MLM @ BehindMLM

The outcome of Michael Glaspie’s SEC civil fraud lawsuit hinges on sentencing in parallel criminal proceedings. Glaspie was sued by the SEC back in January as a promoter of the Mike G Deal (aka CoinDeal). Following a lack of updates from the SEC, the court ordered the regulator to “show cause” by August 4th.

If you’re wondering what happened to Johannes Steynberg following his Brazilian arrest in January 2022, you’re a not alone. Turns out, rather than extradite Steynberg to the US or South Africa, that Brazilian authorities charged Steynberg with “assuming a false identity”. As reported by Jan Vermeulen of MyBroadband, Steynberg has been found guilty.

Christopher Scanlon’s Nvayo Limited has been hit with a number of regulatory restrictions by the FCA. On August 8th, the FCA imposed six restrictions on Nvayo Limited’s business operations:

The CFTC has secured an asset-freeze against Fundsz and owners Rene Larralde, Juan Pablo Valcarce, Brian Early and Alisha Ann Kingrey.

The SEC has sued OnPassive and owner Ash Mufareh (aka Ashraf Mufareh), for $108 million in securities fraud.

Three of Jan Gregory’s MLM crypto Ponzi schemes have received fraud warnings from California’s Department of Financial Protection and Innovation. As per an August 9th press-release, the DFPI has cited CloudFi, CoinMarketBull and Vortic United for “violations of California securities laws”.

Eddie Alexandre will pay $213,639,133 in restitution to EminiFX victims. The CFTC’s civil EminiFX case has also been reopened.

The CFTC has secured an Entry of Default against four iComTech Ponzi scammers. Following their failure to respond to the CFTC’s lawsuit, Entry of Default was entered against David Brend, Moses Valdez, Marco Ruiz Ochoa and Juan Arellano Parra on July 20th.

Restitution against Ponzi scammer Ryan Ginster has been dropped because none of his victims came forward.

iX Global, its CEO and several promoters have been sued for securities fraud by the SEC. Between iX Global and its Debt Box ruse, the SEC’s July 26th filed Complaint names eighteen defendants.