Articles under ‘MLM’:

James Merrill sentenced to six years prison for TelexFree fraud

The DOJ wanted ten years, Merrill’s lawyers argued for just over a year… Judge Hillman mulled both side’s arguments and decided on six years.

Carlos Wanzeler’s nephew indicted in TelexFree mattress mule case

Cleber Rene Rizerio Rocha, better known as the TelexFree mattress money mule, was arrested by authorities in early January. On January 23rd Rocha was ordered to remain under detention pending trial. On March 7th, Rocha and Leonardo Casula Francisco were both indicted by a grand jury.

Merrill turns up crocodile tears in sentencing memorandum

To understand how Jim Merrill became ensnared in this mess, one must understand Jim Merrill, the human being. James Merill’s March 17th sentencing memorandum reads like a list of things someone who heads up a Ponzi scheme stands to lose if they’re caught. What should be a deterrent to other Ponzi fraudsters is instead presented [Continue reading…]

OneCoin Swedish police investigation resumed on March 17th

Late last week OneCoin published a press-release claiming Swedish police had closed their investigation into OneLife. ‘ Citing an unsourced “police statement”, OneCoin claimed police had “indicated” there was no basis upon which to continue the investigation as there was no reason to believe that an offense had been committed. The Police confirmed its decision [Continue reading…]

TelexFree owners: Investors were “dumb people”

In order for owners and early investors of Ponzi schemes to withdraw money, they have to convince those below them to reinvest. Also referred to as “compounding” or “building”, in a nutshell non-existent money is recycled into more non-existent money, all the while real money is being pulled out by admins and early investors. Everybody winks [Continue reading…]

Ultimate Business World linked to notorious Norwegian scammer

When I first reviewed Ultimate Business World late last year, it struck me as odd that the company’s public Chairman, Paal Aschjem, had no MLM history. Surely he wasn’t working alone, however the question of who was really behind Ultimate Business World went unanswered. Following an investigation by Norwegian and Estonian journalists, turns out UBW [Continue reading…]

CoinSpace an illegal investment opportunity in Italy, KYC

CONSOB, Italy’s SEC equivalent, has determined CoinSpace’s cryptocurrency offering to be a “financial product”. Seeing as CoinSpace are not registered to promote financial products in Italy, CONSOB has effectively issued a ban on promotion of the company.

DOJ wants James Merrill behind bars for ten years

Any notion that James Merril might get off lightly for cooperating with authorities has been dashed, following the filing of a ten-year recommended prison sentence. And that’s with full consideration of his cooperation.

USFIA civil fraud charges settled for $200 million dollars

Back in January a proposed $145.4 million dollar settlement between Steve Chen and the SEC was filed. On March 13th Judge Klausner approved the settlement proposal and ordered Final Judgement against Chen.

Zeek Rewards victims recover up to 75% of losses

Remember when Zeek Rewards’ net-winner affiliates were running around telling the people they scammed the US government and Receiver were just looking to keep invested funds for themselves? In a March 15th press-release, the Zeek Receiver has announced that, following a third distribution, Zeek victims have now received back up to 75% of their losses.