Articles under ‘regulation’:

Mental health issues continue to delay Daniel Filho’s criminal trial

With pretty much every court update filed under seal, I don’t have much concrete information to report on Daniel Filho’s criminal trial. It emerged Filho was wanted by the FBI in July, 2015. He was arrested later that month and faces criminal charges for running the DFRF Enterprises Ponzi scheme. Last we checked in a second [Continue reading…]

5Linx co-founders arrested, criminal charges filed

The beef between 5Linx’s former CEO Craig Jerabeck and former partners Jason Guck and Jeb Tyler has escalated, following criminal charges filed by the DOJ. Arrest warrants were issued for Jerabeck, Guck, Tyler earlier this week, in conjunction with a criminal complaint filed on March 21st.

SEC sues Keith Laggos for promoting Zeek Rewards Ponzi scheme

Keith Laggos was involved with Zeek Rewards almost from inception. Laggos joined Zeek Rewards as a paid consultant around June 2011 and shortly after, the company switched from guaranteeing a 125% ROI on every bid purchased, to paying a variable ROI over 90 days. Laggos publicly credited himself as the prime instigator of the change [Continue reading…]

uFun Club scammer prison sentences top 12,000 years

After a long investigation and over a hundred arrests, twenty-two uFun Club scammers have been sent to prison in Thailand. Forty four uFun Club scammers stood trial on Wednesday. Twenty-two were found guilty and the remaining twenty-one were acquitted ‘due to insufficient evidence‘.

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…]