regulation @ BehindMLM

iPro Network trial scheduled, $4+ mill in default judgments

It’s been a while since we last checked in on the SEC’s iPro Network fraud lawsuit. Four months to be exact. In that time several default judgments have been granted, and a trial date has been scheduled for March 2021.

Herbalife cops $122 mill criminal fine over fraud in China

Ever wondered how US MLM companies do business in China? Boy have I got a story for you…

Firoz Patel to forfeit over $4 million laundered through Payza

As part of his guilty plea in the $250 million Payza money laundering case, Firoz Patel will personally forfeit over $4 million dollars.

OmegaPro added to France’s fraud blacklist

OmegaPro has been added to the Autorité des Marchés Financiers’ fraud blacklist. The AMF is France’s top financial regulator. Their blacklist features companies unauthorized to offer securities.

MTI drops forex trades for crypto trades, both non-existent

In an email sent out to affiliate investors, Mirror Trading International has announced it’s dropping non-existent forex trading for non-existent crypto trading.

Renato Rodriguez & Gutemberg Dos Santos indicted, arrested

Earlier today I published an article covering a civil fraud case filed by the SEC. The case was filed against two AirBit Club promoters. That was good to hear but it left me wondering why the the SEC hadn’t pursued the Ponzi scheme’s creators, Renato Rodriguez and Gutemberg Dos Santos. Turns out the DOJ is [Continue reading…]

Two US AirBit Club promoters sued by SEC

Two promoters of the AirBit Club Ponzi scheme have been sued by the US Securities and Exchange Commission. The SEC’s lawsuit was filed on August 18th and identifies AirBit Club as an “investment club” that is ‘not organized in any jurisdiction and has no formal legal existence.’

Mirror Trading International sec fraud warning from Sth Africa

South Africa has issued a securities fraud warning against Mirror Trading International. The Financial Sector Conduct Authority claims ‘returns on the investments claimed by MTI seem far-fetched and unrealistic.’

Zeek Rewards Receivership extended through 2021

Due to several outstanding issues, the Zeek Rewards Receivership has been extended through to 2021.

FTC’s Neora case survives dismissal, moved to Texas

Neora’s bid to dismiss the FTC’s pyramid scheme case against it has been rejected. The company did however manage to get the case moved to Texas.