Articles under ‘MLM’:

PM International threatens Norwegian media with massive fines

One would think a legitimate MLM company with nothing to hide would be open to interviews, especially when they themselves initiated a request for one. Not so with PM International, who after requesting Norwegian media interview their CEO in Luxembourg, presented them with a list of outrageous demands.

Traffic Monsoon Receiver seeks to file amicus brief in appeal case

With both Charles Scoville’s and the SEC’s briefs filed in the Traffic Monsoon appeal case, Scoville now has the option of filing a reply brief. On October 20th Scoville requested an extension of time to file his reply, which was granted later the same day. The court gave Scoville until November 13th to file his [Continue reading…]

Infinity2Global criminal trial scheduled for Jan, 2019

Following a “complex case” designation, the Infinity2Global trial was put on hold pending a filed joint litigation plan. On October 6th that plan was filed, with Judge McKinley signing off on the proposed dates on October 26th.

Five Winds Asset Management investor warning issued in Belgium

Five Winds Asset Management, an attempt to keep the Questra World Ponzi scheme running a little while longer, has attracted the attention of Belgium’s Financial Services and Markets Authority. The FSMA is Belgium’s top financial regulator and on October 2nd, issued an investor warning against Five Winds.

Five OneCoin affiliates arrested in Korea, crackdown continues

Whereas we’re usually pretty on top of OneCoin affiliate arrests globally, this one from back in June slipped through the cracks. Since the start of this year, Korea’s Financial Supervisory Service has opened 27 investigations into cases of suspected infractions of the Act on the Regulation of Conducting Fund-Raising Business Without Permission this year. One [Continue reading…]

TelexFree Trustee proposes plan to resolve 19,530 disallowed claims

Although it has likely been eclipsed by some of the scams currently doing the rounds, the SEC’s 2014 bust of TelexFree was at the time easily the biggest ever seen. With three billion dollars purportedly pumped into the scheme by over a million affiliates, the size of TelexFree alone meant piecing together the fraud from [Continue reading…]

Cool Trader Pro collapses, Cool Trader Inc files for bankruptcy

MLM companies attached to robotic trading software make little sense. If you owned robotic trading software capable of generating legitimate and consistent returns year in year out, why would you share it? The normal thing to do would be to feed it seed money, let it do its thing and reap the profits. Opening your [Continue reading…]

TelexFree mattress money mule pleads guilty

Back in January Cleber Rocha, an accomplice of TelexFree owner Carlos Wanzeler, was caught trying to launder over twenty million dollars in stolen investor funds. An indictment on two counts of money laundering followed in March, which Rocha initially plead not guilty to. As of June Rocha was still contesting the indictment, however earlier this month [Continue reading…]

Lyoness asked to stop lying about Norway investigation, new deadline

Back in July it was revealed the Norwegian Gaming Board had reopened its pyramid scheme investigation into Lyoness. The investigation was reopened following a continued stream of complaints from the public, which prompted the Gaming Board to contact Lyoness in April. The Gaming Board sought to have Lyoness address concerns it was running a pyramid scheme [Continue reading…]

USFIA Receiver seeks $5.3 million clawback from Steve Chen’s ex-wife

While gullible USFIA investors were lead to believe they were investing in GemCoin points backed by valuable amber, on the back-end Steve Chen was siphoning off millions of dollars to enrich himself and his family. One recipient of stolen USFIA investor funds was Wei He, Chen’s ex-wife. The USFIA Receiver alleges He received over five million [Continue reading…]