Articles under ‘regulation’:

Receiver decides Traffic Monsoon victims will not file written claims (updates)

A common trait of multi-million dollar Ponzi schemes is a lack of independent accounting on the backend. Records are stored higgledy-piggledy and often riddled with errors and/or incomplete. Traffic Monsoon is no exception, with the Receivership currently sifting through millions of transaction records in an attempt to forensically piece together the business. While circumstances might change [Continue reading…]

Connie Apostelos sentenced to 30 months prison (Genesis Acquisitions)

Connie Apostelos used her share of funds stolen through Genesis Acquisitions to fund $35,000 a month in expenses for her horse racing company. She also had a $400 a month Victoria’s Secret lingerie habit. Connie and her husband William ran the $70 million dollar WMI Enterprises Ponzi scheme. WMI Enterprises was made up of a [Continue reading…]

D9 Clube raided by police in Brazil

Despite promises to continue running the scam on Facebook, authorities are closing in on D9 Clube in Brazil. Following a six month investigation, Brazilian police launched operation Giza on Thursday morning. Operation Giza saw search warrants issued and raids conducted at ten different locations.

Norwegian Gaming Board suspects Lyoness is a pyramid scheme

Citing the ongoing receival of ‘many tips and questions from the public asking if Lyoness is a pyramid scheme‘, the Norwegian Gaming Board has provided an update on their current investigation.

VictoriaBank’s Zeek Rewards Ponzi funds to remain frozen

A decision to grant VictoriaBank a Motion to Dismiss back in May potentially placed $13.1 million dollars of stolen Zeek Rewards investor funds on the line. While the court granted VictoriaBank a dismissal, it maintained a freeze order pending conclusion of the Receiver’s anticipated appeal. The Receiver did indeed file an appeal, which will and [Continue reading…]

Final Judgment sought in SEC vs. James Merrill (TelexFree)

With the criminal side of TelexFree wrapped up (for now), the SEC’s civil proceedings have resumed. Back in September, 2014, the DOJ were granted a stay on all civil proceedings involving TelexFree, pending the outcome of their criminal case. With Merrill sentenced to six years in prison back in March, the SEC are now looking [Continue reading…]

DOJ claim Maike’s motion a “distracting red balloon, full of hot air”

On the day he was indicted, Richard Maike filed a motion seeking disqualification of a DOJ attorney working the case Assistant United States Attorney Marisa Ford filed the April criminal complaint against Maike. She also lead the DOJ’s intervention in Maike’s defamation case against whistleblower Chuck King. As part of proposed settlement in the defamation case, [Continue reading…]

The Moolenaar Amendment: Why is the DSA pushing pro-pyramid law?

Personally I think MLM regulation in the US is in a pretty good place. Other than the host of affiliate autoship recruitment scams that still need to be cleaned up (nutrition niche, I’m looking at you), there hasn’t been any major Ponzi or pyramid scheme launches in the US since the Vemma and Herbalife busts. [Continue reading…]

Apostelos’ sister and niece sentenced to probation

Although we knew various members of William Apsotelos’ family had plead guilty in relation to the Genesis Acqusitions Ponzi scheme, we didn’t really know much about their individual circumstances. At a sentencing hearing on Wednesday, July 26th, it was revealed that William Apostelos’ sister and her daughter “were in fear” of Apostelos and his wife.

Questra World warning issued by National Bank of Slovakia

Questra World are triggering regulatory alarm bells all across Europe, with the latest seeing the Bank of Slovakia issuing a warning.