Meta Whale has received a securities fraud warning from Quebec’s Autorite des marches financiers (AMF).

As per AMF’s December 23rd Meta Whale warning;

Meta Whale is not registered with the Autorité des marchés financiers (AMF) and is not authorized to solicit investors in Québec.

Meta Whale’s unauthorized solicitation of investment in Quebec constitutes securities fraud.

Meta Whale is an MLM crypto Ponzi run by wanted fugitive Vladimir “Lado” Okhotnikov (right).

Launched in mid 2025, Meta Whale marks the eighth reboot of Okhotnikov’s long-running Forsage Ponzi scheme.

Okhotnikov was indicted in the US in early 2023. The SEC has also filed parallel civil fraud charges.

Okhotnikov had been evading US authorities in Georgia. In March 2024 a Georgian Forsage criminal investigation saw Okhotnikov sentenced in absentia to ten years in prison.

By that stage Okhotnikov had fled to Dubai, where he remains today.

In addition to Quebec, Meta Whale received a securities fraud warning from Slovenia in November 2025. In December, Vietnamese authorities arrested local Meta Whale promoters.

Meta Whale operates from the domain “meta-whale.com”. As of November 2025, SimilarWeb was tracking ~2100 monthly Meta Whale website visits.

Over the same period of time the majority of Meta Whale website traffic originated from Pakistan (58%) and India (42%).