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AutoTrade Gold founder Wahyu Kenzo arrested in Indonesia

AutoTrade Golder founder and CEO Dinar Wahyu Saptian Dyfrig, better known as Wahyu Kenzo, has been arrested in Indonesia. Indonesian authorities allege AutoTrade Gold was a 9 trillion INR Ponzi scheme (~$582 million USD).

Joshua D. Nicholas to pay $3.3 million in EmpiresX restitution

Joshua David Nicholas has been ordered to pay $3.3 million in restitution. The order follows Nicholas pleading guilty to one count of conspiracy to commit wire fraud last September. That plea led to a 51 month prison sentence, handed down a few months later in November.

MTI tax issue in South Africa expected to drag into 2024

The Mirror Trading International tax issue in South Africa is expected to drag into 2024.

Be a suspected pyramid scheme in Norway

Following dozens of complaints from consumers, the Norwegian Gambling Authority sent Be a warning letter last October. The letter advised that the Gambling Authority suspected Be was an illegal pyramid scheme.

Gilbert Armenta’s OneCoin forfeiture tops $50 million

A consented to preliminary order has pegged Gilbert Armenta’s OneCoin forfeiture at over $50 million dollars.

Financial Education Services fails to dismiss FTC fraud case

Financial Education Services’ Motion to Dismiss FTC proceedings against it has been denied. The FTC filed suit against FES last June, alleging FES was a $467 million pyramid scheme. As part of those proceedings, FES filed a Motion to Dismiss on July 25th.

5th NovaTech securities fraud warning from Canada (Quebec)

NovaTech FX has received a securities fraud warning from Quebec’s Autorite des Marches Financiers. NovaTech LTD was added to the AMF’s investor warnings list on February 3rd, 2023.

Montana’s CSI goes after collapsed Vbit Technologies Ponzi

Vbit Technologies, a collapsed MLM crypto Ponzi, has attracted the attention of Montana’s state securities regulator.

Michael Glaspie pleads guilty to “Mike G Deal” criminal charge

Michael Glaspie, a serial promoter of fraudulent MLM schemes, has pled guilty to wire fraud. Glaspie’s criminal case stems from his promotion of the “Mike G Deal”, which the DOJ confirmed was a $55 million “investment fraud scheme”. At time of publication Glaspie’s criminal case has yet to appear on PACER. Nonetheless details of Glaspie’s [Continue reading…]

NBH Finance collapses, pulls bizarre stock-exchange exit-scam

The NBH Finance Ponzi scheme has collapsed. In doing so, the scammers behind it have pulled a rather bizarre stock exchange exit-scam.