Articles under ‘regulation’:

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.

Five Winds Asset Management investor warning issued in Belgium

Five Winds Asset Management, an attempt to keep the Questra World Ponzi scheme running a little while longer, has attracted the attention of Belgium’s Financial Services and Markets Authority. The FSMA is Belgium’s top financial regulator and on October 2nd, issued an investor warning against Five Winds.

Five OneCoin affiliates arrested in Korea, crackdown continues

Whereas we’re usually pretty on top of OneCoin affiliate arrests globally, this one from back in June slipped through the cracks. Since the start of this year, Korea’s Financial Supervisory Service has opened 27 investigations into cases of suspected infractions of the Act on the Regulation of Conducting Fund-Raising Business Without Permission this year. One [Continue reading…]

TelexFree Trustee proposes plan to resolve 19,530 disallowed claims

Although it has likely been eclipsed by some of the scams currently doing the rounds, the SEC’s 2014 bust of TelexFree was at the time easily the biggest ever seen. With three billion dollars purportedly pumped into the scheme by over a million affiliates, the size of TelexFree alone meant piecing together the fraud from [Continue reading…]