Zater Capital Review: Ron Cartey’s AI trading bot Ponzi
Zater Capital fails to provide ownership or executive information on its website.
Zater Capital’s website domain (“zatercapital.com”), was first registered in 2017. The private registration was last updated on July 26th, 2025.
Note that Zater Capital’s website went live in or around November 2024. The company as represented on Zater Capital’s website didn’t exist before this.
Zater Capital’s official marketing cites Ronald Cartey as CEO:
Cartey, aka Ron Cartey, is a serial fraudster last known to be based out of Pattaya, Thailand.
Fraudulent MLM crypto schemes Cartey is associated with and/or promoted include YoCoin (2016), 3T Networks (2018), Elef World (2022) MayoTrade (2022) and 9xProfits (2023).
Note that list isn’t definitive, it’s only what has been tracked on BehindMLM.
Update 29th July 2025 – I originally thought this was another hoax but the following was posted to Jenna Zwagil’s official FaceBook page and YouTube channel.
About a week ago Ron Cartey cashed out and split. This left Jenna Zwagil in charge as Zater Capital’s new CEO:
Zwagil was previously Zater Capital’s “Strategic Growth Advisor” and “Corporate Development” (?):
Zwagil is/was the wife of Josh Zwagil, who together were once known as the co-owners of My Daily Choice.
More recently, the Zwagil’s have gone on a securities and commodities fraud arc. This has seen Josh in particular push various several trading schemes.
I’m noting Josh Zwagil cites himself as a “single father” on social media. Jenna Zwagil also cites herself as “single”.
Not sure when that happened but it appears to be a recent development. What impact this has on the Zwagil’s various business activities is unclear.
In addition to AkashX, which is part of My Daily Choice and run by the Zwagils (note Jenna has been wiped from MDC’s website), Josh has also been tied to Eaconomy and Iqonic.
Josh is believed to provide trading development services to companies through his Delaware registered company, MLM Protec LLC. Jenna’s involvement in Zater Capital suggests Josh is likely also involved.
In May 2025, New Zealands FMA issued an AkashX securities fraud warning. /end update
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
Zater Capital’s Products
Zater Capital has no retailable products or services.
Promoters are only able to market Zater Capital promoter membership itself.
Bundled with Zater Capital promoter membership is access to trading signals of unknown origin and various trading support options.
Zater Capital’s Compensation Plan
Zater Capital promoters pay a USD equivalent fee to invest cryptocurrency.
This allows Zater Capital promoters to invest cryptocurrency on the promise of daily passive returns:
- Starter – pay $99 annually, invest $99 or more and earn up to 1% a day
- Standard – pay $149 annually, invest $99 or more and earn up to 1.05% a day
- Advanced – pay $199 annually, invest $2499 or more and earn up to 1.1% a day
- Elite – pay $249 annually, invest $10,499 or more and earn up to 1.25% a day
- VIP – pay $499 annually, invest $21,499 or more and earn up to 1.5% a day
The MLM side of Zater Capital pays on recruitment of Zater Capital promoters.
Zater Capital Promoter Ranks
There are nine promoter ranks within Zater Capital’s compensation plan.
Along with their respective qualification criteria, they are as follows:
- Starter – invest $500 and generate $5000 PV and $20,000 GV
- Amateur – invest $1200 and generate $10,000 PV and $50,000 GV
- Pro X – invest $2500 and generate $15,000 PV and $100,000 GV
- Pro XX – invest $5000 and generate $20,000 PV and $250,000 GV
- Master – invest $7500 and generate $35,000 PV and $500,000 GV
- Leader – invest $10,000 and generate $50,000 PV and $1,000,000 GV
- Legend – invest $15,000 and generate $100,000 PV and $3,000,000 GV
- Ambassador – invest $30,000 and generate $150,000 PV and $5,000,000 GV
- Co Executive – invest $50,000 and generate $300,000 PV and $10,000,000 GV
PV stands for “Personal Volume”. In Zater Capital, PV is cryptocurrency invested by personally recruited promoters.
GV stands for “Group Volume”. In Zater Capital, GV is a promoters PV and that of their entire downline.
Referral Commissions
Zater Capital pays referral commissions via a unilevel compensation structure.
A unilevel compensation structure places an promoter at the top of a unilevel team, with every personally recruited promoter placed directly under them (level 1):
If any level 1 promoters recruit new affiliates, they are placed on level 2 of the original promoter’s unilevel team.
If any level 2 promoters recruit new promoters, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
Zater Capital caps payable unilevel team levels at nine.
Referral commission are paid as a percentage of fees paid across these nine levels as follows:
- level 1 (personally recruited promoters) – 10%
- levels 2 and 3 – 3%
- level 4 – 2.5%
- levels 5 and 6 – 1.5%
- levels 7 and 8 – 1%
- level 9 – 0.5%
ROI Match
Zater Capital pays a match on daily returns paid to unilevel team promoters.
ROI Match rates are paid down the same nine levels using the same percentages as referral commissions (see above).
Rank Achievement Bonus
Zater Capital rewards promoters for qualifying at Starter rank and higher with the following one-time Rank Achievement Bonuses:
- qualify at Starter and receive $500
- qualify at Amateur and receive $1200
- qualify at Pro X and receive $2500
- qualify at Pro XX and receive $7500
- qualify at Master and receive $15,000
- qualify at Leader and receive $30,000
- qualify at Legend and receive $100,000
- qualify at Ambassador and receive $250,000
- qualify at Co Executive and receive $500,000
Joining Zater Capital
Zater Capital promoter membership is free.
Full participation in the attached income opportunity requires a $99 to $499 annual fee payment and $99 to $21,499 initial investment.
Zater Capital Conclusion
Zater Capital trots out your typical AI trading bot ruse:
In January 2024 the SEC issued an investor alert warning consumers of fraudulent investment schemes utilizing AI marketing ruses.
The Securities and Exchange Commission (SEC) Office of Investor Education and Advocacy, the North American Securities Administrators Association (NASAA), and the Financial Industry Regulatory Authority (FINRA) are jointly issuing this Investor Alert to make investors aware of the increase of investment frauds involving the purported use of artificial intelligence (AI) and other emerging technologies.
Individual investors should know that bad actors are using the growing popularity and complexity of AI to lure victims into scams.
First and foremost, investors should remember that federal, provincial, and state securities laws generally require securities firms, professionals, exchanges, and other investment platforms to be registered.
A promoter’s lack of registration status should be taken as a prompt to do additional investigation before you invest any money.
Zater Capital fails to provide verifiable evidence it generates external revenue of any kind.
Such verifiable evidence would be audited financial reports filed with regulators. This should be easy to provide, seeing as Zater Capital claims it is registered with Hong Kong’s Securities and Future Commission (SFC):
Yet despite this claim, Zater Capital fails to provide a single audited financial reports.
Why should be obvious, and ties into Zater Capital in fact not being registered with the SFC:
Update 29th July 2025 – With the news that Jenna Zwagil is now running Zater Capital (see review intro update above), Zater Capital and Zwagil not being registered with the SEC becomes a crucial due-diligence red flag.
As of June 2025, SimilarWeb was tracking 72% of Zater Capital’s website traffic from the US.
As per the Howey Test, Zater Capital’s passive returns investment scheme constitutes a securities offering. Purported trading also requires Zater Capital to register with the CFTC (NFA).
As at the time of this update neither Zater Capital or Jenna Zwagil are registered with the SEC or CFTC.
This means Zater Capital is committing both securities and commodities fraud. /end update
As it stands, the only verifiable source of revenue external revenue entering Zater Capital is new investment.
Using new investment to pay ROI withdrawals would make Zater Capital a Ponzi scheme.
As with all MLM Ponzi schemes, once promoter recruitment dries up so too will new investment.
This will starve Zater Capital of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.
For evidence of this in action, look no further than Ron Cartey’s previous scams.
Update 7th August 2025 – BusinessForHome is reporting that Zater Capital has rebooted as Zionix Global:
As at the time of this update Zater Capital’s website is still online. There is no mention of Zionix Global on Zater Capital’s website or social media channels.
Zwagil herself hasn’t mentioned Zionix Global on her own social media profiles either.
As far as I can tell Zionix Global currently only exists as a Wyoming shell company, registered on July 21st, 2025.
It should be noted that BusinessForHome’s press-release is misleading. Firstly Zionix Global didn’t “secure registration in Wyoming”. An undisclosed party (likely Jenna Zwagil) paid a registered agent to create a shell company, which anyone who pays a fee can do.
Registering a Wyoming shell company also doesn’t make you “a U.S.-licensed entity”. Within the context of Zater Capital, “licensing” implies Zater Capital is licensed to offer securities and passive returns through trading in the US.
Zater Capital was never registered to offer securities in the US. Nor was it registered with the CFTC (NFA). Zionix Global is also not registered with the SEC or CFTC.
I know “crime is legal” for the next few years but surely the Zwagils, who are US residents, doubling down on securities and commodities fraud targeting US residents won’t cause any issues down the track. Surely.
What a well-research article.
As for “Oz’s” uninformed, partisan hack-job of a comment, that’s how schemers and crooks get you, playing off your beliefs. The other side is just as corrupt … (Ozedit: derails removed)
If your reaction to the sitting US President openly committing financial fraud is “bUt WhAt AbOuT tHe OtHeR sIdE?”, you are part of the problem.
Fraud has nothing to do with your personal political beliefs – they’re irrelevant, as are mine.
For the first time in living memory I’m seeing the DOJ pump out bootlicking press-releases, which I have to unfortunately sift through daily as part of my duties at BehindMLM.
FTC Commissioner statements are laced with political vitriol. Don’t get me started on the SEC dropping crypto fraud cases.
Fortunately I don’t have to pay too much attention as these aren’t MLM related – but it is happening. I bring it up because once all previously initiated investigations are either abandoned or pursued in court, we’re in for some dark times.
This is coming off the back of US regulation of MLM related fraud being at its best over the past few years (this isn’t something I’ve just come up with, I’m on the record acknowledging it going back a few years in one of the annual BehindMLM State of the Scams).
Fraud isn’t a politically partisan issue. If you think it is, “they’ve” already got you.
Review updated to note Zater Capital has purportedly rebooted as Zionix Global.
Josh has nothing to do with zater capital. It’s the Jenna show.
Jenna is the face of Zater Capital (which is still going by Zater Capital), but she’s obviously not behind the backend. If not Josh then it’s some other undisclosed third-party.
Josh is not the devil here – just the devil everywhere else!
His AkaxSHIT program violates ever FTC and SEC guideline there is! You pay hundreds, if not thousands a month on the promise that you get to trade $200,000 of somebody else’s money and keep the profits??
It’s a CON. They have an automated bot that says if you can’t beat the trading algorithm that you can’t get that money to trade! The problem? The bot is a trick!
Can you imagine if they actually Had 200K for everyone that signed up? Every AKASHIT member? It would mean that for every 5,000 members they had $1 BILLION dollars of free trading capital for amateurs paying $150/month.
Josh Zwagil is going to JAIL. Start the timer
Oz, also FYI looks like serial Scammer Javed Khan is the Master Distributor over at Zater. This guy made all his money scamming on binary brokers. Not a good look for Zater…
Jenna needs money. She is fronting a scam. WTF does she know about trading or crypto.