Payment processor Allied Wallet has been sued by the FTC for violations of the FTC Act. The regulator alleges Allied Wallet assisted “business opportunity and coaching scams, pyramid schemes, and unlawful debt collection operations” with illegally charging over $110 million to consumer accounts.
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Brazilian authorities have issued a FX Trading Corp investment fraud warning.
AdvoCare has announced that it is dumping it’s MLM opportunity. The decision was made following “confidential talks” with the FTC.
In an announcement published earlier this month, the Zeek Rewards Receiver has provided some updates on final distribution payments.
A second writ deadline extension has given Charles Scoville another month to delay Traffic Monsoon proceedings with.
The last Zhunrize defendant holding out has settled with the Receiver. Todd Spencer was named as a clawback defendant in the Zhunrize Receiver’s $2.8 million Vodaware lawsuit. Through Vodaware, Spencer is believed to have received upwards of $350,000 in stolen Zhunrize investor funds.
OneCoin has stopped defending its fraudulent business model. Instead, the company now claims it’s not a Ponzi pyramid scheme because only IMAs were scammed.
A May 10th Case Management Report has revealed a proposed 2020 MOBE trial date. Matt Lloyd McPhee’s response to production of evidence also suggests he might be anticipating criminal charges.
Digital Altitude CTO Alan Moore reached a proposed settlement with the FTC in September 2018. As part of the settlement, it was agreed Moore would transfer $46,300 to the FTC. Following a court order to unfreeze the funds, Moore represented to the FTC that the funds had been placed in escrow with his attorney. This [Continue reading…]
Admins of the Monspace Ponzi scheme have been arrested in Malaysia. CEO Lai Chai Shuang (Jessy Lai), Wong Tat Foong and Chai Ling Mooi plead not guilty to charges relating to fraud.