Back on May 4th I mused;

The bag the Vietnamese/Russian scammers are gearing up to leave Daher holding is shaping up to be epic.

The bag Daher was left holding when Metafi Yielders went on to inevitably collapse ten days later was indeed epic – purportedly to the tune of $200 million in fraud.

Instead of taking responsibility for his actions, Daher blames three unnamed Nigerians.

Here we go…

Speaking with the Sydney Morning Herald from an undisclosed location, Daher (below) claimed “he has been made the fall guy.”

Daher, who is accompanied by an adviser during our interview, says the scheme is really being run a man from Nigeria.

He says he was just contracted to be the frontman and social media producer for the scheme.

Here at BehindMLM we refer to this arrangement as a “Boris CEO”. Boris CEO Ponzis are typically set up by Russians, hence the name.

I can’t rule out Nigerians being behind Metafi Yielders, but it’d certainly be unusual.

The trouble with Daher is you have someone who fronted a Ponzi scheme, lied about fronting a Ponzi scheme, even after it was pointed out he was a Boris CEO, who now wants everyone to believe he was, in fact, a front man.

How do you believe anything coming out of someone who’s demonstrated they’re a serial liar?

Daher’s claims to the SMH are purportedly supported by a signed Statutory Declaration (think affidavit).

What good is that? As evidenced by his involvement in Metafi Yielders, Daher has demonstrated he clearly doesn’t give a hoot about the law.

Obviously Daher wasn’t running Metafi Yielders. BehindMLM called it in our original May 2022 MetaFi Yielders review, and confirmed it again in mid June.

Daher claims he was paid $2000 to front Metafi Yielders, plus a 10% commission. Again if the $200 million figure is to be believed, that would’ve netted Daher $20 million in stolen investor funds.

Daher now hopes to ride off into the sunset with that money.

Daher and his adviser have been preparing a full report they were due to file with the Australian Federal Police on Friday. Daher provided emails showing he has made police reports in Western Australia and Queensland.

Daher emailed The Age and Herald last month after learning investors contacted this masthead.

In that email he provided a statutory declaration – witnessed by a dentist in the Brisbane suburb of Bulimba – where he denies any responsibility for the scheme.

He emphatically denies any involvement in the closure of the site and the alleged disappearance of investor funds.

Australia’s reputation for regulating MLM related securities fraud is notoriously lazy. Scammers love the country because ASIC lets them register shell companies and get an official looking certificate to circulate as marketing material.

At best ASIC might remove a fraudulent registration, typically months to years after a Ponzi scheme has collapsed.

I’m not aware of the Australian Federal Police taking any action against an MLM Ponzi scheme to date.

And that’s partly not their fault. ASIC lets anyone file anything. None of these Boris CEO scammers are in Australia.

Be it Nigeria or Russia, what are the AFP going to do?

The best outcome here is Daher being arrested for conspiracy to commit fraud, or whatever the Australian legal equivalent is.

Promoters of Metafi Yielders could be taken to task, but again most of them are based outside of Australia.

Sans Michael Daher’s $20 million and what was paid out to promoters like Jharol Smith, a US resident who promotes Ponzi schemes on YouTube, what’s left of the remaining stolen millions is gone.

And it’s unlikely to be recovered. Such is the reality of MLM crypto Ponzi schemes.

I suspect the AFP and ASIC are going to do what they always do in this instance, that is nothing in the hope victims give up and move on.

In the unlikely event I’m pleasantly surprised, we’ll keep you updated.


Update 25th July 2022 – I was going to put out a new article covering this but there’s not actually anything new.

Daher has appeared in a July 25th video uploaded to YouTube. He’s still singing the “I’m cooperating with authorities” dance and pretending he had no idea Metafi Yielders was a Ponzi scheme.