MLM @ BehindMLM

In late 2017 the Zhunrize Reciever filed suit against Vodaware. Vodaware was essentially a shell company set up to assist in the operation of Zhunrize. Ironically the company’s initial cooperation with the Zhunrize Receivership led to the Receiver uncovering it as the recipient of $2.8 million in stolen investor funds. The Receiver’s lawsuit named  Vodaware, Inc., [Continue reading…]

The Bank of Malaysia has charged MBI International Ponzi boss Teddy Teow with two counts of financial fraud.

We’ve been covering the Chinese investigation into OneCoin since April, 2016. Owing to Ruja Ignatova’s roots with BigCoin, a similar Ponzi points scheme that primarily targeted Asia, China initially emerged as a primary source of OneCoin investment. Along with all but a few third-world countries, investor recruitment in China died early last year after OneCoin [Continue reading…]

Following a failed bid to have tax-payers fund his defense, an entry of default has been recorded against Pedro Fort and Fort Ad Pays. Last November the SEC sued Fort for running the Fort Ad Pays. Fort Ad Pays was a Ponzi scheme launched in 2015. By mid 2016 the scheme had collapsed. Through Fort Ad [Continue reading…]

When South African authorities initially announced a criminal investigation into BTC Global back in March, investor losses were pegged at $50 million. Following analysis of 27,500 investor complaints and an ongoing investigation, the figure has now climbed to $80 million.

In a May 25th press-release addressing digital tokens, the Singapore government has singled out OneCoin and BitConnect as Ponzi pyramid schemes.

One of the problem MLM scammers have when caught is that outside of the scam they were running, they had no other source of income. In cases where an injunction is pursued and said scammers assets are frozen, that leaves them with limited options for hiring counsel. Such is the case with Digital Altitude, Michael [Continue reading…]

The first of the Digital Altitude defendants has buckled, following a joint filing requesting a stay in proceedings as to Morgan Johnson.

While Digital Altitude has acknowledged it made misrepresentations to the general public, the company and its principals are denying responsibility. Specifically, Michael Force and Mary Dee have raised failure to exhaust administrative remedies, good faith, offsets/set-offs, informed consent, and no reasonable basis for the requested relief as affirmative defenses.

It appears BitConnect, a Ponzi scheme with losses potentially running into the billions, was launched to skirt newly introduced demonetization law in India.