Articles under ‘regulation’:

Norwegian regulator seeks permission to attend OneCoin event

Regulatory concerns about OneCoin are heating up in Norway, with news that the country’s top regulator has asked to attend a recruitment event this Saturday. Norwegian banks have also started blocking investment into OneCoin.

Kairos Technologies’ payment processor issued cease and desist

Amid ongoing delays in paying their affiliates, Kairos Technologies announced the use of SchonPay on February 2nd. Please note that this payment option is functioning in test mode. We recommend you to register in Schonpay system and to create a withdrawal request in the KairosPlanet Cabinet using the SchonpayID. The algorithm for creating these applications [Continue reading…]

Zeek Reciever files 4th quarter 2016 Status Report

On February 14th the Zeek Rewards Receiver filed his Status Report for the fourth quarter of 2016. Nothing much new in the report, but it does give us a current status update as to where everything’s at. I’ve included the more interesting parts of the report below under respective headings.

OneCoin warning issued by Bank of Uganda

aUganda is the latest country to issue a regulatory warning against OneCoin. A notice published by the Bank of Uganda on February 14th all but accuses OneCoin of being a Ponzi scheme.

Canadian Zeek net-winner trial rescheduled, summary judgement?

Late last year the clawback trial for Canadian net-winners of the Zeek Rewards Ponzi scheme was rescheduled for February 13th. Last month the trial was rescheduled again for May 15th. Simultaneously, the Zeek Receiver has also filed a Motion for Summary Judgement.

Zeek Rewards founder Paul Burks sentenced to 14 years in prison

Following a lengthy sentencing hearing today, Paul Burks has been sentenced to fourteen years and eight months in prison. The sentence will likely see Burks spend the rest of his natural life behind bars, as acknowledged by Judge Cogburn during the hearing.

William Apostelos pleads guilty to wire fraud (Genesis Acquisitions)

Rather than argue a fruitless case in court and lose anyway, today William Apostelos plead guilty to mail and wire fraud. Apostelos was indicted back in October of 2015 on thirteen counts of wire fraud. Part of Apostelos’ $75 million dollar Ponzi empire included Genesis Acquisitions, reviewed by BehindMLM in October, 2014.

$498 million default judgement awarded in Changes Trading case

Last year the CFTC filed a lawsuit against Changes Trading and co-owners Timothy Baggett and Kimball Parker. Negotiations between Parker and the CFTC are ongoing but Baggett has thus far failed to make an appearance in the case. In November the CFTC filed for an entry of default against Changes Trading and Baggett. This was granted [Continue reading…]

William Apostelos’ trial delayed till April, 2017 (Genesis Acquisitions)

William Apostelos, the man behind the Genesis Acquisitions Ponzi scheme, was scheduled to face trial on February 6th. Citing the need for ore ‘time to adequately prepare this complex case for trial‘ and ‘review a government document recently presented‘, Apostelos asked for a continuance on January 23rd.

Brazil indicts twenty-two TelexFree scammers

While the sentencing of James Merrill next month will see the criminal side of TelexFree proceedings in the US wind up, down in Brazil they’re just just getting started. Following a three year investigation by Brazilian Federal Police, last Thursday twenty-two Brazilian TelexFree scammers were indicted.