem? 72,253 WCM777 affiliates had filed claims totalling $412 million in losses.

WCM777 Receiver’s 10th Interim Report (2nd quarter, 2016)

As per her duties as court-appointed Receiver of WCM777, Krista Freitag filed her tenth Interim Report on August 19th, 2016. The tenth Interim Report spans the second quarter of 2016 and provides updates on recovery of funds, PMX Jewel’s flawed diamonds, the settlement with Phil Ming Xu’s family and the investor claims process. In no particular [Continue reading…]

WCM777 Receiver recovers $72,500 from Zayda Aberin

In March 2014 Phil Ming Xu transferred $750,000 to James Dantona and his company Governmental Impact. Dantona and Governmental Impact kept $425,000 and transferred $325,000 to Zayda Aberin and her company ZHB International Corp as a “finder’s fee”. In any event, Dantona has since settled with the Receiver. Aberin and ZHB International Group initially ignored legal proceedings [Continue reading…]

WCM777 Receiver having difficulty verifying victim claims

Last we checked in the WCM777 Receiver was grappling with $386 million in claimed losses by WCM777 affiliates. The problem is that, on paper, WCM777 only took in $86 million. In March the Receiver requested additional time to further analyze and verify submitted claims. As per a July 22nd filing that process is still underway, [Continue reading…]

Renato Rodriguez sends cease and desist over Ponzi past

A few days ago BehindMLM published a review on AirBit Club. Since then we’ve confirmed ViziNova co-founder Gutemberg dos Santos also co-founded AirBit Club. The other co-founder(s) of AirBit Club have not been publicly disclosed. Several sources have written in to us however claiming Renato Rodriguez, dos Santos’ partner in Vizinova, is involved. To date I [Continue reading…]

Phil Ming Xu arrested in China?

In mid 2014 Phil Ming Xu was permanently restrained from committing further violations of the Securities Exchange Act. The sentence was handed down following an SEC investigation into WCM777, a Ponzi scheme founded by Xu in 2013. The 2014 sentencing stipulated that Xu would be required to ‘pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a [Continue reading…]