Articles under ‘regulation’:

ATC Coin founder wanted by police for diverting invested funds

Subash Jewria (aka Subhashchand Jewria) founded the ATC Coin pump and dump altcoin pyramid scheme earlier this year in March. Built on the ATCC cryptocurrency, Jewria offloaded premined ATCC to victims based on the “projected value” of the coin. According to official ATC Coin projections, ATCC was supposed to be worth a minimum ₹25 INR (38 [Continue reading…]

iMarketsLive investment warning issued in Colombia

According to Alexa, Colombia is currently the fourth largest source of traffic to the iMarketsLive domain. The recruitment efforts of Alex Morton and his posse haven’t gone unnoticed by the Superintendencia Financiera de Colombia, who earlier today issued an investment warning against iMarketsLive.

MBI Ponzi scheme duped 350,000 affiliates out of $165 million

An ongoing investigation by Malaysian authorities has revealed the MBI Ponzi scheme saw 350,000 affiliates lose 700 million MYR ($165 million USD). MBI was a Ponzi scheme based on GRC Unit Ponzi points. MBI affiliates invested up to $35,000 in GRC Units, the internal value of which was set by MBI.

No criminal charges pending against Krassenstein brothers

Two days ago I became aware of an asset seizure related to a property owned by Edward and Brian Krassenstein. The brothers are the owners of the now closed Ponzi promotion platforms, MoneyMakerGroup and TalkGold. In their forfeiture complaint, filed August 21st, the DOJ accused the Krassenstein brothers of conspiring to commit wire fraud. This strongly [Continue reading…]

MinerWorld caught out lying about Paraguayan CNV securities registration

The single-biggest challenge faced by online MLM Ponzi schemes is credibility. In addition to proof of an external revenue source, registration with securities regulators is one of the tallest hurdles to overcome. So important is convincing your investor-base that you’re above board, that some companies will openly lie about it. Miner World is one of [Continue reading…]

MoneyMakerGroup and TalkGold owners accused of wire fraud

Brothers Edward and Brian Krassenstein owned the MoneyMakerGroup and TalkGold internet forums. Easily the two largest publicly accessible Ponzi promotion platforms on the internet, both MoneyMakerGroup and TalkGold were pulled offline last month without explanation. Today BehindMLM can exclusively reveal that, in relation to their operation of both forums, the DOJ has accused the Krassenstein brothers [Continue reading…]

OneCoin affiliate a suspect in Finnish financial crime case

Finland was one of the first countries to announce a OneCoin investigation. Unfortunately Finnish authorities put investigating the Bulgarian Ponzi scheme in the “too hard” basket. Naturally the Ponzi problem didn’t go away, and people in Finland continued to be recruited into and scammed by OneCoin and its affiliates. With complaints from the public continuing [Continue reading…]

Sandra Gavel cops $123,728 Summary Judgment (Zeek Canada)

Canadian Zeek Rewards scammer Sandra Gavel’s response to clawback litigation filed against her was somewhat confusing. Upon being served papers on behalf of the Zeek Receiver, Gavel penned a letter to the court to inform it she didn’t consent to US jurisdiction. This didn’t mean anything legally, and so the Receiver filed a motion requesting legal [Continue reading…]

TelexFree mattress money mule to change money laundering plea

Cleber Rocha, accomplice of TelexFree’s Carlos Wanzeler, was indicted back in March for money laundering. The indictment followed the arrest of Rocha in January, after authorities caught him distributing large sums of money on Wanzeler’s behalf. Information provided by Rocha lead to the seizure of twenty million dollars, hidden under a mattress in an apartment [Continue reading…]

Mama Captain blacklisted by authorities, reboots as iBuddee

Malaysian authorities have a reputation of being one step behind scammers that operate locally. Recently the country has lifted its regulatory game, but unfortunately it’s still far to easy for those running Malaysian scams to evade arrest.