MLM @ BehindMLM

A group of Italian Traffic Monsoon investors fell for the old “pay your upline instead of the company” MLM Ponzi ruse. The upline was Fabiano Santos, aka Maurizio Longo, who directed his victims to invest upwards of $1 million through his shell company Advertising Corp. Doubling down on his fraud, Santos filed investor claims with [Continue reading…]

Back in 2020 payment processor ePayments announced it was the subject of a freeze order. The freeze order was issued by the FCA, tying up over £100 million in client funds. Those funds are still frozen. Now ePayments has announced it’s shutting down.

Following being found guilty of every count on his Infinity2Global fraud indictment, Richard Maike requested he be released pending sentencing. The court denied the request, ordering Maike remanded to custody. On September 9th Maike filed a motion for reconsideration, asking the court to reverse its earlier decision.

The DOJ has made reference to restitution for investors of the EmpiresX Ponzi scheme. While it’s not much, I believe it’s the first we’ve seen restitution mentioned in EmpiresX fraud proceedings.

GIG-OS and marketing arm Global Success Management have been banned in Italy. As per a September 6th announcement, CONSOB advises GIG-OS and GSM have violated Italy’s financial laws.

Joshua David Nicholas has plead guilty to one count of conspiracy to commit securities fraud. Nicholas played “Master Trader” in EmpiresX, through the misappropriated alias “Joshua Gregg”.

A jury has found Richard Maike and his fellow Infinity2Global scammers guilty on all charges. The September 7th verdict follows a mammoth criminal trial that began on July 12th.

Details of Jonathan Sifuentes Saucedo’s My Trader Coin securities fraud settlement have been made public. As per an August 18th filing, Sifuentes admitted to securities fraud and will pay $85,000 in penalties.

The SEC has moved to serve three of Forsage’s four founders via alternative service. Vladimir “Lado” Okhotnikov, Lola Ferrari, Sergey Maslakov all reside overseas.

Cheri Beth Bowen has settled a securities fraud lawsuit brought against her by the SEC. As alleged by the SEC, Bowen stole “at least” $303,000 through the Forsage Ponzi scheme.