InCruises pyramid scheme warning from Russia
InCruises has received a pyramid scheme warning from Russia.
MLM @ BehindMLM
$56 million in crypto from BitConnect’s Glenn Arcaro sold off
The DOJ has announced “approximately $56 million” in cryptocurrency obtained from Glenn Arcaro will be liquidated. Proceeds are to be distributed to BitConnect victims.
Mido Finance securities fraud notice issued in New Zealand
The same day BehindMLM published its Mido Finance review, authorities in New Zealand issued a securities fraud warning.
Armed youth storm QNet office in Ghana, stab scammers
Ghana’s youth are sick of QNet scammers targeting them for recruitment. Pulse reports earlier this week a group of “angry youth”, armed with machetes, stick and clubs, attacked a local QNet office.
Profit Connect mined crypto for a week before SEC lawsuit
As part of its Ponzi scheme ruse, Profit Connect claimed to “proprietary Ai and Machine Learning Algorithms”. None of that existed. Profit Connect also represented to investors that it mined cryptocurrency. As part of those efforts, Profit Connect told investors it had “been mining for years and were very successful”. Turns out Profit Connect only [Continue reading…]
Montana to prosecute and fine unregistered MLM companies
As part of efforts to protect consumers, Montana requires MLM companies to register with the state. On November 9th Montana state authorities announced they were offering unregistered MLM companies an amnesty period. Companies that don’t register risk being prosecuted and fined.
FomoEX Ponzi admins arrested in India (eOracle too)
Indian authorities have arrested three scammers behind the FomoEX Ponzi scheme. What appears to be proactive regulation at first, might be tied to the collapse eOracle Ponzi scheme.
HyperFund Ponzi scam warning issued by Bermuda Police
HyperFund is the subject of a Ponzi scam advisory issued by the Bermuda Police Department.
CashFX Group fraud warning issued by Dominican Republic
The Dominican Republic’s Superintendent of Banks has labelled CashFX Group a “fraudulent scheme”. In a series of tweets published on November 3rd, Superintendent Alejandro Fernandez W. acknowledged Dominican Republic authorities’ awareness of CashFX Group.
Judge suggests Frank Ricketts pleads guilty in OneCoin trial
The Judge hearing Frank Ricketts’ OneCoin trial in Germany has suggested he plead guilty. The recommendation was made after the Judge heard evidence against Ricketts, and on the basis a confession in the early phase of a procedure could have a mitigating effect. If it comes later, it melts down to a very small part.
