Articles under ‘regulation’:

FTC to return $200 million to 350,000 Herbalife victims

As part of the “we’re not a pyramid scheme, *winkwinknudgenudge*” settlement Herbalife reached with the FTC last year, $200 million will be returned to 350,000 Herbalife victims.


$145.4 million USFIA settlement reached, pending approval

On January 9th, the day before a scheduled trial to determine monetary relief, the SEC and Steve Chen attended a settlement conference. A settlement was reached, pending formal approval by the Commission (SEC attorneys can’t accept a settlement agreement of their own accord). Unfortunately Commission approval of the settlement is anticipated to take “approximately six weeks”.


Wanzeler accomplice caught with $20 million under mattress

As the years drag on, how TelexFree mastermind Carlos Wanzeler has been supporting himself in Brazil has been a bit of mystery. Insight into Wanzeler’s plans for the future have finally been revealed, following the arrest of a Brazilian national in Massachusetts.


Chargesheet filed against Speak Asia CEO’s wife

Following on from the arrest of Renu Sharma late last year, Mumbai’s EOW have now filed a chargesheet against the accused.


Turkish regulator finds Kairos Technologies is a pyramid scheme

Back in July the Turkish Customs and Trade Ministry launched an investigation into Kairos Technologies. The aim of the investigation was to establish whether or not Kairos Technologies was a pyramid scheme. As with most countries, the operation and promotion of pyramid schemes is illegal. In a press-release issued yesterday, the Customs and Trade Ministry announced [Continue reading…]


Nigerian scammers want govt to legalize MMM Global Ponzi scheme

The MLM underbelly in Nigeria is set to get even more bizarre, with local scammers lobbying the government to legalize Ponzi schemes. Investors who lost money after MMM Nigeria collapsed last month seem to be under the impression that, if legalized, Ponzi schemes won’t collapse.


SwissCoin added to FINMA warning list

FINMA are an “independent supervisory authority” that regulate Switzerland’s financial markets. As per FINMA’s website, the regulator’s mandate is to supervise banks, insurance companies, exchanges, securities dealers, collective investment schemes, and their asset managers and fund management companies. It also regulates distributors and insurance intermediaries. It is charged with protecting creditors, investors and policyholders. FINMA [Continue reading…]


FMA issues Kairos Technologies shell company warning in Austria

With arrests in Belarus and authorities investigating in Turkey, Lithuania, Hungary, Slovakia and Estonia, Kairos Technologies is having a hard time keeping its banking channels open. A few days ago the company announced plans to set up a new shell company to continue scamming people through. Since last November Kairos Technologies has been using ESA [Continue reading…]


OneCoin promotion prohibited by injunction in Italy

Earlier this month the Italian Antitrust and Consumer Protection Authority (AGCM) had issued cease and desists against local OneCoin affiliates. Yesterday the AGCM issued an interim injunction against One Network Services, effectively banning the promotion of OneCoin in Italy.


Chen fighting SEC on monetary relief (USFIA)

Despite having summary judgement granted against him, Steve Chen is still fighting the SEC in court. The SEC allege Steve Chen’s USFIA was ‘a massive pyramid scheme that defrauded myriad investors‘. Following Judge Klausner’s summary judgement ruling, this is no longer a point of contention. Rather Chen is challenging the SEC how much monetary relief he should [Continue reading…]