The first iteration of 202020Fund was set up on the domain “202020fund.com”. It lasted a few weeks before collapsing.

I know this because I’d queued 202020Fund up for review in Q3 2023. When it came up, 202020Fund’s original website was gone.

A few months later 202020Fund resurfaced on a new website domain, “202020fund.net”.

• 202020Fund’s original .COM domain was privately registered on August 5th, 2023
• 202020Fund’s reboot .NET domain was privately registered on October 7th, 2023

Despite only existing for a few months, on its website 202020Fund falsely claims to have “over 10 years of experience in the financial world”.

202020Fund fails to provide ownership or executive information on its website.

In an attempt to appear legitimate, 202020Fund provides shell company details for “20 20 20 Investment Limited”.

20 20 20 Investment Limited was registered in the UK on September 10th, 2023.

An MLM company operating or claiming to operate out of the UK is a red flag.

UK incorporation is dirt cheap and effectively unregulated. On top of that the FCA, the UK’s top financial regulator, do not actively regulate MLM related securities fraud.

As a result the UK is a favored jurisdiction for scammers looking to incorporate, operate and promote fraudulent companies.

For the purpose of MLM due-diligence, incorporation in the UK or registration with the FCA is meaningless.

As of November 2023, SimilarWeb tracked just ~1400 monthly visits to 202020Fund’s website.

202020Fund’s website traffic primarily originates from Suriname (33%), the UK (31%), Trinidad and Tobago (14%) and Canada (13%).

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…]

Exby fails to provide ownership or executive information on its website.

Exby’s website domain (“exby.io”), was registered in September 2022. The private registration was last updated on September 15th, 2023.

Exby’s social media profiles were created around the same time. This means September 15th is on or around the time Exby’s owners took possession of the domain.

Despite only existing for a few months, Exby’s website falsely backdates the company’s foundation to January 2022.

Over on Exby’s official Youtube channel, we find marketing videos featuring fake executives:

Exby’s “Darius Dimitropoulos” is represented by a robo-dubbed AI avatar. Although not always, this is typical of non-native English speaking admins.

As of November 2023, SimilarWeb tracked ~490,000 monthly visits to Exby’s website.

The majority of Exby’s website traffic originates from Russia (15%), Belgium (10%), Indonesia (10%) and the US (6%).

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…]

Notorious MLM industry figure David Wood has emerged with a new MLM AI trading grift.

Quantum Club is currently in prelaunch. The newly announced MLM company appears to combine securities fraud, commodities fraud and pyramid recruitment. [Continue reading…]

Seletti AI fails to provide ownership or executive information on its website.

Seletti AI’s website domain (“seletti.ai”), was privately registered on October 19th, 2023.

Official Seletti AI marketing videos in the website backoffice feature “Lenny” (right), as CEO of the company.

Someone going by “Tarek” is presented as Saletti AI’s “Relations Manager”.

Both Lenny and Tarek have Northern American accents.

Further research reveals Seletti AI’s “Lenny” is Leonard J. Giaquinto.

As per the screenshot above, Giaquinto is a furniture salesman from Kozy Furniture.

Press-releases claim Giaquinto was appointed Kozy Furniture’s “Chairman of the Board of Directors” in early 2021.

Social media profiles suggest Giaquinto is based of Virginia in the US.

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…]

Bulgarian authorities have dropped an investigation into Nexo.

Nexo was a non-MLM crypto Ponzi pitching passive returns of up to 10% annually.

Despite not being registered to offer securities in Bulgaria and thus operating illegally, in closing their investigation the Prosecutor’s Office claimed they found [Continue reading…]

EchoOne fails to provide ownership or executive information on its website.

In an official marketing presentation, EchoOne cites “Nicholas Bennett” as its CEO:

Bennett doesn’t exist outside of this marketing slide. It’s unclear whether he’s an actual person.

Offical EchoOne marketing videos feature stock footage with robodub narration. This is typical of non-native English speaking admins. It also supports Nicholas Bennett not existing.

EchoOne’s website domain (“echoone.io”), was privately registered on August 21st, 2023.

As of November 2023, SimilarWeb tracked just ~1500 visits to EchoOne’s website.

40% of EchoOne website traffic originated from the UK, 36% was from the US, 14% from Canada and 10% from Hungary.

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…]

MGM Capital (aka MGM Capital Traders), fails to provide ownership or executive information on its website.

MGM Capital’s website domain (“mgmcapital.co”), was registered in November 2022. The private registration was last updated on October 30th, 2023.

MGM Capital’s official Twitter profile was created in August 2023. As of September 13th, the company was still “coming soon”.

Despite only existing for a few months, on its website MGM Capital falsely claims to have “an aggregate expertise surpassing a hundred years”.

Of note is MGM Capital denoting its location on Twitter as the UAE. Typically this means Dubai, the MLM crime capital of the world.

Over on YouTube, MGM Capital has uploaded three marketing videos. The videos are hosted by a male going by “HappyMan”.

There is also an “MGMCapital” user on one of the webinars. The user has their camera disabled but, as above, it does turn on at least once during the broadcast.

I’m not 100% on his accent but HappyMan sounds like he’s from Malaysia or the Philippines (appreciate anyone able to confirm in the comments below).

In MGM Capital’s YouTube videos, “Sunshine Lee” is presented as CEO of the company.

Lee doesn’t exist outside of MGM Capital’s marketing but is represented on MGM Capital’s marketing webinars.

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…]

The SEC is facing sanctions in its securities fraud case against Debt Box and iX Global.

In a nutshell, the SEC’s attorneys got some dates wrong with respect to when the Debt Box defendants began transferring investor funds out of the US to the UAE.

This led to a false sense of urgency, which the court factored in when it granted the SEC a TRO early on in the case.

Upon being made aware of the date errors, the court dissolved the granted TRO in October. Last month it also ordered the SEC to explain why it shouldn’t be sanctioned.

On December 21st the SEC filed its response. The regulator acknowledges it got dates wrong but also argues sanctions aren’t warranted. [Continue reading…]

Shao Bank has received a pyramid fraud warning from Russia.

As per the Central Bank of Russia’s December 21st warning, Shao Bank exhibits “signs of a financial pyramid” scheme. [Continue reading…]

All Capital operates from two known website domains:

• allcapital.io – privately registered on August 25th, 2023
• allcapital.world – privately registered on August 25th, 2023

On a marketing video, embedded into both of All Capital’s websites, “Dorfman” is presented as founder of the company.

Dorfman of course doesn’t exist outside of All Capital’s marketing. The actor playing Dorfman has an eastern European accent, making him a prime Boris CEO candidate.

In the marketing video Dorfman is interviewed by “Irene”, who also has an eastern-European accent.

Boris CEO schemes are typically the work of Russian and/or Ukrainian scammers.

We don’t have detailed stats for All Capital’s .IO domain but, for November 2023, SimilarWeb tracked ~440,000 visits to All Capital’s .WORLD domain.

34% of All Capital website traffic originated from the US, 22% from Ukraine, 15% from China and 9% from Saudi Arabia.

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…]