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FTC sues Allied Wallet for assisting scams with stealing $110 million

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.

FX Trading Corp investment fraud warning issued in Brazil

Brazilian authorities have issued a FX Trading Corp investment fraud warning.

AdvoCare to dump MLM opportunity after FTC talks

AdvoCare has announced that it is dumping it’s MLM opportunity. The decision was made following “confidential talks” with the FTC.

Zeek Rewards net-winner scammers’ Fourth Circuit appeal denied

In an announcement published earlier this month, the Zeek Rewards Receiver has provided some updates on final distribution payments.

Charles Scoville stalls again with second SCOTUS writ extenstion

A second writ deadline extension has given Charles Scoville another month to delay Traffic Monsoon proceedings with.

Todd Spencer settles Zhunrize fraud with Receiver

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 claims no Ponzi because IMAs scammed, not consumers

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.

MOBE trial date penciled in, Matt Lloyd expecting criminal charges?

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.

FTC seeks to hold Alan Moore in contempt over missing $26,500

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…]

Monspace Ponzi scammers arrested and charged in Malaysia

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.