Is United Wealth Education violating the FTC Act?
Back in August BehindMLM covered Financial Education Services’ $324 million FTC settlement.
The settlement pertained to the FTC alleging FES “scam[med] consumers out of more than $213 million”.
On September 27th I received an email from Sue Griffin, representing herself to be VP of Agent Support for United Wealth Education Services, formerly FES.” [Continue reading…]
GlobTFX Review: Quantitative trading “click a button” Ponzi
GlobTFX, aka GTFX App, fails to provide ownership or executive information on its website.
GlobTFX’s current website domain (“globtfx.com”), was privately registered on July 23rd, 2024.
It should be noted that GlobTFX has disabled root website access on their domain. The company instead operates from two subdomains:
- home.globtfx.com – app funnel
- h5.globtfx.com – desktop app access
GlobTFX previously operated from the domain “gtfxx.com”, which has since been disabled.
In an attempt to appear legitimate, GlobTFX appears to have registered a shell company with FinCen.
FinCen is not a financial regulator. Seeing as any schmuck can register a shell company with FinCen, doing so in and of itself is meaningless.
If we look at the source-code of GlobTFX’s website, we can see it is localized to Chinese:
This suggests whoever is running GlobTFX has ties to China.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money. [Continue reading…]
Titan Wealth Review: Templated MLM crypto Ponzi
Titan Wealth fails to provide ownership or executive information on its website.
Titan Wealth’s website domain (“invest-titan.com”), was privately registered on September 2nd, 2024.
In an attempt to appear legitimate, Titan Wealth provides a corporate address in Dallas, Texas on its website.
The address corresponds to a residential apartment building, meaning it’s unlikely to have anything to do with Titan Wealth.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money. [Continue reading…]
Indian authorities seize $5.6 mill in BitConnect assets
Authorities in Gujarat have seized another 47.7 crore worth of assets tied to BitConnect (~$5.6 million). [Continue reading…]
Vortic United securities fraud warning from BC, Canada
Vortic United has received a securities fraud warning from the British Columbia Securities Commission (BCSC).
As per BCSC’s October 7th, 2024 Vortic United warning; [Continue reading…]
Be Club securities fraud warning from New Zealand
Be Club has received a securities fraud warning from New Zealand’s Financial Markets Authority (FMA).
As per the FMA’s October 8th, 2024 Be Club warning; [Continue reading…]
Coinplex Review: Quantitative trading “click a button” Ponzi
Coinplex fails to provide ownership or executive information on its websites.
Coinplex has three known website domains:
- cplexpres.com – registered in August 2023, private registration last updated on July 13th, 2024
- h5.coinplex.ai – registered with bogus details on unknown date
- coinplex.cc – registered with bogus details on September 23rd, 2024
Of note is Coinplex’s .CC website domain being registered through the Chinese registrar Alibaba (Singapore).
If we check the source-code of Coinplex’s website support page, we learn it runs on the Meiqia platform:
Meiqia is a Chinese software company based out of Beijing. This suggests whoever is running Coinplex has ties to China.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money. [Continue reading…]
USI-Tech’s Horst Jicha on the run, now a fugitive
USI-Tech co-founder Horst Jicha has violated the terms of his release and gone on the run. [Continue reading…]
Mind Capital’s David Kagel sentenced to 5 yrs probation
Mind Capital’s David Lee Kagel has been sentenced to five years probation.
The former securities law attorney will also have to pay back $13.9 million in restitution. [Continue reading…]
The GSB securities fraud cease and desist
Back in mid September BehindMLM received a cease and desist from Avi Perry, an attorney at Quinn Emanuel Urquhart & Sullivan (Quinn Emanuel), acting on behalf of GSB Gold Standard Corporation and owner Josip Heit.
In a nutshell, Perry objected to BehindMLM’s ongoing reporting on GSB’s and Heit’s alleged securities fraud.
While I did respond to the cease and desist I didn’t publicly report about it at the time. The notion that Heit’s attorneys would stand before a Judge and argue GSB and Heit hadn’t committed securities fraud, in light of receiving over a dozen regulatory fraud warnings and enforcement actions pertaining to securities fraud, was ridiculous.
On October 10th Quinn Emanuel published a press-release titled “Multiple U.S. and Canadian regulators agree to drop fraud charges against Josip Heit and GSB Germany as part of expanded settlement“.
Cited as a “related matter”, Quinn Emanuel stated;
In a related matter, Mr. Heit and GSB Germany also served a cease-and-desist notice on BehindMLM.com, a website that has published false and defamatory statements about Mr. Heit and his companies.
Many of BehindMLM’s posts about GSB Germany and Mr. Heit have been subject to injunctions and take-down orders in courts throughout the world.
First on a matter of principle, BehindMLM is certainly not a “related matter” within the context of GSB’s and Heit’s fraud charges. Dropped or no, GSB’s and Heit’s fraud charges are theirs alone.
Evidently what I thought was too silly to make public last month, is now a marketing point to deflect from GSB’s and Heit’s pending fraud charges settlement with North American regulators.
In the interests of transparency and allowing consumers to make up their own minds, today BehindMLM will be publishing Quinn Emanuel’s cease and desist. This includes subsequent email communication between myself and Avi Perry. [Continue reading…]
