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One of the executive ringleaders behind USFIA’s GemCoin Ponzi scheme has avoided prison. Leonard Stacy Johnson pled guilty to two counts of fraud in July 2019. On June 5th, Johnson was sentenced to two years probation and $45,871 in restitution.

Brian Underwood is attempting to intervene in a lawsuit filed by Michael Rutherford against Pruvit. In a Motion to Intervene filed on June 14th, Underwood claims he and Rutherford had “a longstanding agreement and de facto partnership”.

Dmatrx has received a pyramid fraud warning from Russia. As per the Central Bank of Russia’s June 20th warning, Dmatrx exhibits “signs of a “financial pyramid”.

A top official believed to be behind Bulgaria’s ongoing protection of OneCoin has been fired. On June 12th, Bulgaria’s Supreme Judicial Council (SJC) voted to dismiss Ivan Geshev as Prosecutor-General. On June 15th, Bulgarian President Rumen Radev signed off on the SJC’s decree, effectively firing Geshev from his post.

TranzactCard operates in the banking and cashback MLM niches. On its website, TranzactCard identifies its Founder and Chairman as Richard Smith. On the corporate side of things; TranzactCard LLC is a wholly owned subsidiary of TZT Holdings LLC. TZT Holdings owns the brand “TranzactCard” and the TranzactCard Financial Ecosystem. On LinkedIn Smith cites himself as [Continue reading…]

It’s Only 5 and owner Elton Potts have received a $10,000 securities fraud cease and desist from Michigan. As per the Corporation, Securities and Commercial Licensing Bureau 19th April notice;

A June 5th class-action lawsuit filed in California alleges Pruvit uses a flavoring derived from petrochemicals. This is a problem because Pruvit claims its products contain “no artificial flavors”.

Saskatchewan’s Financial and Consumer Affairs Authority has requested GSPartners investors get in contact.

Michael Rutherford has been a Pruvit affiliate for over eight years. Through “Ketones Rule”, Rutherford and his family live off “approximately $60,000 to $80,000” a month in generated Pruvit commissions. Allegedly without warning or prior notification, Pruvit stopped paying out Rutherford in April 2023. So far alleged owed commissions to Ketones Rule is $181,393 and [Continue reading…]

The first of “around 31” Generation Zoe defendants has been sentenced to four years in prison. Gustavo Saavedra, who worked as a lawyer for Generation Zoe, pled guilty to fraud charges last month. Following entry of his guilty plea, Saavedra was subject to an “abbreviated trial” as per Argentinian law.