Articles under ‘regulation’:

Joseph Craft banned from appearing before SEC as an accountant

Continuing their pursuit of professionals who enabled the $3 million dollar Ponzi scheme TelexFree, the SEC today announced it has banned Joseph Craft from appearing before them as an accountant.


TelexFree civil case resumes, SEC files second complaint amendment

With criminal proceedings against TelexFree’s James Merrill completed, the SEC filed for a lift on the stay that froze their civil case back in 2014. That motion was granted on September 12th, which will see the SEC resume proceedings against TelexFree, Carlos Wanzeler, Santiago De La Rosa, Randy Crosby and Faith Sloan.


Italian OneCoin affiliates provided letter template demanding refund

The OneCoin affiliate investor pool is currently divided into two camps. The first group of investors are those who believe the points in their backoffice are actual money. Since inception, all OneCoin affiliates have been able to do with their points is transfer them to other affiliates. Under the guise of trade with third-party merchants, in [Continue reading…]


Young Living fined $760,000 for trafficking rosewood & spikenard oil

Following an investigation into the illegal trafficking of essential oils, earlier today the FTC announced it was fining Young Living $500,000. The company is also required to pay $135,000 in restitution and $125,000 as a “community service payment”.


$33.8 million recovered from Zeek Ponzi net-winners to date (45.4%)

The granting of Final Judgment against outstanding Zeek Rewards net-winners last month seems to have hastened settlement agreements. Last we checked in a few hundred net-winners had settled as of May, 2017. As per a Motion to Approve Settlement Agreements filed on August 25th, that number has since ballooned out to 1,792.


Peru issues Pay Diamond, OneCoin, CoinSpace & MMM Global warning

Peru has grouped some of the top MLM Ponzi schemes doing the rounds and issued a collective consumer warning. The warning was issued on September 9th by Superintendencia De Banca, Seguros & AFP (SBS), Peru’s top financial regulator.


WCM777 Receiver confirms ~$14.9 million returned to affiliate victims

Last we checked in approximately $21 million was scheduled to be returned to WCM777 victims in February. In the Receiver’s Fourteenth Interim Report, filed September 7th, we finally got confirmation payments went out as planned.


Third Chinese OneCoin affiliate arrests uncovered, $1.2 million in losses

Up until recently BehindMLM was aware of and reported on two separate arrests of Chinese OneCoin affiliates. The first arrests took place in April, 2016, around the time OneCoin intended to hold a “grand ceremony” event in Harbin (north China). The event was quietly dropped following a raid on a OneCoin promotional event in Guandong [Continue reading…]


OneCoin pyramid scheme warning issued by Polish regulator

A year ago Poland’s Ministry of Justice received a public enquiry regarding OneCoin. The enquiry sought to establish whether OneCoin was potentially beaching Polish banking laws. A subsequent investigation into OneCoin by the National Prosecutor’s Office uncovered potential breaches of “unfair market practices”. The investigation findings were forwarded to the Office of Competition and Consumer [Continue reading…]


Howard Kaplan denied Receiver deposition, trial date set (Zeek Rewards)

One of the last insider holdouts of the Zeek Rewards Ponzi scheme is Howard Kaplan. Whereas pretty much everyone else who profited from the operation of Zeek Rewards has settled and been stripped of the fraudulently obtained funds they were paid, Kaplan is challenging the Receiver and heading to trial.