Articles under ‘regulation’:

Clawback amount process for Zeek Rewards net-winners approved

Following a proposal submitted last month by the Receiver, an order has established how much Zeek’s Rewards’ net-winner class will have to pay back. The order makes no amendments to the Zeek Receiver’s initial proposal, which had already been signed off on by attorneys representing the 9000 strong net-winner class.

Fabio Wanzeler’s house locked down till conclusion of criminal trial

Following suspicion that the house Fabio Wanzeler’s Florida house had been purchased with stolen TelexFree Ponzi funds, last December the DOJ requested a restraining order against the property. The DOJ were concerned that if James Merrill and Carlos Wanzeler were convicted, steps might be taken to sell or transfer the property to obfuscate links to TelexFree. [Continue reading…]

Kristi Johnson sentencing hearing scheduled for February 14th

Following a guilty plea for wire fraud conspiracy back in 2015, Achieve Community co-owner Kristi Johnson has been stuck in sentencing limbo. As per a court order November, 2015 court order, Johnson’s sentencing was postponed until the resolution of Troy Barnes’ criminal proceedings.

TeamVinh to pay $2.3 mill in disgorgement, Vu Le cops $160,000 fine

Back in late 2015 the SEC filed a lawsuit against TeamVinh. In their lawsuit, the SEC alleged TeamVinh was a $3 million dollar Ponzi scheme. Last we checked in on the case was March of last year, at which time a consented judgement against TeamVinh and owner Vu H. Le (aka Vinh H. Le) was made.

Zhunrize Reciever seeks approval for 2858 victim claim payouts

Following a lengthy analysis of 20,219  victim claims totaling $99 million, the Zhunrize Receiver has determined $41 million across 2858 claims is actually payable. Along with nine vendor claims totaling $338,254, the Receiver has asked the court to approve the distribution of funds on these claims.

Joseph Isaacs & ISG Telecom settle with TelexFree Trustee for $50,000

Joseph Isaacs and his company ISG Telecom assisted TelexFree with telecommunications regulations. In early 2014, TelexFree retained ISG to register the VOIP phone service and mobile telephone service with various public utility agencies and to perform related services. For this service, Isaacs was paid hundreds of thousand of dollars in stolen Ponzi funds. In April, 2016 the TelexFree [Continue reading…]

Herman Ronnie Young shuts down Race Cycler, settles with SEC

Race Cycler launched in 2014 and offered affiliates participation in a $230 matrix cycler. Upon reviewing Race Cycler, BehindMLM concluded it was a pyramid scheme. At the time we suspected Kent Brown was behind the scheme, however further research a week later led us to believe Ronnie Young was running the show. Young (full name [Continue reading…]

Kimball Parker tries to hide $100,000 from the CFTC (Changes Trading)

As per a January 13th filing by the CFTC in the Changes Trading case, Kimball Parker appears to be trying to hide $100,000 from the regulator. The CFTC filed a lawsuit alleging violations of the Commodity Exchange Act against Parker last October. Thus far Parker and co-conspirator Timothy Baggett have failed to make an appearance in [Continue reading…]

Telexfree mattress money mule detained until trial

In one of the more dramatic MLM underbelly arrests we’ve seen, earlier this month Cleber Rene Rizerio Rocha was apprehended at a Best Buy in Massachusetts. Rocha led HSI agents back to a “stash house”, where they found $20 million stashed under a mattress. Rocha was allegedly acting on behalf of Carlos Wanzeler, who wanted to [Continue reading…]

Zeek Receiver proposes plan for net-winner class clawbacks

Last November Summary Judgement was granted against Zeek Rewards’ net-winner class in the US. The Zeek Receiver has been working on a plan to claw back illegitimate earnings from over 9000 net-winner affiliates. On January 17th the Receiver submitted \a proposal to establish how much each Zeek Rewards net-winner will have to pay back.