regulation @ BehindMLM

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 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.

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

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.

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

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.

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.

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

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…]

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