MLM @ BehindMLM

On May 5th, a Texas District Court gave the CFTC a May 26th deadline to file for default judgment against Mirror Trading International (MTI). This prompted the CFTC to file a motion requesting the deadline be stayed on May 15th. In that filing, the CFTC revealed it had reached a settlement with MTI.

The CFTC has sued iComTech Ponzi scammers for commodities fraud. Name defendants in the CFTC’s May 24th filed Complaint are:

Nine local promoters of the MarketPeak Ponzi scheme have been arrested in Japan. An investigation by Osaka’s Police has revealed approximately 2515 MarketPeak victims, who together have lost ~$5.5 million.

An Alliance in Motion Global fraud alert has been issued by Pakistan’s Securities and Exchange Commission (SECP).

The FTC website entry for its IM Mastery Academy case has updated. What we now know is the entry pertains to a petition to quash a civil investigative demand issued by the FTC.

The FTC appears to have prematurely revealed it has launched a consumer protection enforcement action against IM Mastery Academy.

The EminiFX Receiver has filed a report pertaining to the “financial condition” of the EminiFX Receivership. The good news for victims of the Ponzi scheme is “the bulk of the EminiFX assets” have been recovered.

France’s Autorite des Marches Financiers has added Mainet to its blacklist for securities fraud. The AMF has added two Mainet related website domains to its blacklist:

An Arizona court has ruled Success by Health was a pyramid scheme. Having now considered the disputed evidence in its capacity as finder of fact, the Court concludes that the FTC should also prevail on its pyramid scheme claim as to SBH. The decision marks the first significant MLM related win for the FTC since [Continue reading…]

A third individual has been charged in connection to the “Mike G Deal” investment scheme. Bryan Lee was indicted under seal on May 15th. Sometime between May 16th and May 19th Lee was arrested, leading to the unsealing of the indictment on May 18th.