MLM @ BehindMLM

The FTC has announced over $149 million has been distributed to victims of the Advocare pyramid scheme. The FTC’s announcement was made on May 5th. It follows Advocare settling fraud allegations with the FTC for $150 million in 2019.

The SEC is set to face off against the Mining Capital Coin defendants on May 19th. At stake are the millions in ill-gotten gains Capuci allegedly stole through his Mining Capital Coin Ponzi scheme.

Mining Capital Coin co-founders Luiz Carlos Capuci and Emerson Sousa Pires have been sued by the SEC. The SEC alleges Capuci and Pires offered an “irresistible investment opportunity”, but in reality ran a Ponzi scheme.

Mining Capital Coin co-founder and CEO Luiz Carlos Capuci Jr., has been indicted on wire and securities fraud charges.

A typical component of an FTC lawsuit against an MLM company is deceptive or unfair earnings claims. Last year the Supreme Court, in a decision that sided with payday loan scammers, limited the FTC’s ability to regulate MLM fraud. Specifically, the FTC was barred from seeking “equitable monetary relief under section 13(b) of the FTC [Continue reading…]

A Telephonic Status Conference held on April 15th has edged Mindset 24 defendants towards an SEC settlement. As per the order, individual ex parte phone conferences with the court are to be scheduled. The April 15th order states this is ‘in order for the Court to determine if further ADR is appropriate‘. “ADR” being Alternative [Continue reading…]

OmegaPro has received a securities fraud warning from Nicaragua’s Superintendencia de Bancos y de Otras Instituciones Financieras (SIBOIF).

Congo Republic’s Director General of National Financial Institutions, Jean-Pierre Nonault, has stated OmegaPro is a “Ponzi type scam”. The declaration follows arrest warrants issued against two national OmegaPro managers.

The SEC has filed suit against Steven Chiang (aka Cyrus Kong), Eric Tippetts, James Hardy and Maurice “Butch” Chelliah. As alleged by the regulator, the defendants scammed consumers out of millions through their Nasgo and ShareNode Ponzi schemes.

The CFTC’s fraud case against four JetCoin scammers has been stayed, pending the outcome of parallel criminal proceedings.