WCM777 @ BehindMLM

It’s game over for Phil Ming Xu, with court documents uploaded to the WCM777 Receivership website sometime over the last few days revealing his sentence in the WCM777 Ponzi case. Neither confirming or denying the SEC’s allegations (which is code for “if I fight this I will lose” in Ponzi litigation), Xu has been “permanently [Continue reading…]

Back in March the SEC shut down WCM777 and it wasn’t long thereafter that a court appointed Receivership took over. Tasked with securing funds that will eventually be returned to investors who lost money in the scheme, little has since emerged as to the status of the Receivership’s efforts. In contrast to the Receivership circuses of [Continue reading…]

Global Unity is probably the most direct successor of the WCM777 Ponzi scheme. When the regulatory heat got too much for founder Phil Ming Xu, he put out a message saying he’d sold the business to some new owners, and that he hoped they could turn it legit. Global Unity was far from legit though, [Continue reading…]

Last month saw the publication of a BehindMLM review on startup MLM opportunity ViziNova. Launched by WCM777 Ponzi kingpin Renato Rodrigues and accepting $1000 to $3000 investments from affiliates on the promise of a 150-166% ROI, we called out ViziNova for what it is: a WCM777 reload Ponzi scheme. Evidently not to happy with our review, [Continue reading…]

Roughly two weeks ago we saw the SEC finally move in and shut down Ming Xu’s WCM777 Ponzi scheme. As I understand it, these last few weeks Xu has made himself available to the SEC as they continue to tie up any loose ends pertaining to the case. In a series of tweets that hint [Continue reading…]

When Phil Ming Xu became aware that the SEC was investigating his WCM777 Ponzi empire, he began to divert deposits made by investors to Hong Kong. As noted by the SEC in their complaint against Xu, Around October 2013, at the same time that state regulators began investigating the WCM777 offering, (WCM777) stopped depositing investor [Continue reading…]

Earlier this month, Massachusetts Secretary of State William Galvin’s office revealed that they were investigating a Marlborough-based telephone marketing company that has already been banned in Brazil for running a pyramid scheme. The inquiry stemmed from the office’s investigation into a similar company that was accused of targeting Brazilian immigrants in Massachusetts with a multi-marketing scam, [Continue reading…]

As part of their twenty-four page Ponzi lawsuit issued against WCM777, the SEC claim that the company facilitated a “secondary market” in the points they award to investors, and Defendants estimate that $890 million of the points have traded on this market. (WCM777) claim(s) that more than $890 million of points have been traded in [Continue reading…]

That Phil Ming Xu would go down for his part in running the WCM777 Ponzi scheme was certain, and for the last few months or so it’s simply been a matter of when. Last I heard Phil Ming Xu was had fired his previous legal team after they failed to negotiate a fine penalty with [Continue reading…]

Vizinova launched a few days ago and after some initial speculation, finally uploaded some information about the opportunity to their website. ViziNova is a High-tech international E-Commerce firm that uses the power of the Personal Relationship Network Marketing model to share with a global community the latest and most exclusive mobile Apps for Telecommunication, Gaming [Continue reading…]