companies @ BehindMLM

CryptoProgram has been ordered to cease trading in British Columbia, Canada. The British Columbia Securities Commission issued the order after CryptoProgram was confirmed to be committing securities fraud.

OneCoin’s current highest ranking promoter has quit the Ponzi scheme. Instead of just admitting there’s nobody left to scam, Cordel King Jayms is citing “personal reasons”.

Fintoch has received a securities fraud warning from Singapore. The Monetary Authority of Singapore added Fintoch to its Investor Alert List on May 4th.

NovaTech FX has added the US and Canada to its list of “restricted areas and regions”. Practically speaking the move means little but it’s the loudest acknowledgement of securities fraud yet.

Herbalife has settled fraud allegations pertaining to its “Circle of Success” events for $12 million. Herbalife has also agreed to stop misleading consumers by making changes to its corporate policies.

The SEC alleges Root Wellness founder Clayton Thomas stole $730,000 from an investor back in 2019. Rather than defend the SEC’s charges, Thomas has opted for a settlement. As alleged by the SEC in their May 9th Complaint, Thomas told the investor funds ‘would be used to purchase certain medical devices called the TM-Flow System.’

While South African authorities haven’t done much on the criminal side of things, last year SARS, the country’s tax regulator, informed MTI’s Liquidators it intended to bill them $34.46 million. This amount, representing unpaid taxes by the $1.7 billion Ponzi scheme, was just shy of total recovery. As of March 2023, the dispute between MTI’s [Continue reading…]

The LT Wallet Ponzi scheme has collapsed. The scam’s website is still up but withdrawals have been disabled.

Family First Life has settled one of the robocall fraud lawsuits filed against it in Texas. On April 18th, FFL, founder Shawn Meaike and parent company Integrity Marketing Group informed the court;

Warner Music fails to provide ownership or executive information on its website. Warner Music’s website domain (“warnermusicc.com”), was registered on December 4th, 2022. The private registration was last updated on April 15th, 2023. As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about [Continue reading…]