Articles under ‘regulation’:

Faith Sloan settles TelexFree Ponzi fraud with Trustee

In addition to being pursued by the SEC, TelexFree net-winner Faith Sloan also faced clawback litigation from the Trustee. According to the Trustee, Sloan stole $710,319 from TelexFree victims. Earlier this month we reported Sloan had reached a settlement with the SEC. In light of that yet to be approved settlement, the Trustee and Sloan [Continue reading…]

Matt Lloyd’s MOBE entry of default set aside

Following an entry of default recorded against Matt Lloyd McPhee on February 1st, McPhee filed to have it set aside. McPhee’s motion was granted on April 19th.

Poland offers to file charges against OneCoin scammer, seeks victims

If you’re a OneCoin victim in Poland, you might be able to recover your losses via criminal proceedings. The Szczecin District Prosecutors Office has offered to go after OneCoin scammers. They just need victims to speak up.

Why TelexFree victim distribution payments are taking so long

There’s probably no group more salty in MLM  right now than TelexFree victims with approved claims. The TelexFree claim portal went live back in mid 2016. Almost three years later, not one distribution payment has been made. Now, a Status Report filed by the Trustee on April 12th, provides insight into why.

Tonga issues WorldVentures pyramid scheme warning

The National Reserve Bank of Tonga has issued a warning against participation in WorldVentures.

LEO a Ponzi scheme in Pakistan, SEC shuts down shell company

A few weeks back I came across news that the Pakistan SEC had shut down ‘at least nine companies dealing in cryptocurrencies and offering Ponzi/MLM, referral marketing, pyramid business/schemes‘. Although this was MLM related news, I didn’t recognize any of the company names and so left it at that. A reader has now informed me [Continue reading…]

GTI-Net Ponzi confirmed, reboots as Global Technology Innovation

GTI-Net lost its appeal against an investment fraud warning issued by Belgium’s Financial Services and Markets Authority (FSMA). The company responded by “shutting down”, only to reboot itself with a new name and website.

Faith Sloan settles SEC’s $1.2 million TelexFree fraud case

With the clocking ticking down towards her TelexFree trial, now news that Faith Sloan has reached a settlement with the SEC.

OneCoin promoters arrested in Singapore, regulatory warning

Two OneCoin promoters have been arrested in Singapore, on the charges related to “pyramid selling”.

Three OneCoin affiliates in Finland facing criminal prosecution

Years of Ponzi scamming through OneCoin is catching up with scammers. Following news of €400,000 in tax fraud in Romania, now OneCoin affiliates are being arrested in Finland for the same crime.