A Suspicious Activity Report (SAR) filed by HSBC reveals that, even after WCM777 was shut down by US authorities, the bank approved tens of millions in transfers.
WCM777 @ BehindMLM
WCM777 was an MLM Ponzi scheme shut down by the SEC in March, 2014. A Receivership was appointed immediately after and has been overseeing victim refunds from seized assets for just shy of four years. In the Receiver’s February 13th Sixteenth and Final Interim Report, it has been announced the WCM777 Receivership is finally winding [Continue reading…]
Last we checked in approximately $21 million was scheduled to be returned to WCM777 victims in February. In the Receiver’s Fourteenth Interim Report, filed September 7th, we finally got confirmation payments went out as planned.
Huajian Wu and his company Yuanhao Inc. and stole $500,000 from victims of the WCM777 Ponzi scheme. Efforts to recover stolen funds saw Wu return $400,000, with $100,000 outstanding. During settlement negotiations back in 2015, Wu represented to the Receiver that he ‘had no significant assets against which recovery could be pursued’. The Receiver later [Continue reading…]
Back in March the SEC filed a complaint against Vizinova owners Renato Rodriguez and Gutemberg Dos Santos. The SEC alleged Vizinova was a $5 million dollar Ponzi scheme. BehindMLM reviewed Vizinova in 2014 and concluded the same. Rather than contest the allegations and clear their name, both Rodriguez and Dos Santos settled. On June 8th, [Continue reading…]
On March 2nd the SEC filed a lawsuit against Vizinova and owners Renato Rodriguez (full name: Pablo Renato Rodriguez Arevalo) and Gutemberg Dos Santos. Vizinova launched in March, 2014 and for all intents and purposes was a reboot of Phil Ming Xu’s WCM777 Ponzi scheme. Both Rodriguez and Dos Santos were affiliates in WCM777.
Good news for victims of the WCM777 Ponzi scheme, with the Receiver revealing allowed claims will be paid out “within the next week or so”. The Receiver’s announcement was made as part of her twelfth Interim Report.
One of the pitfalls of Ponzi scheme investment is depositing funds directly with the scammer who recruited you. In the event the Ponzi scheme is shut down by regulators, such transactions are difficult to track and typically result in a victim claim being disallowed. Unfortunately more than a few WCM777 Ponzi investors deposited funds into [Continue reading…]
On November 11th the WCM777 Receiver filed her eleventh Interim Report. Topics covered in the report include: funds recovered the sale of a California property and the Diamex Diamonds (PMX Jewels) I’ve separated the various topics covered into appropriate subheadings below.
The WCM777 Receiver has finally finished forensic accounting on investor losses. Of the $90.8 million dollars paid in by WCM777 affiliates, $72.2 million are recorded losses and $18.6 million was paid out in ROIs. The problem? 72,253 WCM777 affiliates had filed claims totalling $412 million in losses.