AG Exchange fails to provide ownership or executive information on its website.

AG Exchange’s website domain (“ag1tr.com”), was privately registered on October 27th, 2025.

AG Exchange has already attracted the attention of financial regulators. On May 22nd, New Zealand’s FMA added AG Exchange to its list of “click a  button” Ponzi schemes.

The FMA notes AG Exchange also goes by AGPro Exchange and AG Pro. I’ll add AG VIP to that list.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money. [Continue reading…]

Wanted EXW fugitive Manuel Batista has been sentenced to prison in Dubai.

True to Dubai’s status as the MLM crime capital of the world, Batista’s Dubai sentence was not related to invested fraud. [Continue reading…]

Xtrade Exchange fails to provide ownership or executive information on its website.

Xtrade Exchange’s website domain (“extradeexchange.com”), was privately registered on February 23rd, 2026.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money. [Continue reading…]

Back in 2023 what was left of NewAge rebranded as PartnerCo.

NewAge had just come out of bankruptcy and been snatched up by John R. Wadsworth. Here’s what PartnerCo’s leadership looked like at the time:

Today most of the original PartnerCo lineup is intact. John Wadsworth and Darren Zobrist are credited as PartnerCo’s founders. Jon Williams is still around but there’s no mention of Deanna Latson or Phil Lewis on PartnerCo’s website.

As NewAge was, PartnerCo remains headquartered out of Utah.

While Zobrist and Wadsworth didn’t have anything to do with it, I have to mention the reason NewAge collapsed appears to be gross mismanagement.

Reports of sabotage and extortion emerged post bankruptcy, with a court-appointed liquidator suing NewAge’s former executives for causing “substantial harm” to the business.

One of those executives, Brent Willis, settled fraud charges with the SEC for $175,000 a few months ago.

In covering PartnerCo’s launch back in 2023, I noted its compensation plan details were being withheld. This prevented BehindMLM from publishing a review.

I remember tracking PartnerCo for a few months figuring compensation details would be made public, before eventually giving up.

A reader recently asked if there’s was an update. Sometime over the past three years PartnerCo stopped hiding its compensation plan, so here we are.

Read on for a full review of PartnerCo’s MLM opportunity. [Continue reading…]

Polar Tensor has received a securities fraud warning from the Alberta Securities Commission (ASC).

As per ASC’s May 14th Polar Tensor fraud warning; [Continue reading…]

Legacy Group has received a securities fraud warning from Quebec’s Autorite des Marches Financiers (AMF).

As per AMF’s May 21st Legacy Group fraud warning; [Continue reading…]

HQI Exchange, aka HQIEX, has received a securities fraud warning from the Alberta Securities Commission (ASC).

As per ASC’s May 14th HQI Exchange fraud warning; [Continue reading…]

54EX fails to provide verifiable ownership or executive information on any its websites.

54EX operates from four known website domains:

1. 54expro.com – privately registered March 12th, 2026
2. dfw556.com – privately registered April 2nd, 2026
3. dfw557.com – privately registered April 2nd, 2026
4. dfw558.com – privately registered April 2nd, 2026

The “dfw” domains are used to host “DFW Group” websites. DFW Group is a fake gold investment firm created to support 54EX’s trading signals ruse.

DFW Group is run by founder “Benjamin Foster”, a fictional identity represented by an AI avatar.

Despite only existing for a month and a half or so, DFW Group is falsely represented to have been around since 2020.

As part of further efforts to feign legitimacy, 54EX and DFW Group present a purported certificate, representing registration of an Australian company with the Australian Investments and Securities Commission (ASIC):

ASIC are known for non-regulation of MLM fraud. Furthermore anyone can register a company with ASIC using whatever bogus details, there is no verification.

For this reason ASIC registration is favored by scammers residing outside of Australia.

With respect to MLM due-diligence, ASIC registration certificate as proof of legitimacy is therefore meaningless.

As to who’s actually running 54EX and DFW Group, if we look at the source-code of the 54EX website we find Chinese:

We also find a reference to “asiaex-pro.com”. This domain is associated with multiple recently launched Chinese “click a button” app Ponzis; NewEra Exchange, Swift Wave Capital and TXO Exchange.

The same Chinese scammers running these Ponzi scams are also behind 54EX and DFW Group.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money. [Continue reading…]

Bulletproof Matrix fails to provide ownership or executive information on its website.

Bulletproof Matrix’s website domain (“bulletproofmatrix.com”), was privately registered on May 8th, 2026.

A visit to Bulletproof Matrix’s website without a referer reveals Jeremy Duncan is the default referer:

A visit to Duncan’s Facebook page reveals he launched Bulletproof Matrix on May 17th:

Duncan (right) is a serial fraudster. To date BehindMLM has documented eight of Duncan’s pyramid schemes:

1. M80 Advertising (early 2023)
2. The Rocket Recruiter (April/May 2023)
3. My Traffic Powerline (August 2023)
4. ShareTheWinnings (January 2024)
5. Fast Start Profits (August 2024)
6. Split The Winnings (December 2024)
7. Cash Multiplier System (October 2025)
8. AI Viral Downline (January 2026)

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money. [Continue reading…]

Seven months after he sold My Daily Choice off to Immunotec, Josh Zwagil has now sold AkashX to Conectiv. [Continue reading…]