Quebec’s Autorité des marchés financiers (AMF) has secured a securities fraud order against InovoCB.

InovoCB was a “receipts cashback” ruse MLM Ponzi launched in late 2023. The scam was headed up by co-founders Jimmy Nogues and John Martinez.

In an effort to shutdown InovoCB, the AMF contacted:

  • InovoCB FZ-LLC (dba InovoCB);
  • Jhon Jose Martinez Gomez (aka John Martinez Gomez, Jhon Martinez, John Martinez and Jhom Martinez);
  • Jimmy Nogues;
  • Daniel Charette; and
  • Sami Islam

None of the contacted InovoCB scammers responded, prompting the AMF to file an emergency application with the Financial Markets Administrative Tribunal (TMF).

The application was heard by the TMF on March 2nd and granted the same day;

The TMF concluded that the respondents had committed and were about to continue committing serious apparent breaches of the Securities Act.

The TMF also concluded that there was reason to fear that these illicit activities of soliciting, placing, and transferring funds would continue, particularly through bank accounts and financial institutions located abroad.

The TMF emphasized that there was a real risk that the respondents would quickly squander all the funds they had raised from the investing public.

Consequently, the TMF issued all the orders sought by the AMF against the respondents, including:

  • prohibitions on securities transactions;
  • prohibitions on engaging in the activities of broker, advisor or investment fund manager;
  • blocking orders;
  • orders directing the respondents to remove any advertising, announcement or publication related to the ” cashback ” program;
  • an order aimed at closing the website and social media accounts of InovoCB.

The respondents have 15 days from the decision to file a notice of objection with the TMF.

On or around March 6th, InovoCB disabled its website and scrubbed its social media profiles.

Pending further action by authorities, the status of the scammers behind InovoCB remains unclear. InovoCB victim losses are also unknown.