Articles under ‘MLM’:

Nui & Mintage Mining securities fraud cease and desist in Texas

Despite reassurances by Nui that their Kala altcoin and Mintage Mining have “stability and protection with the SEC“, a US securities regulator has issued the company with a cease and desist.

SingliWorld scammers arrested, facing prison time and fines

Six SingliWorld scammers have been arrested in Singapore, including Founder Leong Koon Wah (aka Hermes Leong). Wah, along with five of his associates, faced court on Wednesday on charges related to illegal operation of a pyramid scheme.

Russell Whitney settles MOBE fraud with FTC, stripped of assets

For his part in scamming consumers through MOBE, the FTC named Russell Whitney as a defendant in their fraudulent business lawsuit. Rather than defend the FTC’s allegations and clear his name, Whitney has instead opted to reach a settlement.

Matt Lloyd heading towards MOBE fraud settlement with FTC

As expected, rather than fight the FTC’s allegation that MOBE was a $125 million dollar fraudulent business, owner and CEO Matthew Lloyd McPhee appears to be heading towards a negotiated settlement. Settlement negotiations between Lloyd and the FTC at this stage are well underway but the outcome is still uncertain. Nevertheless, the FTC appear confident [Continue reading…]

Invia World banned in Austria for operating an “illegal business”

Invia World was launched amid the collapse of the Questra World Ponzi scheme. Headquartered in Austria and run Daniel Zdesar, who headed up Questra World’s Austrian chapter, Invia World promises a 36 month ROI on individual investments of up to €25,000 EUR. Following an internal investigation, on May 29th Austria’s Financial Market Supervisory Authority banned operation [Continue reading…]

Sean Brown reaches Digital Altitude fraud settlement with FTC

A third Digital Altitude defendant, Sean Brown, has reached a settlement agreement with the FTC. In line with previously reached settlements with The Upside LLC and Morgan Johnson, Brown’s settlement has been submitted to FTC Commissioners for approval.

Morgan Johnson settles Digital Altitude fraud with FTC for $54 million

Morgan Johnson, a named defendant in the FTC’s lawsuit against Digital Altitude, was the first individual to reach a proposed settlement. Back in May that settlement was presented to FTC Commissioners for approval, which appears to have since been granted. On June 29th the FTC filed a Joint Application seeking approval of a permanent injunction [Continue reading…]

The Upside LLC consents to perm injunction & monetary judgment

In their lawsuit that alleges Digital Altitude was a $14 million dollar fraudulent business, the FTC identified The Upside LLC as a California company managed by Mary Dee and primarily used to open merchant accounts for credit card processing. Mary Dee being one of Digital Altitude’s principals and also a named defendant in the suit. [Continue reading…]

USFIA Receiver seeks 90 day victim claim submission extension

Despite being able to file claims since April, a surprisingly small number of victims have thus far sought to recoup their losses. Owing to a “substantially lower than anticipated” number of submitted claims, the Receiver is seeking a 90 day submission extension.

Todd Spencer fighting to keep $350,000+ of fraudulent Zhunrize funds

Despite Zhunrize being a $100 million Ponzi scheme and pretty much every insider reaching a clawback settlement with the Receiver, Jeffery Todd Spencer believes the $350,000+ he received is his to keep. In a filed June 28th Joint Preliminary Report, additional details of Spencer’s clawback lawsuit have been revealed.