regulation @ BehindMLM

BitConnect’s Glenn Arcaro out on $500,000 bond release

Following the entering of a guilty plea to one count of conspiracy to commit wire fraud, Glenn Arcaro has been released on a $500,000 secured bond.

Glenn Arcaro pleads guilty to BitConnect criminal charges

Glenn Arcaro has plead guilty to BitConnect related criminal charges. BitConnect was a $2 billion dollar MLM crypto Ponzi scheme that collapsed in January 2017. Glenn Arcaro promoted BitConnect and served on the executive team as its US National Promoter.

BitConnect, Satish Kumbhani & Glenn Arcaro sued by SEC

The SEC has finally filed suit against BitConnect and executives Satish Kumbhani and Glenn Arcaro. The lawsuit follows a similar suit filed against BitConnect’s top US promoters in May.

Kristijan Krstic & wife disappear after home detention release

Well that didn’t take long. Just two weeks after being let out of custody, Kristijan Krstic and his wife have violated their release conditions and fled.

Ahmad Khawaja’s Allied Wallet fraud indictment

News broke of Allied Wallet executives being indicted on criminal charges last Friday. At the time I was unable to access what I believed was a sealed indictment. Sure enough a sealed indictment was filed on August 25th. Pending the arrest of three of the suspects, all of which were US-based, the DOJ requested the [Continue reading…]

Default judgment ordered against GTC’s Rodrigo Molina

Following an entry of default judgment recorded against Global Trading Club scammer Rodrigo Jose Castro Molina, a court has ordered the CFTC to file for default judgment.

Success Factory pyramid scheme warning from Russia

Success Factory has received a pyramid scheme warning from the Central Bank of Russia. As per the Central Bank’s August 31st warning, Success Factory exhibits “signs of a pyramid scheme”.

Torexo Finance pyramid scheme warning from Russia

Torexo Finance has received a pyramid scheme warning from the Central Bank of Russia.

Seychelles confirm OneCoin money laundering investigation

The Financial Crime Investigation Unit has confirmed it is investigating the allegation a Seychelles notary signed off on a fraudulent Power of Attorney. That PoA would later be used to launder 230,000 bitcoin in stolen OneCoin investor funds.

Profit Connect defense attorneys bail, Receiver updates

On August 12th attorneys for Profit Connect defendants Brent Carson Kovar and Joy Kovar filed a motion to withdraw. The cited reason for the withdrawal was non-payment, as well as issues securing out-of-state counsel familiar with SEC proceedings.