Dmatrx pyramid fraud warning from Russia
Dmatrx has received a pyramid fraud warning from Russia.
As per the Central Bank of Russia’s June 20th warning, Dmatrx exhibits “signs of a “financial pyramid”. [Continue reading…]
United Partners Review: Diamond trading ruse Russian Ponzi
United Partners fails to provide ownership or executive information on its website.
United Partners’ website domain (“unitedpartners.io”), was privately registered on January 27th, 2023.
In an attempt to appear legitimate, United Partners provides an address in the UK on its website. This appears to correspond to the UK shell company United Fintech Solutions LTD.
Incorporation details for Triple Ex GmbH (Switzerland), Triple Ex Crypto LLP (UK) and Stockpoint OU (Estonia) are also provided. [Continue reading…]
Vitru Global Review: “100% risk-free trading” securities fraud
Vitru Global operates in the cryptocurrency MLM niche. The company doesn’t provide a corporate address on its website.
Vitru Global’s website domain (“vitruglobal.com”), was privately registered on March 27th, 2023.
Vitru Global represents it is headed by co-founder Ravinder Singh and CEO Frank Tornatore.
No verifiable information about either executive is provided.
Vitru Global affiliate marketing suggests Singh is from India and Germany, and Tornatore is from Spain.
I wasn’t able to independently verify this information, which is a red flag.
My first though was that Singh and Tornatore might be Boris CEOs. I was however able to verify they are being represented by real people:
The above is from an April 2022 Vitru Global Zoom webinar. It appears to be the only Vitru Global footage featuring the pair available.
On FaceBook Tornatore pitches himself as “Legal counsel specialize in inheritance Marketing (and) Specialist online and Blockchain”.
Photos over the last few years suggest Tornatore has, at the very least, attended various blockchain bro events.
The first thing you see on Ravinder Singh’s FaceBook page is a pinned post promoting the Solmax Global Ponzi scheme.
Solmax Global was a Ponzi scheme that primarily targeted Pakistan and neighboring countries.
Solmax Global collapsed in October 2021. A reboot was announced but never went anywhere.
Singh was still promoting crypto Ponzis right up until Vitru Global was set up in late March 2023.
Finex Prime appears to have collapsed just before Vitru Global launched.
Read on for a full review of Vitru Global’s MLM opportunity. [Continue reading…]
Bulgaria fires disgraced Onecoin protector Ivan Geshev
A top official believed to be behind Bulgaria’s ongoing protection of OneCoin has been fired.
On June 12th, Bulgaria’s Supreme Judicial Council (SJC) voted to dismiss Ivan Geshev as Prosecutor-General.
On June 15th, Bulgarian President Rumen Radev signed off on the SJC’s decree, effectively firing Geshev from his post. [Continue reading…]
TranzactCard Review: Richard Smith returns with new card opp
TranzactCard operates in the banking and cashback MLM niches.
On its website, TranzactCard identifies its Founder and Chairman as Richard Smith.
On the corporate side of things;
TranzactCard LLC is a wholly owned subsidiary of TZT Holdings LLC. TZT Holdings owns the brand “TranzactCard” and the TranzactCard Financial Ecosystem.
On LinkedIn Smith cites himself as TZT Holdings’ Executive Chairman.
Long story short, Richard Smith owns and operates TranzactCard.
TranzactCard operates from two primary website domains; “tranzactcard.com” and “mytzt.com” – both first registered in April 2021, with private registrations last updated on April 29th, 2023.
Although we didn’t know it at the time, BehindMLM first came across Richard Smith’s MLM work with Divvee in mid 2016.
Instead of the fronting the company he was a co-founder of, Smith initially hid behind CEO Allen Davis.
Divvee’s original concept flopped and it was rebooted as Divvee Rank and Share in November 2016. Sometime after Smith and co-founder Troy Muhlestein became the face of the company.
By July 2017 it was apparent Divvee Rank and Share had also flopped. This prompted a pivot to forex trading securities and commodities fraud.
Update 7th November 2023 – Back in 2010 Smith was was criminally charged with securities fraud in Utah.
The charges pertained to Ascendus and FFCF, two Ponzi schemes that defrauded consumers out of around $10.9 million dollars.
In November 2012 a court-appointed FFCF Receiver secured a $3.2 million default judgment against Smith.
In January 2017 Smith pled guilty to one count of Pattern of Unlawful Conduct, a second degree felony.
Smith was sentenced to pay $200,000 in restitution of which he has paid $100,000 with the remaining $100,000 to be paid in monthly installments of $1,667 for the next five years, which is the period of his probation, plus 250 hours of community service.
Smith’s sentencing was recorded on page 3 of a meeting minutes filing from the Utah Division of Securities Commission. /end update
After Divvee we had Nui – a continuation of the aforementioned securities and commodities fraud.
Nui devolved into a bunch of crypto schemes led by Darren Olayan. The mess culminated in Texas issuing a securities fraud cease and desist in July 2018.
The Texas State Securities Board would go on to fine Nui $25,000 in February 2019.
I don’t know exactly when Richard Smith left Nui but he resurfaced with The Digital Vault and RevvCard in March 2019.
The Digital Vault and RevvCard were supposed to bring fiat banking services to Nui’s crypto fraud.
In April 2019 The Digital Vault relaunched as R Network. RevvCard still hadn’t launched and wasn’t due to launch for another eight months.
By mid 2020 the original concept for RevvCard had been scrapped. Smith began offering stock ownership in R Network, despite neither himself or the company being registered with the SEC.
What was left of R Network quietly died off after that. In March 2021 what was left of R Network was sold off to iX Global.
We didn’t hear anything further from Smith until TranzactCard surfaced on or around April 2023.
Read on for a full review of TranzactCard’s MLM opportunity. [Continue reading…]
It’s Only 5 and Elton Potts fined $10,000 for securities fraud
It’s Only 5 and owner Elton Potts have received a $10,000 securities fraud cease and desist from Michigan.
As per the Corporation, Securities and Commercial Licensing Bureau 19th April notice; [Continue reading…]
FinTokenAssets Review: “Trading tools” MLM crypto Ponzi
FinTokenAssets fails to provide ownership or executive information on its website.
FinTokenAssets’ website domain (“fintokenasset.com”), was privately registered on May 5th, 2023.
Despite existing for less than a month, FinTokenAssets falsely represents it has been around for five years.
How Long Is Your Company On The Market?
Fintokenasset.com has been trading in cryptocurrency for 5 years.
FintokenAssets has an official private Facebook group. It has three admins; Artemas Demchenko, Krisjkov Williams and Alejandro Elias Caleb.
Based on the content posted to their respective personal profiles, all three accounts appear to be hacked and/or purchased.
In an attempt to appear legitimate, FinTokenAssets provides incorporation details for Fintoken Assets Management LTD on its website.
Fintoken Assets Management was incorporated in the UK on June 8th, 2022.
Notwithstanding this precedes Fintoken Assets Management existing by eleven months, 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 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…]
Pruvit sued for use of petrochemical derived flavoring
A June 5th class-action lawsuit filed in California alleges Pruvit uses a flavoring derived from petrochemicals.
This is a problem because Pruvit claims its products contain “no artificial flavors”. [Continue reading…]
Ace Daily Profits Review: AI grift crypto Ponzi
Ace Daily Profits fails to provide ownership or executive information on its website.
Ace Daily Profits’ website domain (“acedailyprofits.com”), was privately registered on June 12th, 2021.
Ace Daily Profits’ official FaceBook page was renamed from “Cameron Erving Fans” in February 2022. This is assumed to be on or around the time Ace Daily Profits launched.
Cameron Erving is an NFL player. While not definitive, this suggests whoever is running Ace Daily Profits has ties to the US.
In an attempt to appear legitimate, Ace Daily Profits provides a corporate address in Delaware on its website. Incorporation details for Ace 14 Holdings LLC is also provided.
The provided corporate address is a random office block in Delaware. Ace 14 Holdings LLC is a shell company, also incorporate in Delaware.
Due to the ease with which scammers are able to incorporate shell companies with bogus details, for the purpose of MLM due-diligence shell incorporation in any jurisdiction is meaningless.
Over on Ace Daily Profits’ unlinked official YouTube channel, we learn “Gary Wyatt” is purportedly founder of the company.
WELCOME TO ACE DAILY PROFITS MESSAGE FROM THE FOUNDER, GARY WYATT
Other than a LinkedIn profile filled with bogus information, Wyatt doesn’t appear to exist outside of Ace Daily Profits’ marketing.
Further supporting Wyatt not existing is Ace Daily Profits originally being run by fictional executives, represented by stolen profile photos:
Whoever is running Ace Daily Profits also created fake Twitter profiles for the fictional executives:
Ace Daily Profits’ fictional executives were deleted from its website in May 2023.
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…]
Root Wellness added to BehindMLM’s DMCA Wall of Shame
Following multiple attempts to suppress reporting, the latest of which is a series of bogus DMCA take-down notices, Root Wellness has been added to BehindMLM’s DMCA Wall of Shame.
On June 15th Don Bailey, acting as an “authorized representative of Root Wellness LLC, Clayton Thomas and Christina Rahm, filed a series of bogus DMCA takedown notices. [Continue reading…]