TelexFree bankruptcy over? Status conference cancelled.

telexfree-logoFollowing the publication of TelexFree Trustee Stephan Darr’s status report a few days ago, a status conference pertaining to TelexFree’s bankruptcy proceedings was to be held today (February 5th).

Upon reading Darr’s status report however, it seems Judge Hoffman didn’t like what he saw.

Consequently, Judge Hoffman ordered the status conference cancelled and that Kurtzman Carson Consultants make Darr’s status report available on their website:

status-report-telexfree-trustee-Kurtzman-Carson-Consultants-website

To be honest, I’m not 100% sure what this means. [Continue reading…]


Default judgment ordered in OfferHub vs. Craddock

offerhubb-logoFor his part in promising to deliver Zeek Rewards investors to several reload schemes and then failing to deliver, Robert Craddock found himself defending two lawsuits.

Early 2014 saw BidsThatGive and OfferHub sue Craddock for cybersquatting, trademark infringement, wrongful use of computers, misappropriation of trade secrets, wrongful interference with economic relations, breach of contract, unjust enrichment, defamation and piercing the corporate veil.

robert-craddockCraddock (right) responded to the lawsuit and things progressed through the courts until Craddock’s attorneys withdrew themselves from the case in July.

The court approved the withdrawal of counsel in mid August, giving Craddock fourteen days to obtain new counsel.

By the end of September, well past the fourteen day deadline, Craddock had still failed to acquire new counsel. Thus the court ordered him to retain counsel and show cause as to why sanctions should not be imposed.

Craddock was given till October 6th to make this filing and retain counsel, which also came and went.

Ten days later Magistrate Judge Foley issued an order recommending Craddock’s answer to the original complaint be stricken, and that default judgment be entered against him. [Continue reading…]


Colorado recovers $2.1 million from investment scammers

Giving themselves a pat on the back, an announcement from DORA, the Colorado Department of Regulatory Agencies, today celebrates the recovery of $2.1 million from investment scammers.

The sum was recovered from various investment scams dating back to 2013, with the Colorado Securities Division praised for their efforts.

After completing an analysis of its 2014 numbers, the Division of Securities, which is responsible for regulating and enforcing compliance with state standards by investment agencies and professionals, as well as protecting the public from fraudulent investment schemes, opened and completed a total of 149 major fraud investigations in 2013 and 2014.

These inquiries resulted in 17 felony criminal prosecutions, 31 civil cases, and approximately $18 million in court-ordered restitution.

At least $2.1 million of that amount was returned to investors, with some of the funds no-doubt being fines and other recoveries ordered to be paid back incrementally. [Continue reading…]


Brazilian police raid iFreeX event, Sann Rodrigues arrested?

ifreex-logoDramatic scenes unfolded overnight at an iFreeX event held in the Brazilian state of São Paulo.

Speaking at the event was Sann Rodrigues, who has fled the US following regulatory action initiated against TelexFree. [Continue reading…]


Trustee: TelexFree was a $1.8 billion dollar Ponzi scheme

telexfree-logoAhead of a status conference in the TelexFree bankruptcy proceedings to be held tomorrow, comes a status report filed by the court-appointed Trustee, Stephen Darr.

In the report, among other things, it’s revealed that the extent of fraud that took place within TelexFree far exceeded any previous estimates.

(TelexFree) purported to be operating a multi-level marketing company engaged in the sale of voice over internet protocol services, but they were, in actuality, perpetrating a pyramid scheme involving as many as a million or more participants.

(TelexFree) and an affiliated company located in Brazil, known as Ympactus Comercial Ltda. (“Ympactus”), together obtained as much as $1,800,000,000 from individuals located throughout the world over a period of approximately two years.

$1.8 billion dollars?! Bloody hell. [Continue reading…]


Achieve sign AeroPay, shutdown support & booting investors?

achieve-community-logo

Now that we have our Forum up, it is up to all of you to create the communication you want to have there.

Help each other with questions please, and if there are comments you don’t like don’t answer them, it isn’t necessary for anyone to be bothered by our members opinions.

The Forum is a place for everyone to have their say.

-Kristi Johnson, Achieve Community owner (December 15th, 2014)

Despite the above assurance from Kristi Johnson, it seems there are some things the company doesn’t want to address.

These likely include questions such as “where is my money?” and “can I get a refund?” [Continue reading…]


uFun Club Review: uToken digital currency investment

ufunclub-logoPutting together an accurate picture uFun Club opportunity presents somewhat of a challenge.

The company operates a website at the domain “ufunclub.com”, but you’d be hard-pressed figuring out there’s an attached MLM business opportunity.

In addition to hiding the business opportunity, there’s no information on the website indicating who owns or runs the business.

The uFun Club website domain itself was registered on the 7th of December 2012, however the domain registration is set to private.

The only thing to be gleaned from the uFun Club website is that purportedly, the company is being run out of Asia. To that end a number of Asian office addresses are listed on the company’s website.

Credited as the “inventor of the system” uFun Club uses is a man referred to as “Mr. Huang”:

mr-huang-inventor-ufunclub-utoken

Huang is supposedly based out of Singapore and is referred to by uFun Club affiliates as “a Chinese mathematician”.

Where Huang’s name is mentioned in connection to uFun Club, the usual fluff about “spending years to develop” the uFun Club system follows.

There is little to no information out there as to Huang’s experience in the MLM industry. Hell, I had trouble even with the basics, such as Huang’s first name.

This is likely by design. Also unavailable is information regarding whether Huang is directly involved in uFun Club and to what extent.

Another face that consistently popped up in uFun Club promotion was that of Athiwat Soonpan:

Athiwat-Soonpan-international-president-ufunclub-utoken

Athiwat-Soonpan-international-president-ufunclub-utoken2

Soonpan is credited as a Thai defense force advisor and, as above, regularly appears in military garb for uFun Club photo ops.

His MLM history or how he came to be the International President of uFun Club? No idea.

Soonpan struck me as little more than a posterboy for the company, someone to dress up and be the face of the uFun Club.

As one uFun Club affiliate claimed in a marketing video, Soonpan lending his name to uFun Club ‘establishes instant credibility here in the east‘.

Working in their favor when it comes to marketing uFun Club, is that English-speaking people aren’t really going to be 100% sure what they’re looking at.

I saw a mountain of claims made in uFun Club presentations I watched. Photos and screenshots of articles purportedly backing up the claims would pop up on the screen for a few seconds, however at no point were hard facts presented.

Definitely be wary of most of the claims made surrounding the promotion of uFun Club. If you set out to do your own research, here’s just one example of the suspect claims you can expect to find:

Talks and Agreements are also being held between the Chinese Governrment (sic) and UFUN Management to Officially Upgrade Utokens as China’s Recognized Digital Currency​.

If you can’t even get a straight story regarding the company’s founder, believing anything else at face-value is too much of an ask.

With all of that in mind, read on for a full review of the uFun Club MLM business opportunity. [Continue reading…]


Wikaniko Review: Robust green-themed product catalog

wikaniko-logoThere is no information on the Wikaniko website indicating who owns or runs the business.

The Wikaniko website domain “wikaniko.com” was registered on the 13th of February 2008. Paul Hughes is credited as the domain owner, with an address provided in Newcastle, England.

Google Maps shows that the address provided is in the middle of a residential area.

In addition to Hughes, the names Trevor and Karen Blake feature on Wikaniko promotional material. In the material, the Blakes are credited as “The Wikaniko Team”.

Information on Hughes and the Blakes are sketchy, with most of the information on Wikaniko available online being affiliate marketing material.

Update 3rd February 2015 – Trevor Blake informs me that his name does indeed appear on the Wikaniko website contact page. I verified this myself and found Karen and Trevor Blake, Kate and Andrew Mitchell and George Hawley listed as Wikaniko’s Directors.

No further information about any of the above individuals is provided. And there’s also no mention of Paul Hughes or his role within the company. /end update

One particular thread over at the forum Downsizer caught my attention, shedding some light on those running the company:

It would seem that the Wikaniko MLM scheme was set up just over a year ago by a couple called Trevor and Karen Blake, who have already done very nicely on the proceeds of a similar MLM operation, Telecom Plus (run by a canny fellow called Charles Wigoder, who is 612st on the Sunday Times ‘Rich List’ as a result), and by a chap called Paul Hughes.

Telecom Plus (Utility Warehouse) is a utilities-based MLM company in the UK, and are still in business today.

From the looks of it Hughes and the Blakes do have some MLM experience as affiliates, but Wikaniko appears to be their first venture on the management side of things.

Why there’s no information about Trevor and Karen Blake or Paul Hughes on the Wikaniko website is a mystery.

Read on for a full review of the Wikaniko MLM business opportunity. [Continue reading…]


Six new arrests in Speak Asia criminal case (top investors)

speak-asia-online-logoPossibly setting a record for longest-running MLM Ponzi criminal investigation ever, news today from Indian regulators in the ongoing Speak Asia case.

On the 31st of January, six new arrests were made by the Economic Offenses Wing (EOW) in Mumbai. [Continue reading…]


Crowd2Funding Review: $139.95 a pop recruitment scheme

crowd2funding-logoThere is no information on the Crowd2Funding website indicating who owns or runs the business.

The Crowd2Funding website domain (“crowd2funding.com”) was registered on the 2nd of August 2014, however the domain registration is set to private.

In the Crowd2Funding Terms and Conditions, the following address is provided for refunds:

Crowd2Funding.com
c/o The Whale Club, LLC
7900 International Drive, Suite 300
Bloomington, MN 55425
United States

Putting aside that this is a virtual office address provided by OffiCenters, the mention of “The Whale Club LLC” would appear to correspond to the website “thewhaleclub.com”:

the-whale-club-about-us-page

As above, the club appears to have previously launched several business opportunities.

The Whale Club vision is to build a Billion Dollar Company by enriching Millions of Affiliates Worldwide to attract Millions of Customers via our word of mouth team attraction Network Marketing model.

This simply is done by combining three of the largest online industries in the World; Home Based Business/Network Marketing, Online Casinos and Rewards Programs (Penny saved, is a Penny earned).

All recession proof economy building Globally accepted markets.

They also apparently sell $4995 travel memberships:

whale-club-travel-membership

After none of those ideas or the selling of ridiculously priced travel memberships went anywhere, now The Whale Club has launched Crowd2Funding.

As to company ownership, The Whale Club LLC website advises that it is based out of the US state of Minnesota and founded by Mark Enderson:

mark-enderson-founder-the-whale-club-crowd2funding

In his Whale Club bio, Enderson claims to have ‘21 years total Network Marketing Experience‘, however no specific examples are provided.

I did try to research Enderson’s MLM history on my own, but outside of failed Whale Club ventures didn’t find anything.

Why Mark Enderson’s name doesn’t appear anywhere on the Crowd2Funding website is a mystery.

Read on for a full review of the Crowd2Funding MLM business opportunity. [Continue reading…]