MLM @ BehindMLM

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…]

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.

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 is the subject of a Ponzi scam advisory issued by the Bermuda Police Department.

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.

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.

The SEC has filed suit against Mindset 24 Global. The regulator alleges the since collapsed company operated as a Ponzi scheme.

The FTC has issued at least 379 MLM companies with deceptive and/or unfair conduct notices. This was announced by the FTC on October 26th. If it slipped under your radar, you’re not alone. I learned of the FTC’s announcement via a tip sent in by a reader. At first I thought there was some funny [Continue reading…]

Success by Health’s bid to overturn summary judgment via a motion for reconsideration has been denied. The FTC was granted liability summary judgment against Success by Health in September. In their motion for reconsideration, the SBH defendants focused their attention on VOZ Travel.

Due to the complex nature of the case, the Bitcoiin criminal trial has been pushed back to March 14th, 2022.