regulation @ BehindMLM

USFIA Ponzi victims to recover approx 75% of losses

The USFIA Receiver estimates that victims will recover approximately 75% of losses.

Crowd1 & QNet banned in Côte d’Ivoire for being scams

Authorities in Côte d’Ivoire have banned Crowd1 and QNet. The stated reason for the ban is both companies operate as scams and facilitate money laundering.

TelexFree victims vote for distribution plan

Voting on the proposed TelexFree liquidation plan closed on June 30th. A published tally of the ballots reveals that TelexFree victims voted in support of the liquidation plan.

Rodrigues’ escape accomplices back in custody, more warrants

Earlier this year it emerged TelexFree scammer Sann Rodrigues fled Brazil with the aid of a lawyer and two former police officers. Rodrigues remains at large, however the attorney and one of the police officers involved were arrested back in February. The pair were released a day later and have been out on bail since. [Continue reading…]

Elysium Capital securities fraud warning issued in Estonia

Elysium Capital has received a securities fraud warning from Estonia’s Financial Supervisory Authority (FSA).

Cardiffs’ contempt appeal denied, Poujade facing jail

Two recent rulings have seen Jason and Eunjung Cardiff’s contempt appeal denied; and Jacques Poujade found to be in contempt. Redwood principals Jason and Eunjung Cardiff were found in contempt back in April. This marked the second time the Cardiffs were found in contempt. They were spared prison time owing to the COVID-19 pandemic.

FTC thwarts Jason Cardiff’s COVID-19 mask scheme

On June 19th the FTC filed a fresh motion requesting sanctions against Jason and Eunjung Cardiff. As alleged by the FTC, the Cardiffs have failed to comply with a filed March 31st contempt order. This was followed up by an emergency ex-parte application for a TRO, filed on June 23rd. The FTC’s application was initially [Continue reading…]

Fred Fok fined $71,700 for promoting OneCoin in Singapore

Fok Fook Seng, better known as Fred Fok, has been fined $71,000 for promoting the OneCoin Ponzi scheme in Singapore.

Tycoon69 collapses in Switzerland, regulatory bankruptcy

An FMA investigation into Tycoon69 has lead to the company’s collapse in Switzerland. As per an email sent out by the Vischer law firm, Tycoon69 has declared bankruptcy.

Forsage fraud warning issued by Philippines SEC

The Philippines SEC has issued a fraud warning against the Forsage gifting scheme. They’ve also outed Lado Okhotnikov as owner of the scam.