MLM @ BehindMLM

While BitConnect promoter Michael Noble settled the SEC’s fraud allegations against him in 2021, disgorgement, interest and civil penalty amounts remain disputed. Seeking to finalize these amounts, the SEC filed a motion seeking monetary relief against Noble on September 16th.

Francisco Story has settled SAEG Ponzi charges with the CFTC for $125,000. The CFTC filed suit against Story in January 2023 over his participation in the collapsed SAEG Ponzi scheme.

Following certificates of default entered against Craig Grant and Trevon James in late August, the SEC has filed proposed orders against the BitConnect Ponzi promoters.

Michael Shannon Sims, aka Mike Sims, has settled SAEG Ponzi charges with the CFTC for $250,000.

Charles Joseph Garis Jr. has settled Blueprint to Wealth fraud charges with the FTC. As part of his filed September 13th settlement, Garis Jr. consented to a $567,313 monetary judgment. Based on sworn financial statements provided to the FTC by Garis Jr., the parties have agreed to a reduced $100,000 suspended judgment.

iX Global scammer Viraj Patil managed to convince a Judge in Kolkata to grant him interim bail. Upon release, Nagpur’s Economic Offenses Wing immediately arrested Patil and threw him back in prison.

The fourth and final EmpowerCoin and JetCoin Ponzi defendant has pled guilty. At a change of plea hearing held on September 16th, Dwayne Golden pled guilty to conspiracy to commit wire fraud and money laundering.

The US Treasury Department’s Office of Foreign Assets Control has sanctioned a Cambodian politician in relation to Chinese scam factories. Ly Yong Phat, a Cambodian senator and personal advisor to Cambodia’s President of the Senate, was sanctioned by OFAC on September 12th. Phat’s companies, L.Y.P Group Co. LTD, O-Smach Resort, Garden City Hotel, Koh Kong [Continue reading…]

The Australian Securities and Investments Commission has issued an investment fraud warning, pertaining to “digital gold vaults”.

Convicted BitConnect Ponzi scammer Glenn Arcaro wants to change his name. The request was noted in a petition to modify Arcaro’s release conditions.