Articles under ‘regulation’:

A court transcript has provided the clearest picture of the ongoing international investigation into OneCoin yet.

Faith Sloan, the last remaining TelexFree defendant, was scheduled to face trial on February 11th. The SEC allege Sloan stole over a million dollars from TelexFree victims. Unfortunately due to Donald Trump’s ongoing government shutdown, Sloan’s trial has now been delayed until the end of March.

Payza co-founder Firoz Patel has pleaded not guilty to charges relating to money laundering. Patel also entered a plea of not guilty on behalf of Payza’s parent company, MH Pillars.

After roughly ten months of being a fugitive, Firoz Patel is turning himself in. Last March Firoz and his brother Ferhan were indicted on money laundering charges related to Payza. The DOJ alleged that through Payza, the Patel brothers laundered over $250 million dollars for “child pornography rings and other criminal enterprises”. Some of the criminal [Continue reading…]

Whereas Brazil can’t seem to convict anyone over TelexFree’s $3 billion in Ponzi fraud, regulators have managed to convict Carlos Costa for tax fraud. Costa is best known for being TelexFree’s Bagdad Bob. Even as authorities in the US and Brazil closed in on TelexFree, Costa, often sweating profusely, denied anything was amiss in regularly [Continue reading…]

Following a boom in local investor recruitment, Lyoness caught the attention of Italian authorities. Italy’s Competition Authority (AGCM) announced a preliminary investigation into Lyoness in September 2018. The investigation concluded in late December, resulting in Lyoness being declared a pyramid scheme.

Trump’s government shutdown has wreaked havoc on scheduling for active FTC lawsuits. One such lawsuit is FTC vs. MOBE, in which a Judge has bizarrely ordered the FTC to continue trying without lawyers.

Jason Guck is the last of the three 5Linx co-founders still awaiting sentencing. Guck was supposed to be sentenced on December 19th, however that date came and went with no news. Today I had Guck’s case flagged for an update.

An Australian court has frozen BitConnect Director John Bigatton’s assets. Bigatton is also prohibited from fleeing the country.

As it stands the FTC is currently reviewing four settlements in the Digital Altitude case. The closest of the settlement review deadlines is Michael Force on January 2nd. That is by January 2nd, the FTC was scheduled to have made a decision on the agency’s proposed settlement with Force. Unfortunately last month Donald Trump decided [Continue reading…]