Articles under ‘regulation’:

OneCoin scam warning issued in New Zealand

New Zealand’s Financial Markets Authority is claiming OneCoin has “the characteristics of a scam”. The FMA issued a consumer warning against OneCoin following information received regarding

OneCoin tells Norway it has no information on local affiliates

One of the recurring themes in OneCoin circles is a lack of transparency. What’s left of the company rarely communicates with what’s left of its affiliate investor-base. And when announcements are made, they inevitably lead to more questions, most of which go unanswered. The good news is it’s not just affiliate investors being kept in [Continue reading…]

MOBE’s Russel Whitney dead, Susan Zanghi’s $318M settlement

Lawyers for top MOBE affiliate Russel Whitney have confirmed Whitney passed away on November 20th. The revelation was made seeking an extension of time for Whitney to reply to the FTC’s lawsuit. The motion was granted, staying Whitney’s response in favor of a joint notice or motion detailing a proposed course of action.

5Linx’s Craig Jerabeck sentenced to 14 months in prison for fraud

Former 5Linx owner Craig Jerabeck was arrested on fraud charges back in mid 2017. Following a guilty plea entered six months ago, Jerabeck was sentenced to fourteen months in prison late this week.

USI-Tech likely to be permanently prohibited in Ontario after hearing

Seemingly more procedural than anything at this stage, the Ontario Securities Commission is seeking an order that would permanently ban USI-Tech.

$405,187 recovered from Zeek Rewards net-winners in 3Q, 2018

As revealed in the Zeek Rewards Receiver’s third quarter report for 2018, another $405,187 has been recovered from the Ponzi scheme’s net-winners.

Steve Chen’s wife relinquishes $3.2 million in stolen USFIA funds

Through Ally Investors LLC and other shell companies, Steve Chen’s wife, Li Zhao (aka Jennifer Zhao), received around $3.37 million in stolen USFIA investor funds. In 2015 the USFIA Receiver recovered approximately $3.2 million from a safe deposit box and bank accounts held in Ally Investors’ name. The seizure saw Li Zhao, the primary beneficiary [Continue reading…]

TVI Express criminal fraud charges filed in India

Although it collapsed ages ago and its website is offline, the TVI Express saga continues. Five years ago Indian authorities arrested Tarun Trikha, founder and CEO of the company. In 2014 the Indian Supreme Court directed the Central Bureau of Investigation to investigate TVI Express. Four years later the CBI has finally filed charges.

My Crypto Mine (Bitqyck) securities fraud cease and desist issued

A securities fraud cease and desist that closely ties into Bitqyck has been issued in Texas. Bitqyck was launched in early 2017 by co-founders Bruce Bise and Samuel (Sam) Mendez. They were joined by Mark Steven Royer shortly after launch. The Texas Securities Board refers to Bise as “a white collar criminal”. Mendez is a [Continue reading…]

Seventy-two TelexFree disallowed claims lists published

The good news TelexFree victims waiting for an update on allowed claims is you’re one step closer to distribution. The bad news is the latest update means payments probably won’t be going out this year.