Articles under ‘MLM’:

Zeek Rewards victims can be heard at Paul Burks’ sentencing

Victims of Zeek Rewards looking for some final closure are entitled to be heard at Paul Burks’ sentencing. Burks, mastermind of the $850 million dollar Zeek Rewards Ponzi scheme, is scheduled to be sentenced on February 13th.

Regeneca shut down for ongoing FDA violations

Regenca’s regulatory problems began with the FDA  a few years ago. In an August 28th, 2012 letter addressed to Regeneca CEO Matthew Nicosia, the FDA expressed concern over marketing of RegeneSlim.

OneCoin lose “secret” Abu Dhabi bank account

Following a large number of bank account closures in 2016, OneCoin began to get very secretive about their banking details. Previously accounts for affiliates to deposit invested funds into were provided in the backoffice. Today affiliates need to go through designated “leaders” who route invested funds into OneCoin’s accounts. Ari Widell, author of the Scam [Continue reading…]

OneCoin warning issued by Latvian Consumer Rights Protection Center

Citing previous OneCoin pyramid scheme warnings from Latvia’s Financial and Capital Market Commission, the government’s Consumer Rights Protection Center has today issued their own warning.

Judicial investigation initiated against Laurent Louis (OneCoin)

Following a complaint from a OneCoin victim last November, Laurent Louis was the subject of a criminal complaint. The victim claims Louis convinced him to invest 50,000 EUR on the promise of a 1000% ROI “or even more”. Louis (right) stands accused of pyramid selling, fraud, violation of banking laws and money laundering. Louis is [Continue reading…]

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”.

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.