regulation @ BehindMLM

The US Treasury Department’s Office of Foreign Assets Control has sanctioned a Cambodian politician in relation to Chinese scam factories. Ly Yong Phat, a Cambodian senator and personal advisor to Cambodia’s President of the Senate, was sanctioned by OFAC on September 12th. Phat’s companies, L.Y.P Group Co. LTD, O-Smach Resort, Garden City Hotel, Koh Kong [Continue reading…]

The Australian Securities and Investments Commission has issued an investment fraud warning, pertaining to “digital gold vaults”.

Convicted BitConnect Ponzi scammer Glenn Arcaro wants to change his name. The request was noted in a petition to modify Arcaro’s release conditions.

James O. Ward Jr., an Alabama resident, has been sued by the SEC over fraud allegations relating to his Apex Financial investment scheme. As per the SEC’s September 10th, 2024 filed Complaint, Ward, through Apex Financial, defrauded “at least 70 investors” out of “at least $852,000”.

GSB Group and owner Josip Heit have settled allegations pertaining to their fraudulent GSPartners investment scheme. As part of the settlement, reached with state securities regulators in Texas, Alabama, Arizona, Arkansas and Georgia, US investors in those states will receive refunds.

Turkish authorities have arrested a second OmegaPro executive. Robert Velghe was arrested in Istanbul on Tuesday, September 3rd.

Four hundred and eighty-seven QNet promoters have been arrested in Ghana. Citing QNet as a Ponzi scheme, authorities in Kumasi made the arrests on September 2nd, 2024.

Following a review of seventy MLM income disclosures, FTC staff have concluded they are “confusing” and “ambiguous”. Specific issues with MLM income disclosure statements cited by the FTC include:

A QNet victim has filed a complaint in Indore, India. Kanishka Parmar, a local QNet promoter, recruited Kusum into QNet on the promise of a Rs. 10 million ROI over five years (~$119,000 USD).

A new iX Global investment fraud case has been opened in Mumbai, India. 200 victims have come forward alleging Rs. 350 million in losses (~$4.1 million USD).