Success Factory has received a pyramid scheme fraud warning from Bermuda.

As per the Bermuda Police Service’s April 15th warning, the department

has received reports of a suspected pyramid scheme under the name “Success Factory”, operating on the island.

Members are recruited by invitation only and once accepted, they are encouraged to recruit others.

Larger sales, mean an increased level status, which comes with rewards, such as free event tickets.

The operators of “Success Factory” also heavily encourage members to invest in ‘DagCoin’, a junk crypto currency.

However, members are reportedly unable to redeem their currencies for up to three years.

Detective Superintendent, Nicholas Pedro of the Serious Crime Unit warned, “This scheme bears many of the hallmarks of a pyramid scheme.”

Previously unreported, Bermuda’s warning was caught by BehindMLM reader “Austrian Schnitzel” yesterday.

DagCoin was a spinoff of the notorious OneCoin Ponzi scheme. The scam was promoted through Success Factory, which Igor Alberts set up and ran from the Netherlands in late 2017.

The current status of Success Factory is unclear. DagCoin founder Nils Grossberg and accomplice Kris Ress were arrested earlier this month in Estonia.

On behalf of Estonian authorities, Dutch authorities raided Success Factory’s offices in the Netherlands around the same time.

Success Factory owner Igor Alberts and wife Andreea Cimbala fled the Netherlands a few weeks prior to the arrest and raids.

BehindMLM strongly suspects they were tipped off by someone with access to regulatory intelligence.

Alberts was aided in defrauding consumers through OneCoin and DagCoin by Ted Nuyten.

The financial arrangement between Alberts and Nuyten has never been disclosed, but Nuyten plied prospective investors with a steady stream of PR for Alberts.

While he did cover the Estonian DagCoin arrests, Nuyten has yet to cover the Success Factory raid on BusinessForHome.

As of early October Alberts and Cimbala had fled to Dubai, the MLM crime capital of the world.

Dutch authorities have not confirmed whether criminal charges are pending against Alberts and Cimbala. They are presumed to be fugitives on the run.

At time of publication both Success Factory’s and DagCoin’s website were accessible.