Success by Health defendants held liable for evidence spoliation
As part of a massive 131 judgment, the Arizona court hearing the FTC’s case has held the Success by Health Defendants liable of evidence spoliation. [Continue reading…]
Carnelian12 Review: NFT trading ruse MLM crypto Ponzi
Carnelian12 fails to provide ownership or executive information on its website.
Carnelian12 operates from two known website domains:
- carnelian12.net – privately registered on February 20th, 2023
- c12.net – first registered in 1999, private registration last updated on May 4th, 2023
In an attempt to appear legitimate, Carnelian12 provides an incorporation certificate for “C12 Trading & Services Limited”.
C12 Trading & Services Limited is represented to have been incorporated in Hong Kong on March 29th.
C12 Trading & Services Limited is a Hong Kong-based entity, founded by the tech team lead Andreas Garcia & Partners.
For the purpose of MLM due-diligence, basic incorporation in any jurisdiction is meaningless. This is due to the ease with which scammers are able to register shell companies with bogus details.
Furthermore, “Andreas Garcia & Partners” doesn’t exist outside of Carnelian12’s website.
As of April 2023, SimilarWeb tracked top sources of traffic to “carnelian12.net” as the US (33%), South Africa (14%), Spain (9%) and Italy (8%).
Top sources of traffic to “c12.net” are the US (16%), Germany (13%), Russia (10%), Brazil (9%) and Spain (8%).
The Central Bank of Russia issued a Carnelian12 pyramid fraud warning on May 2nd, 2023.
Although not definitive, this suggests Russian scammers might be behind Carnelian12.
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…]
Poly Film Review: Movie tickets “click a button” app Ponzi
Poly Film fails to provide ownership or executive information on its website.
Poly Film’s website domain (“awesf3sx.com”) was privately registered on April 2nd, 2023.
In its website terms and conditions, Poly represents it is incorporated in Singapore as “PT Poly Singapore.”
This is likely a shell company, with Poly having no actual corporate ties to Singapore.
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…]
GSPartners rebrands as Swiss Valorem Bank after fraud warnings
GSPartners has rebranded as Swiss Valorem Bank.
The move follows several GSPartners related securities fraud warnings from financial regulators. [Continue reading…]
Jeremie Sowerby sued for My BlockX securities fraud in AZ
The Arizona Corporation Commission is looking to file a securities fraud cease and desist against We Sell Miners LLC and owner Jeremie Sowerby.
The ACC’s Securities Division claims We Sell Miners LLC and Sowerby have violated Arizona’s Securities Act. [Continue reading…]
My BlockX securities fraud warning from ON, Canada
My BlockX has received a securities fraud warning from the Ontario Securities Commission (OSC).
As per the OSC’s May 17th warning; [Continue reading…]
Monitor: FES “striving to do the right thing” on compliance
A new report from a court-appointed Monitor suggests Financial Education Services’ compliance efforts are heading in the right direction.
The FES Monitor filed his first report last November. In the report, which focused heavily on FES’ ongoing compliance efforts, the Monitor claimed “more can be done”.
In a second report filed on April 27th, the Monitor continues to track FES’ compliance efforts. [Continue reading…]
Fyndiq2 Review: Ecommerce themed “click a button” Ponzi
Fyndiq2 fails to provide ownership or executive information on its website.
Fyndiq2’s website domain (“fyndiq2.com”), was privately registered on April 24th, 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…]
OneX Finance Review: Crypto trading themed MLM Ponzi
OneX Finance fails to provide ownership or executive information on its website.
OneX Finance’s website domain (“onexfi.com”), was privately registered on May 3rd, 2023.
In an attempt to appear legitimate, OneX Finance provides a link to the incorporation status of OneX Fi LTD.
OneX Fi LTD was incorporated in the UK on May 1st, 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 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…]
Sam Lee shuts down VidiLook V1 withdrawals
Sam Lee claims he’s stopped funding withdrawals for the collapsed VidiLook Ponzi scheme.
Describing the fallout of the decision as “a shitstorm”, Lee stated paying out any more money to VidiLook victims was “throwing money into the dunny”. [Continue reading…]
