MLM @ BehindMLM

Profit Connect victims will soon be able to file claims with the court-appointed Receivership. On June 13th, the Profit Connect Receiver’s proposed claims submission process received court approval.

Following his arrest in Spain back in late 2020, Santi Fuentes has been charged in relation to ArbiStar. Spanish prosecutors allege ArbiStar was a $92 million plus Ponzi scheme.

Clayton Thomas has received an $844,706 judgment in his SEC fraud case. Thomas’ June 9th judgment also includes an injunction, permanently prohibiting further violations of the Securities and Exchange Act.

Belgium’s Financial Services and Markets Authority has issued an Intelligence Prime Capital fraud warning. The FSMA cites Intelligence Prime Capital as a “new fraudulent trading platform”. A bit odd considering the Ponzi scheme collapsed in February 2022.

Former Investview CEO Joseph Cammarata has been sentenced to ten years in prison for recovery scamming. Cammarata will also have to pay $31.2 million in restitution.

French authorities have dropped the ball, allowing OneCoin’s Frank Schneider to flee pending extradition to the US.

Four days after Luxembourg’s Commission de Surveillance du Secteur Financier issued a securities fraud warning, IM Mastery Academy held a marketing event in Kirchberg on May 29th. Police raided the event, which targeted “young students”, after receiving complaints from parents. The raids led to the arrest of several organizers of the event. IM Mastery Academy’s [Continue reading…]

The UK’s Financial Conduct Authority has announced a crackdown on financial advertising amid concerns about “the ease and speed with which people can make high-risk investments”. Of note is the banning of “refer a friend” commissions, which all MLM crypto schemes offer.

The USFIA Receiver is looking to to make a second ~$5 million distribution to victims.

Former Investview CEO Joseph Cammarata has had his bid for an acquittal denied. In a February 21st filed motion, Cammarata sought to reverse being convicted of mail and wire fraud conspiracy, wire fraud, money laundering and conspiracy to commit money laundering last November. On May 30th Cammarata’s post-trial motion was denied.