WCM777 @ BehindMLM

Facing a regulatory crackdown in multiple jurisdictions, earlier this month Ponzi mastermind Phil Ming Xu publicly announced that he was giving up his WCM777 empire. In a somewhat cryptic series of tweets, Xu revealed that he was ‘not a shareholder or officer of WCM777 or Global Unity’, having exited the company ‘due to investigations‘. The [Continue reading…]

Things have been awful quiet over at the Phillip Ming Xu Ponzi empire these last few weeks. Following a spate of regulatory crackdowns on his darling WCM777 scheme spanning Peru, Colombia, Canada and the US states of Massachusetts, California and Alaska, Xu appears to have now all but given up. Well, at least that’s what he’d have you believe. [Continue reading…]

As first reported by Patrick Pretty, the US state of Massachusetts Securities Division has confirmed they are investigating TelexFree. A US investigation was first announced by Brazilian Public Prosecutor Alessandra Marques back in January, with TelexFree denying there was an investigation taking place at the time. Since Patrick Pretty’s initial announcement at least two independent [Continue reading…]

It’s getting rather difficult to keep up with the continuous changes Phillip Ming Xu keeps making to his global Ponzi empire. After regulators around the world began to target Xu and his WCM777 Ponzi scheme late last year, he changed its name to Kingdom777 and hid behind the skirt of newly appointed CEO, James Tenorio. [Continue reading…]

Despite claiming that new “rules and regulations” governing Kingdom777 compliance and an “approved code of ethics” would be published on January 31st, the deadline came and went without anything surfacing. A bit late, owner Ming Xu now appears to have delivered… but it’s probably not what you were expecting. Or given the nature of Kingdom777, [Continue reading…]

When US regulators came knocking on Phil Ming Xu’s door to ask about the WCM777 Ponzi scheme he was running, he kept it a secret until the state of Massachusetts went public. Xu claimed he was “suspending all US operations”, but continued to accept investment funds from and pay a daily ROI to US affiliate [Continue reading…]

Following closely on the heels of Massachusetts banning WCM777 for selling unregistered securities, on January the 15th California issued a cease and desist against Xu and WCM777. Issued on January 8th by Jann Lynn Owen, the Commissioner of Business Oversight for the state of California, the “desist and refrain order” lists World Capital Market Inc., [Continue reading…]

On December the 15th, after a public warning was issued by Peruvian congressman Jaime Delgado, the Peruvian government moved to ban WCM777 from operating in Peru. WCM777 (World Capital Market) offers gains of up to 300% of the people who make an investment of between $399 and $1999 (USD). It seems that, initially, the scheme [Continue reading…]

When a Ponzi scheme starts to suspect it might be large enough to attract the attention of regulators, typically one of two things happens: The owners, who may or may not be publicly known, disappear and either shut the company down or hand it over to someone else… or Psuedo-compliance is brought in, with the [Continue reading…]

One of the top two biggest MLM Ponzi schemes today, WCM777 brought in the new year by announcing it was changing its name to Kingdom777. Typically when a Ponzi scheme changes its name it’s because of a stigma attached to the old one, with WCM777 however the company is citing all manner of reasons for [Continue reading…]