Bid With Integrity served cease and desist, fined $50,000

bid-with-integrity-logoBid With Integrity launched in late 2012 and sought to capture what remained of the MLM penny auction niche at the time.

Announced shortly after the bust of the $850M Ponzi scheme Zeek Rewards, Bid With Integrity tilted more towards recruitment commissions in favor of Zeek’s Ponzi model.

The entire focus of Bid With Integrity appears to be signing up to the company on a paid membership, signing up others on monthly paid memberships and earning money on their monthly fees via the 20×3 matrix.

After it launched, Bid With Integrity never really went anywhere. The company website is still up, however traffic statistics reveal the opportunity has likely stalled.

The scheme didn’t go unnoticed by the South Carolina Securities Division though who, albeit somewhat late, last Friday served the company with a cease and desist. [Continue reading…]


Zeek Receiver’s Status Report for Q3, 2014

zeekrewardsPertaining to the SEC’s case against Zeek Rewards, the court-appointed Receivership recently filed its Status Report for the third quarter of 2014.

Below is a summary of the more important points outlined in the report. [Continue reading…]


Zeek Rewards Receivership suing Canadian net-winners

zeekrewardsAlthough it was filed back in August, we only found out about the Zeek Receivership’s lawsuit against Canadian net-winners through a Receivership update published yesterday.

A complaint was first filed on the 15th of August, with an amended complaint (which added additional investors to the list of defendants) filed shortly thereafter on September 4th.

Both complaints outline the fraudulent nature of Zeek Rewards, and claim that

because Zeek’s net winners “won” (the victims’) money in an unlawful combined Ponzi and pyramid scheme, the net winners are not permitted to keep their winnings and must return the fraudulently transferred winnings back to the Receiver for distribution to Zeek’s victims.

Collectively alleged to have stolen a combined $2.91 million from Zeek victims, defendants named in the complaint are as follows: [Continue reading…]


Herbalife to pay $15M settlement in Bostick class-action case

herbalife-logoThe Bostick class-action suit filed against Herbalife isn’t quite over yet, but a settlement agreement was filed a settlement yesterday that stipulated it would pay $15 million dollars to settle the case.

An additional $2.5 million would be paid to cover “product returns”, along with “numerous changes” to its business model for at least three years.

The proposed settlement terms were granted “preliminary approval” yesterday. [Continue reading…]


FBI: Genesis Acquisitions International part of a $50M Ponzi

genesis-acquisitions-international-logoA few weeks ago I wrote an article exposing Genesis Acquisitions International.

Shrouded in secrecy, much of what we learned of the scheme was through secret emails written by Ken Russo.

Russo, a serial participant in the some of the worst MLM scams ever to launch, lured investors via email with promises of 20% “guaranteed” ROIs in just a few weeks.

I am very firm in my belief that this is the real deal and I get no sense whatsoever that any kind of scam is intended here. It is very seldom that we can find an opportunity as transparent and viable as the Genesis Acquisitions International, LLC. investment club.

This is a wholesale purchase which is quickly turned over in order to produce the return (20%) to the members in a relatively short time frame.

Wary of Ponzi concerns, Russo reassured those he was soliciting that Genesis Acquisitions was no such scheme:

IMPORTANT NOTE REGARDING THE PONZI ISSUE

Those who are of the opinion that this might be another ponzi scheme should pay close attention to the next paragraph.

Upon completion of the first contract (PINEWOOD TCI 1) the members did not have the option of “rolling over” their funds.

Each and every member received their principal and interest to their bank account and this policy will remain in effect for all future contracts.

This demonstrates that Genesis Acquisitions International, LLC. is not a ponzi and that our funds are indeed placed into viable land sale transactions.

In a nutshell, Genesis Acquisitions International solicited tens of thousands of dollars worth of individual investments on the promise of 20% ROIs.

The scheme was headed up by William (Bill) Apostelos, and operated primarily through a “password-protected website”, email communications and NDA prohibiting investors from publicly advertising or discussing the scheme.

That didn’t stop the FBI from investigating Apostelos and his company though, with news today that the FBI have moved to freeze Apostelos’ known assets. [Continue reading…]


Argent Global Network suspend support & withdrawals (again)

argent-global-network-logoEarlier this month we reported on Argent Global Network confirming that regulatory issues were behind the company’s ongoing payment delays.

These issues naturally killed promotion momentum and the new funds Argent Global Network relies on to pay off existing investors have all but dried up.

In an email sent out over the last twenty-four hours, the company now advises it is suspending all affiliate withdrawals and cancelling support.

Quite obviously the problem-plagued company is in a shambles, however you won’t get any acknowledgement of what’s actually going down in their latest update.

Rather, despite quite obviously being starved of new funds, the picture painted is one of illusionary progress: [Continue reading…]


True Vision Global Review: Charity, church & matrix positions

true-vision-global-logoGathering information on True Vision Global is a bit of a challenge.

As best I’ve been able to make out, the company was set to launch earlier this year but this has been delayed. The “truevisionglobal.com” domain  currently redirects to “tvgpreregistration.com”.

This domain has a big “coming soon” banner at the top, implying that the opportunity hasn’t yet launched.

One domain mentioned on the site though is “tvg-connect.com”, which appears to be some sort of customer orientated website.

As far as information about the company goes, the preregistration website is mostly useless. It does however provide a corporate address, belonging to “McQuinn Enterprises”, in the Canadian province of Saskatchewan.

lois-mcquinn-co-owner-president-true-vision-globalThe TVG-Connect website however names a “Sister Lois McQuinn” (right) as the President and co-founder of the company.

Additional co-founders include Charles Andrade, Gustavo Zaldivar and William Anderson Jr.

On the social network Better Networker, Quinn identifies herself as an affiliate with ACN ($499 entry fee to market third-party products and services).

In late 2013, McQuinn joined and was actively promoting Penny Matrix. Penny Matrix relied heavily on religious-themed marketing, charging participants $7 to qualify to earn commissions on the recruitment of new members.

penny-matrix-promotion-lois-mcquinn-facebook

Charles Andrade meanwhile was one of the co-founders of MMO Cashout, a failed MLM opportnity that sought to monetize the trading of digital items in online games.

Promotional videos on Andrade’s YouTube channel reveal was also involved in Penny Matrix, as well as Lucrazon Global, 60 Second Millionaire, The Legends Network and Spinding.

On a training video for True Vision Global hosted by Andrade, a Skype popup box appears suggesting he was also an investor in Worldwide Solutionz:

charles-andrade-worldwide-solutionz-investor

Gustavo Zaldivar was involved in eCosway circa 2011 (prior to the US relaunch). He was also an affiliate in the Ponzi scheme ROI Unlimited.

Finally, William R. Anderson Jr. was again an affiliate with Penny Matrix and Spinding.

There’s some observable overlap here, so it’s likely that the four co-founders of TVG have been working together in past opportunities they’ve been in.

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


Nimara AdShare Review: $10 – $300 Ponzi “plan” investments

nimara-adshare-logoNimara AdShare claims to be ‘an investment company based in Marshall Island’,

Research reveals the cost of registering a company in the Marshall Islands is about $250 USD, with minimal information about those owning the company required.

Nimara AdShare would appear to exist in the Marshall Islands in name only. The Nimara AdShare website domain registration lists a “Radka Samkova” of “Le Nimara Group LTD” as the owner, with an address in the South Moravia region of the Czech Republic.

radka-samkova-owner-nimara-adshareRadka Samkova (right) is credited as the CEO of Nimara AdShare on their website, with the Czech Republic likely where Samkova is running the company from.

Promotional videos on Samkova’s YouTube channel indicate affiliate involvement with Empower Network (pass-up recruitment) and LaunchV (Vappnet reboot).

Going back even further, in 2012 Samkova was busy promoting MX Fast Money, a $40 feeder that leads into the MillionaireX pyramid scheme:

radka-samkova-promoting-mx-fast-money-facebook-2012

As far as I can tell, Nimara AdShare is Samkova’s first run on the executive side of an MLM company.

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


Nevada issues Wings Network securities warning

wings-network-logoIt was only a few months ago that Wings Network “suspended” its US operations.

Of course that was all pseudo-compliance baloney, with the company’s affiliates continuing to recruit US-based investors.

This eventually attracted the attention of the Massachusetts Securities of State, who filed a pyramid scheme complaint against the company in May. The case is currently making its way through the courts.

In the meantime, the US state of Nevada has now issued its own warning against Wings. [Continue reading…]


Preferred Merchants wired $4.8M 19 mins after SEC call

zeekrewardsI haven’t really been covering the battle between Preferred Merchants, COO Jaymes Meyer and the Zeek Rewards Receivership that has been quietly playing out for some time.

The only mention I’ve thus far  made of the tussle was noting it briefly in the Zeek Receivership’s quarterly report for July.

Recent filings by the Receivership in the SEC’s case against Zeek Rewards however shed interesting new light on the situation. [Continue reading…]