Rolvi Trading securities & pyramid fraud warning from NZ
Rolvi Trading has received a securities and pyramid fraud warning from New Zealand’s Financial Markets Authority.
MLM @ BehindMLM
Infinity2Global criminal restitution tops $10 million
Richard Maike, Doyce G. Barnes and Faraday Hosseinipour will pay back over $10 million dollars in Infinity2Global restitution. As per a June 6th restitution order;
Profit Connect victim claims procedure approved
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.
ArbiStar’s Santi Fuentes prosecuted for €92 mill+ Ponzi
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 cops $844,706 judgment in SEC fraud case
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.
Intelligence Prime Capital fraud warning from Belgium
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.
Joseph Cammarata sentenced to 10 years for recovery fraud
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.
Frank Schneider escapes French detention, now a fugitive
French authorities have dropped the ball, allowing OneCoin’s Frank Schneider to flee pending extradition to the US.
IM Mastery Academy leaders arrested in Luxembourg
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…]
UK’s FCA bans MLM crypto investment schemes
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.
