Xu abandons WCM777 over regulatory heat
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.
When the regulators came knocking, Xu first tried to dodge the regulatory gavel by assigning James Tenorio as puppet CEO and changing WCM777’s name to Kingdom777.
When Tenorio went AWOL and regulators didn’t back down, Xu suspended US investor payouts, ordered his investors to stop using investment terminology and opted for a second name-change to Global-Unity.
Not surprisingly that didn’t work either. Further compounding Xu’s problems were rumors indicating that his partner in crime, Zhi “Tiger” Liu (right with Xu), had run off with around $50,000,000 in WCM777 affiliate funds.
Offices were closed, staff and lawyers were fired and sources have suggested that these last few weeks Xu has been negotiating with the SEC in an attempt to escape jail time.
Confirming much of this information comes a new series of tweets from Xu, published just this morning:
Xu’s recent tweets come after two weeks of Twitter radio silence, likely due to aforementioned SEC negotiations.
What I find hilarious is the notion that Xu just sold his Ponzi scheme and it’s all said and done.
Right, so that’s what you do these days when regulators come knocking, you just sell your scheme to some schmuck and move on. And claiming Tiger “designed” WCM777 is rather convenient, given that apparently nobody seems to know where he is (has anyone checked Hong Kong?).
Oh and how on Earth do you “legalize” a blatant Ponzi scheme Phil? You tried your best (two name-changes, how deviously cunning of you) and couldn’t pull it off. So what’s this new “buyer” going to do? Third name-change and hope for the best?
If I hadn’t heard from multiple sources that Xu had no idea where Tiger fled to, I’d be tempted to call his departure a co-operative exit strategy by the duo. Xu doesn’t come off as sinister as Liu (the guy who works in shadows), so him taking the public fall in exchange for a future-rendezvous to share out that $30 mill makes sense.
We’ll try to keep on top of this story but personally I think it’s well and truly over. WCM777 was an organized Ponzi scam from the get-go and now we’re just watching the end-game play out. I’d be very surprised if the SEC don’t file charges against Xu over the coming months.
As for Tiger, hats off. You managed to stay under the radar and convince Xu to be the face of your scam. When shit hit the fan you quietly slipped away with your retirement fund and managed to leave Xu holding the bag.
Well-played sir, well-played indeed.
I just received this tip via email, it’s a Facebook video published by a “Roberto Molinari” a few hours ago.
Apparently he’s claiming “hackers made off with $200mill in WCM777 money and that the company is going to launch under a new name.
All they need now is DDOS attack excuses and they hit the Ponzi trifecta.
Not sure if he’s the new owner (any Brazilians reading, little help?).
(Ozedit: video not available as of Sep 2019)
It’s in spanish, he keeps referring to a report that will be released soon that will explain everything that is going on. Part 2 has the guy on the right talking
A report by who? How ironic would it be if the SEC filed papers early next week :).
Is this guy based in the US? If not looks like Xu has gone offshore… (hell he’s probably still running the thing).
IDIOTS. I look forward to seeing the whole bunch of these clowns with steel bracelets. Also want to see the list of scammers, uh, net winners, get their gov’t notices of clawbacks. Let’s get the same game on with the Better Living bunch, the Casino thing, and throw in Lucrazon and perhaps the rat’s nest will be cleaned out for awhile.
Roberto Molinari, says Philip Ming Xu accused Renato Rodriguez and Guttenberg of hacking affiliates accounts to steal their points, this accusation had the intend to initiate a confrontation between promoters as a distraction so Philip Ming Xu could close the WCM777 bank accounts and run with the money.
Molinari says too that Philip emptied these bank accounts but the money is still in Global Unity because the points are there.
Yes Roberto said the points are the money, so he tells to his affiliates to not worry and the business will going on with Global Unity.
Oz the report is made by Roberto and his team “Atenas”.
Given that he previously found some scapegoat to run Kingdom777, I wouldn’t put too much “stock” into this announcement.
Thanks for the additional translation/info guys.
Well said – and I’d have a difficult time believing Phil would have sold off everything to just one entity.. too many diversified properties, etc for just one buyer to be interested
The “report” from this group of clowns has been pending for a while now..
Points are only worth something if anyone is willing to replace them / trade them with real money?
Roberto Molinari seems to be slightly confused about realities, e.g. unable to separate between real money and “points”.
“Don’t worry guys. Only the money is gone, but we still have the points!”.
He is running coffee MLM and Global-Unity.com out of this new office:
3620 Cypress Avenue, El Monte CA 91731
How Ming Xu not own Global-Unity.net when the employees work in his office? He closed Pasadana office.
web02.wcm777.com hosts http://www.global-unity.net
Tiguer to Xu (and WCM777 staff):
“Gentlemen, it has been a privilege scamming with you tonight.”
BEFORE MOLINARI MADE THIS VIDEO HE WAS ACCUSING THE PEOPLE HE IS NOW DEFENDING
THIS THE FOLLOW UP:
So uh, does this Molinari fellow understand how a Ponzi scheme works then?
Dude’s major butthurt over Liu and “hackers” stealing funds… because that meant he himself couldn’t steal funds from later investors.
Where did I put my world’s smallest violin?
There ain’t gunna be no Ponzi retribution son, you got played by old-time Chinese Ponzi scamsters. Unless the SEC make a move (apparently the latest “meeting” was yesterday), game over.
I think its fair to say that Mr. Molinari got his hopes up.
It is clear stolen points are nothing worth unless you convert them to other asset before notice theft.
The points are no internal value and system is managed by company. Easy to see and stop stolen points used.
Phil lied to SEC many times. He makes it easy for them.
How does someone steal points anyway?
Did this guy think that points were real money or something.
Any relations to “Chris Molinari”, former Zeek trainer?
I doubt it, seems a common enough name. Gotta love Molinari, I wonder if her consulting business died after Zeek? She was one of the first defenders we ran into.
Nope, not very likely. The only thing they share in common (other than the last name) is that they both have some distorted sense of reality.
I tried to google chris+roberto+molinari (include all 3 names in results). It didn’t give any meaningful results pointing in that direction. They are NOT related enough to show up in the same search hits.
Oxyo Merchandising? Zeeta Shoes? US Webbing? Wintex Knitting? That’s either a merry-go-round or a virtual office. I vote for merry-go-round as it also appeared on various “for rent” places.
I am reasonably sure that the guy’s full name is “Roberto Angel Molinari Kroker”… and he’s a real fan of the Knights Templar. wears that red maltese cross pin all the time. And he’s really pushing Kingdom 777
Chris Molinari Media Website’s still there, though ancillary websites like some “association” and “something expert” seem to be dead. Linked from her LinkedIn profile.
When she commented Zeek, she only used “Chris” as user name, or maybe it was “Neurotic Chris”. Both names give the same associations.
She used full name when commenting “Mark McCool / Livesmart 360” and “About”.
Actually, Bob was very accurate on this one when he first reported it here. The new building they are using is owned by Kingdom Capital Market LLC. I verified that in a similar manner to the one I shared with you via email.
KCM is the holder of several properties and the golf facilities. Notice PMX doesn’t mention anything about not being a part of KCM. World Capital Market appears to be in the process of vanishing as well, with control of the current scheme shifting to HK.
LB, no need to mention *that* here, but point’s taken. I’m sure you have an idea what’s the timeline regarding that property and thus give an indication how it fits into their mid-term to long-term plans.
– Launch Mannasource.com
– “Silent” investor in Global-Unity.net, no more details
– Invest in Bank Trading Program Scam in Dubai
– Trying to sell golf courses
– Still has $25 million in CA bank.
He is not smart so hard to know.
He first told SEC he had no involvement in WCM777. Then said he sold it. He lied many times to them. SEC canceled deposition and asked for documents.
I can only theorize in public, but there is no crime in being a really REALLY poor manager of money. The properties are purchased slightly above market value. The properties will/are be resold, back and forth between llc entities at a loss of lets say 5% to 10%.
This is being carried out in a slow, but effective manner to launder the cash back out to the groups. To avoid capital gains for US based folks, they are moved around as persons owed money on “shares” of the shell companies.
It’s all kind of difficult to explain in short order, but tracking the “investments” tend to show something like this going on in the background.
According to WCM777Pay, EuroWallet just quit being Kingdom Wallet’s provider. (Thanks to RealScam forum for heads up)
OOps, that should have read Kingdom pay, and thanks to LRM (who posted on RealScam first)
The new owners of Global Unity named “PROGRESS PROFIT LIMITED” is a company name that was preregistered in Hong Kong by http://www.ckltd.co in 11/2013 as you can see in the Google results searching “PROGRESS PROFIT LIMITED”, it’s in Google cache but searching the name into the http://www.ckltd.co it not generate results.
“sey0104, PROGRESS PROFIT LIMITED, 11/2013, R.”
@Bob your thoughts on this?
I’m searching the HK portal directly and I got this:
Unfortunately, HK wants money to just LOOK at the records. Sheesh!
I think “R” means it’s reserved, and then actually registered. “sey” prefix seem to suggest it’s registered in Seychelles, but I can’t seem to locate such a company through Seychelles’ registry.
I’m going to guess It’s that “Progress Profit (HK) Limited”. Seem to fit PMX’s profile.
Anyway the “leaders” will make them look like a big corporation that acquired Kingdom777 like they made look WCM as one of the biggest bank with more than 700 companies created by them.
Probably the reality is that Progress Profit is a facade to cover the same guys behind all the WCM thing.
I wonder what happened to the video the three amigo’s were supposed to release.
You forgot the most important guy here in Vegas, that was working together with Dos Santos.
He even at the last minute, knowing that they were about to close the company, was trying to make a investment with my best friend in Bakersfield.
His name is DR CESAR RAMIREZ (Gutenburg’s twin in business) he end up with a lot of money, closed his business here in Vegas, and went to hid.
We don’t focus specifically on people, but we don’t try to avoid mentioning people either. I found one search result for Cesar Ramirez on this website:
(the NOLINK is simply a method to post relevant parts of a link, without making the link “active”)
BTW, you will find more recent updates for WCM777 here: