regulation @ BehindMLM

DOJ stays SEC’s Forsage securities fraud civil case

The DOJ has stayed SEC civil proceedings against Forsage executives and promoters.

Default judgment granted against Forsage’s Mikhail Sergeev

Default judgment has been granted against Forsage executive Mikhail Sergeev. The SEC alleges Forsage is a $300+ million Ponzi scheme. Sergeev, a Russian national, worked as Forsage’s Development Director.

Mike Sims consents to Yas Castellum Ponzi injunction

Michael Shannon Sims, known in the MLM industry as Mike Sims, has consented to a preliminary injunction. The injunction pertains to commodities fraud charges brought by the CFTC. The CFTC’s January 2023 filed charges are in relation to a series of Ponzi schemes run by Sims (below), Todd Brisco (Sims’ brother in law), Tin Tran, [Continue reading…]

$16 million tied to QNet frozen in India per new investigation

Indian authorities have frozen $16 million tied to QNet. The freeze order is part of a new QNet criminal case, initiated in Hyderabad on March 23rd. The new criminal case follows a fire at a QNet sweatshop in Swapnalok Complex on March 17th, which claimed the lives of five promoters.

Ryan Ginster sentenced to 2+ years in prison for MLM Ponzis

Prolific MLM crypto Ponzi admin Ryan Mark Ginster has been sentenced to 27 months in prison. Ginster’s sentence was handed down following a entry of a guilty plea last December.

SEC granted permission to serve Pires & Goncalves via email

The SEC has been granted permission to serve EmpiresX fugitives Emerson Pires and Flavio Goncalves via email.

Crowd1 corporate raid and arrests in Sweden

Swedish authorities raided Crowd1’s corporate offices last November. The previously unreported news was disclosed in a recent episode of Svenska Dagbladet’s paywalled Blenda podcast.

Be investment fraud warning from Norway’s finance regulator

The Financial Supervision Authority of Norway (Finanstilsynet), has issued an investment fraud warning against Be. As per Finanstilsynet’s March 23rd warning;

Maxpread Technologies pyramid fraud warning from Russia

Maxpread Technologies has received a pyramid fraud warning from Russia. As per the Central Bank of Russia’s March 24th warning, Maxpread Technologies shows “signs of a financial pyramid” scheme.

John Barksdale cops $79 million Ormeus Global judgment

A $79 million final judgment has been entered against John Barksdale and sister Jonatina. The Barksdale’s judgment follows a March 7th motion for default judgment by the SEC.