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…]
EvoRich’s Khovratov still in prison, criminal case pending
A year after his arrest in Russia, Andrey Khovratov remains in detention behind bars.
In an attempt to secure release, Khovratov filed an appeal against his detention on March 24th.
The court denied the appeal on April 17th. The order provides insight into the current status of Khovratov’s case. [Continue reading…]
“Click a button” app Ponzi scammers arrested in India
Indian authorities have made arrests in relation to two “click a button” app Ponzi schemes. [Continue reading…]
Torque Trading’s Bernard Ong sued by Ponzi’s liquidators
Liquidators of the collapsed Torque Trading Ponzi scheme have filed a lawsuit against CEO Bernard Ong Hock Fong. [Continue reading…]
