Japanese authorities have arrested eight individuals, who they claim are behind the Sener Trader Ponzi scheme.

Sener Trader launched in 2017 on the heels of Eagle Gates Group’s demise.

The latter Ponzi collapsed in February 2017, with Sener Trader emerging a few months later in May.

In our published Sener Trader review, we observed it was essentially an Eagle Gates Group reboot clone.

In an attempt to mask its Japanese origins, Sener Trader went as far as to create a bogus Amazon ebook listing for its fictional CEO, “Spenser Brown”.

The company represented it was founded in 2007 and based out of the US, despite neither claim being verifiable and 80% of Sener Trader website traffic originating out of Japan.

Like its predecessor, Sener Trader was short-lived and collapsed on or around June 2017. It wasn’t until yesterday however that authorities finally arrested those responsible.

On November 14th Tokyo police arrested eight individuals, who they believe were behind Sener Trader.

Authorities believe those arrested bilked $73 million out of around 6000 Sener Trader investors. The official chargesheet against the accused however is only for 29 million yen stolen from nine investors ($255,000).

Of the $73 million netted, police believe the vast majority was used by Sener Trader’s scammers for “private purposes” (read: lambos and mewn rockets).

Since their arrest, six of the accused have admitted to the allegations leveled against them. Two are still holding out.

Honestly, you’ve got to hand it to the MLM cryptocurrency niche…

One MLM crypto Ponzi launches with a bogus CEO out of Thailand, takes in $52.2 million and then collapses.

A few months later literally the same scam pops up again with the same website theme and a new bogus CEO, and gullible schmucks lose another $73 million to it.

Idiots… idiots everywhere.