MLM @ BehindMLM

NovaTech FX has been issued a securities fraud cease and desist by California’s Department of Financial Protection & Innovation (DFPI). The notice marks the first regulatory action against NovaTech FX by a US regulator.

iComTech founder David Carmona has been arrested in the US. Carmona’s arrest follows indictment by a Grand Jury in the Southern District of New York.

Forsage promoter defendants Carlos Martinez and Alisha Shepperd have settled with the SEC.

FutureNet Ponzi co-founder Stephan Morgenstern has been arrested in Greece. Morgenstern’s arrest was part of a joint operation that took place on October 26th.

Financial Education Services’ court-appointed Monitor (formerly Receiver), has filed his first report. Overall FES has taken steps to address compliance, but top earners appear to still be flouting rules.

In a surprising development, Luxembourg’s government has confirmed it will not contest Frank Schneider’s extradition.

Following guilty pleas by two of the fourteen OneCoin defendants in Argentina, the pair have been sentenced to prison. Adolfo Domínguez and Aldo Leguizamón will serve three years and six months and four years and three months respectively.

In 2021 CashFX Group solicited $432 million from gullible investors, just shy of half a billion. In 2022 that amount has dropped to $112 million. On a macro level that might sound salvageable… until you consider that for October 2022, CashFX Group took in less than a million dollars.

Joseph Cammarata has been found guilty in connection to a securities fraud scheme.

Trade Coin Club’s owner, Director and two US-based promoters have been sued by the SEC. Defendants Douver Torres Braga, Joff Paradise, Keleionalani Akana Taylor and Jonathan Tetreault, are alleged to have stolen almost $300 million from consumers.