MLM @ BehindMLM

Regulators are starting to pay attention to the plague of “click a button” app Ponzis that have sprung up. The first regulatory fraud warning specifically pertaining to the scams has been issued by the Philippine SEC.

Daxio has received a pyramid scheme fraud warning from the Norwegian Gambling Authority (Lottstift). Lottstift issued its Daxio fraud warning via a May 20th letter addressed to “Daxio Norge”. Frode Jorgensen is identified as Daxio’s CEO.

Two Herbalife executives based out of China were indicted back in 2019. One of the executives, who fronted HerbaLife China for over a decade, was also sued for by the SEC. Both the criminal charges and civil case pertained to Herbalife’s violations of the Foreign Corrupt Practices Act.

A court has ordered the Bank of Namibia to fund CBI Global. The Bank of Namibia is Namibia’s top financial regulator. CBI Global is a Ponzi scheme. Oh dear.

Generation Zoe scammer Leonardo Cositorto has had his third request for bail denied. Cositorto’s hearing was held on Thursday. The court’s decision was based on there being “no changes in the case”.

The minute entry for civil proceedings held before Judge Kenney in the SEC’s civil case on July 6th remain sealed. In the parallel criminal case filed against Joseph Cammarata, the DOJ has filed a response to his meltdown letter.

Defendants Dennis Dvorin and Jason Syn have been severed from the upcoming Infinity2Global criminal trial. As ordered by the court, Dvorin and Syn will face a separate trial at a later date.

Joseph Cammarata seems to be suffering from a severe case of “I’m the center of the universe” syndrome. To that end on July 5th, Cammarata filed a pompous dummy-spit letter to the Judge hearing his case. Get your popcorn ready and prepare to read a gloriously delicious meltdown.

Emerson Pires, Flavio Mendes Goncalves and Joshua David Nicholas have been indicted. Criminal charges filed against the trio pertain to the EmpiresX Ponzi scheme.

The Financial Education Services preliminary injunction was scheduled to take place on June 30th. As far as I know the hearing took place. As of yet though there have been no further updates to the case docket. I’m putting this down to the holiday weekend in the US. I’ll check back sometime next week. In [Continue reading…]