MLM @ BehindMLM

After pleading guilty to money laundering charges, Firoz Patel’s plan seems to have been do a bit of jail time and then live off $24 million in stashed bitcoin. Unfortunately for Patel the DOJ caught wind of the stash, prompting additional criminal charges filed in May 2023. Patel pled guilty to obstruction last month and [Continue reading…]

US authorities have finally taken action against The Traders Domain Ponzi scammers. On September 30th the CFTC filed suit against Traders Domain FX LTD and several additional corporate and individual defendants. While The Traders Domain itself wasn’t an MLM opportunity, the scam is of interest to BehindMLM due to several MLM Ponzis feeding into it. [Continue reading…]

Authorities in Gujarat have seized another 47.7 crore worth of assets tied to BitConnect (~$5.6 million).

Vortic United has received a securities fraud warning from the British Columbia Securities Commission (BCSC). As per BCSC’s October 7th, 2024 Vortic United warning;

Be Club has received a securities fraud warning from New Zealand’s Financial Markets Authority (FMA). As per the FMA’s October 8th, 2024 Be Club warning;

USI-Tech co-founder Horst Jicha has violated the terms of his release and gone on the run.

Mind Capital’s David Lee Kagel has been sentenced to five years probation. The former securities law attorney will also have to pay back $13.9 million in restitution.

Back in mid September BehindMLM received a cease and desist from Avi Perry, an attorney at Quinn Emanuel Urquhart & Sullivan (Quinn Emanuel), acting on behalf of GSB Gold Standard Corporation and owner Josip Heit. In a nutshell, Perry objected to BehindMLM’s ongoing reporting on GSB’s and Heit’s alleged securities fraud. While I did respond [Continue reading…]

TrageTech has received a securities fraud warning from the Texas State Securities Board (TSSB). TSSB’s October 10th enforcement order also cites promoter Eric Ture Muhammad, cited as a GSPartners and Billionico promoter.

Allianz Life Insurance has entered into a settlement with the Profit Connect Receiver. As per the terms of the settlement, Allianz will pay $125,250 to the Receivership, from which $2500 to four Profit Connect investors.