MLM @ BehindMLM

Be has received a pyramid fraud warning from the Central Bank of Uruguay. As I understand it Be is promoted in Uruguay and possibly other South American countries as “Sky Team Experience”.

Joshua David Nicholas has copped a $300,026 judgment in the SEC’s EmpiresX civil fraud case. As per an April 19th order approving Nicholas’ Consent Judgment;

Maxpread Technologies and suspected co-owner Jan Gregory Cerato have received a securities fraud warning from California’s DFPI. As per an April 19th order, Maxpread Technologies and Cerato have been accused of securities fraud. Effective immediately, Maxpread Technologies and Cerato have been ordered to cease doing business in California.

Yas Casetellum’s Tin Quoc Tran is on the run after learning of a pending CFTC action against him. Notwithstanding, the regulator believes Tran is aware of the lawsuit and has requested permission to proceed anyway.

NovaTech FX has received a securities fraud cease and desist from Wisconsin’s Department of Financial Institutions. DFI’s notice details allegations of fraud, and includes proposed restitution and civil penalty orders.

Scammers behind the Trade Coin Club Ponzi scheme are evading service by the SEC. In an April 6th Status Report, the regulator detailed efforts to serve Keleionalani Taylor, Douver Braga and Joff Paradise.

Eyebrows were raised when California issued a Metafi Yielders securities fraud warning, four months after the Ponzi scheme collapsed. Now Canada has done them one better, issuing its own Metafi Yielders securities fraud warning eleven months later.

Chinese USFIA investors have until April 30th to make sure their payment details are correct. Failing which, sometime after May 30th their USFIA victim claims will be rendered invalid.

The SEC’s EmpiresX civil fraud case has been reopened. Last October both the SEC’s and CFTC’s parallel EmpiresX civil proceedings were stayed, pending Hague service on co-founder defendants Emerson Pires and Flavio Goncalves.

Today on April 10th, 2023, BehindMLM turned thirteen. For too many years I’ve been wanting to put out an annual post discussing where the MLM industry is at. I last did this in 2015 but since then one thing or another has come up around this time of year. Typically, if there’s no news to [Continue reading…]