BeOnWise pyramid fraud warning from Russia
BeOnWise has received a pyramid fraud warning from the Central Bank of Russia. As per the CBR’s April 25th warning, BeOnWise exhibits “signs of a financial pyramid”.
MLM @ BehindMLM
Karatbars International cease & desist in Germany finalized
BaFin has finalized its cease and desist order against Karatbars International.
PetronPay fraud alert issued by US
PetronPay, or what’s left of it, has been added to the SEC’s PAUSE list. The PAUSE list is maintained by the SEC and lists entities that falsely claim to be registered, licensed, and/or located in the United States in their solicitation of investors. PetronPay launched in 2020 as a 300% “oil barrels” themed Ponzi scheme.
USFIA Receiver sets aside $15 mill to get on with distribution
The USFIA Receiver intends to file an Amended Distribution Plan (ADP). The ADP intends to deal with the IRS roadblock, currently holding up approved victim distribution payments.
iPro Network summary judgments denied (both sides)
Both the SEC and defendant Daniel Pacheco have had their motions for summary judgment denied. Both parties sought to get the upper hand via the filings, made in July 2021.
PlatinWorld & PLC Ultima fraud warning from Mongolia
PLC Ultima has received a fraud warning from Mongolia’s Financial Regulatory Commission. PLC Ultima is part of Alex Reinhardt’s PlatinWorld Ponzi scheme.
FSCA punishes MTI Ponzi scammers by waiving R50 mill fine
It’s been a terrible week for global MLM regulation. First we had Dubai release someone who had an Interpol issued arrest warrant out on them. The worst of it is Dubai hadn’t yet bothered to arrest the perp, they’d voluntarily turned themselves in. Then we had Bulgaria, home of the still very much active OneCoin Ponzi [Continue reading…]
Gordon Beckstead’s BitClub Network money laundering plea
As per a chargesheet filed on March 24th, Gordon Brad Beckstead helped BitClub Network scammers launder “millions of dollars”.
Model Farming pyramid fraud warning from Russia
Model Farming has received a pyramid fraud warning from the Central Bank of Russia. As per the CBR’s April 20th warning, Model Farming exhibits “signs of a financial pyramid”.
Interpol Dubai refuse to arrest Generation Zoe Ponzi lawyer
Generation Zoe’s legal advisor Hector Luis Yrimia is wanted by Argentinian authorities. Yrimia has an international arrest warrant out on him, issued through Interpol. On Tuesday April 12th, following additional seizures and raids on his properties in Argentina, Yrimia turned himself in to Interpol’s Dubai branch. Instead of arresting Yrimia and initiating extradition proceedings, Interpol [Continue reading…]
