Articles under ‘regulation’:

GTI-Net Ponzi pyramid warning issued in Belgium

 GTI-Net launched in late 2015/early 2016 and had all but collapsed. In June 2017 however the company was brought back from life support by a flurry of activity in Belgium. Alexa today estimate that Belgium is the largest source of traffic to the GTI-Net website (73%). This has caught the attention of Belgium’s Financial Services [Continue reading…]

TelexFree net-winner class objects to claim resolution procedures

Having followed the Zeek Rewards case, it’s my understanding that net-winner and victim claim procedures are pretty straight forward. Both parties file claims and what’s provable on paper is accepted. The rest of the claims are tossed out and funds are then clawed back from net-winners and returned to victims. Fearful of being held accountable [Continue reading…]

$43.7 million recovered through Zeek Rewards clawbacks

On November 15th the Zeek Rewards Receiver filed his Status Report for the third quarter of 2017. In it the Receiver revealed that to date, $43.7 million has been recovered through clawbacks from Zeek Rewards affiliates, vendors and insiders. Here’s a rundown of the rest of the updates featured in the report:

Net-winners still trying to weasel out of TelexFree securities fraud case

Four and a half years after the SEC shut it down and with one of its founders in jail for wire fraud, you’d think TelexFree’s net-winners wouldn’t have a leg to stand on. Not these shameless scammers. With criminal proceedings against James Merrill concluded and Carlos Wanzeler a fugitive in Brazil, the SEC’s civil case [Continue reading…]

iMarketsLive pyramid warning issued in Curaçao and Sint Maarten

Although iMarketsLive has made efforts to address a potential lack of retail sales, unregistered securities is still an ongoing compliance issue. Last month Colombia issued an illegal investment warning against the company, with the Central Bank of  Curaçao en Sint Maarten this month following suit.

Bielefeld Prosecutor, Munich Police Commissioner deny Ignatova arrest

Since Nbox broke the news that Ruja Ignatova had allegedly been arrested last Saturday, verified information related to the arrest has been slow to surface. Thus far we have The Gerlach Report claiming Ignatova was indeed arrested, and is being held at Stadelheim prison in connection to a fraud case in Bielefeld. Countering this is [Continue reading…]

SEC sues Fort Ad Pays, reveals $38 million dollar Ponzi scheme

Fort Ad Pays was a Ponzi scheme that surfaced in 2015. Run by Pedro Fort, Fort Ad Pays affiliates invested in $1 to $300 on the promise of an advertised ROI of up to 210%. The ruse behind Fort Ad Pays’ business model was ad credit-packs, which provided advertising credits. By using these credits, Fort [Continue reading…]

Ruja Ignatova arrested in Germany, report Bulgarian media

Despite OneCoin being in turmoil following a disastrous ICO that’s not an ICO announcement, there hasn’t been a peep out of management. With Pierre Arens walking out last month, it was expected that at some point Ruja Ignatova would come out of hiding to address OneCoin affiliates. That hasn’t proven to be the case, with [Continue reading…]

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.