MLM @ BehindMLM

OmegaPro has received a securities fraud warning from Peru’s Superintendencia de Banca. It is the second fraud warning issued by the SBS against the company.

On July 27th the Securities Division informed the Arizona Corporation Commission that Jonathan Sifuentes Saucedo has agreed to a proposed Order to Cease and Desist, Order for Restitution, Order for Administrative Penalties and Consent to Same. In doing so, Sifuentes will settle My Trader Coin securities fraud charges brought against him.

The FTC has been denied a preliminary injunction against Financial Education Services. The decision puts regulation of the suspected $467 million dollar pyramid scheme in jeopardy.

The FTC’s Success by Health and NetForce cases have been consolidated as per a July 26th order. A January 2023 trial date has also been scheduled.

Authorities in Venezuela have arrested Generation Zoe promoter César Julio Gómez López. Following an investigation by the Scientific, Criminal and Criminalistic Investigation Service Corps (CICPC), Lopez has been charged with fraud related to “false investments”.

Paraiba World has received a second securities fraud warning from Switzerland’s Financial Market Supervisory Authority (FINMA). FINMA’s first Paraiba World fraud warning was issued in March and targeted Paraiba World Switzerland. FINMA’s second warning pertains to the associated shell company Unique Private Bank LTD.

Tedy Teow, head of the MBI International Ponzi scheme, has been arrested in Thailand. Authorities allege Teow was caught laundering money from his online gambling business.

South Africa attempting to regulate MLM Ponzi schemes through a broken liquidation system is one of the dumbest things I’ve ever had to report on. In the latest show of stunning incompetence, South Africa’s Revenue Service, the country’s tax regulator, is looking to steal the entire balance of recovered funds.

Young Living has received a warning from the FDA, advising its CBD products “are drugs … intended for use in the cure, mitigation, treatment, or prevention of disease.” The classification has been made following observation of marketing by Young Living and its distributors.

Gilbert Armenta was indicted on OneCoin fraud charges in July 2017. He pled guilty to the charges in April 2018. Originally held in prison awaiting sentencing, Armenta was released on compassionate grounds in late 2020. Since then Armenta’s scheduled sentencing dates have been continuously pushed back. The official and now oft repeated reason for Armenta’s [Continue reading…]