NovaTech FX has received a securities fraud cease and desist from Wisconsin’s Department of Financial Institutions.

DFI’s notice details allegations of fraud, and includes proposed restitution and civil penalty orders. [Continue reading…]

Scammers behind the Trade Coin Club Ponzi scheme are evading service by the SEC.

In an April 6th Status Report, the regulator detailed efforts to serve Keleionalani Taylor, Douver Braga and Joff Paradise. [Continue reading…]

Eyebrows were raised when California issued a Metafi Yielders securities fraud warning, four months after the Ponzi scheme collapsed.

Now Canada has done them one better, issuing its own Metafi Yielders securities fraud warning eleven months later. [Continue reading…]

CloudFi fails to provide ownership or executive information its website.

CloudFi’s website domain (“cloudfi.app”), was privately registered on January 10th, 2023.

At time of publication, SimilarWeb ranks top sources of traffic to CloudFi’s website as Slovakia (62%), Italy (23%), Greece (3%) and Bangladesh (3%).

Slovakia stands out as an odd top source of traffic.

In an attempt to appear legitimate, CloudFi provides an incomplete corporate address in Hong Kong on its website.

Whether CloudFi has any actual ties to Hong Kong is unclear.

Update 6th June 2023 – Serial Ponzi promoter Jan Gregory has emerged as CloudFI’s CEO.

Jan Gregory Cerato (aka Jan Strzepka) is a Canadian national who, over the past few months, has fronted a number of Ponzi schemes.

These include Maxpread Technologies (collapsed), CoinMarketBull (collapsed), Vortic United and SureX. /end update

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…]

Capital Share Limited provides bogus executive information on its website.

Under fictional aliases, Mark and Tammy Smith are presented as Capital Share Limited’s CEO and co-founder:

The Smiths are co-owners of DreamTrips, a travel themed MLM company that has nothing to do with Capital Share Limited.

Capital Share Limited’s marketing videos feature a robodubbed AI generated spokespersons.

Capital Share Limited’s website domain (“capitalshareltd.com”), was privately registered on November 17th, 2022.

If we look at Capital Share Limited’s website source-code, we find a reference to Lacore Payments:

LaCore Payments is a US-based payment processor owned by Terry LaCore. Like the Smiths, it’s unlikely LaCore is involved in Capital Share Limited.

In an attempt to appear legitimate, Capital Share Limited provides a corporate address in Dubai on its website.

This is an instant red flag due to Dubai being the MLM crime capital of the world.

BehindMLM’s guidelines for Dubai are:

1. If someone lives in Dubai and approaches you about an MLM opportunity, they’re trying to scam you.
2. If an MLM company is based out of or represents it has ties to Dubai, it’s a scam.

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…]

Chinese USFIA investors have until April 30th to make sure their payment details are correct.

Failing which, sometime after May 30th their USFIA victim claims will be rendered invalid. [Continue reading…]

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

Bitonite’s website domain (“bitonite.com”), was privately registered with a redacted Austrian address on January 19th, 2023.

Further research reveals Bitonite marketing material citing three co-founders:

• Tanyel Tahtaci – CMO
• Mertkan Boyraz – CEO
• Denis Muric – CSO

Other than he’s a crypto bro from Turkey, I wasn’t able to put together an MLM history for Tanyel Tahtaci. Same story with Mertkan Boyraz, originally from Austria.

Denis Muric is a crypto bro from Germany.

Prior to co-founding Bitonite, Muric was promoting the MarketPeak Ponzi scheme.

At some point all three Bitonite co-founders have left their native countries for Dubai.

Bitonite provides a shell company corporate address in the Marshall Islands on its website. With all three co-founders based out of Dubai though, it’s obvious the UAE is where Bitonite is being run from.

Bitonite having ties to Dubai is an automatic red flag, owing to Dubai being the MLM crime capital of the world.

BehindMLM’s guidelines for Dubai are:

1. If someone lives in Dubai and approaches you about an MLM opportunity, they’re trying to scam you.
2. If an MLM company is based out of or represents it has ties to Dubai, it’s a scam.

If you want to know specifically how this applies to Bitonite, read on for a full review. [Continue reading…]

Back in 2020 scammers launched the Seedchange Ponzi scheme.

Seedchange the MLM Ponzi impersonated Seedchange Execution Services, which caught the attention of California’s Department of Financial Protection.

This prompted a domain name change, but otherwise Seedchange continued until it collapsed in late 2021.

Seedchange’s collapse coincided with the SEC adding the fraudulent investment scheme to its PAUSE list.

On or around December 2021, Seedchange rebooted as Yosemite EP. From what I can tell Yosemite EP collapsed in early to mid 2022.

Now the same scammers appear to be back with Yosemite AP.

Yosemite AP operates from the domain “yosemite-ap.com”, privately registered on June 28th, 2022.

No verifiable information about who owns or operates Yosemite AP is provided on their website. The same fictional executive team from Seedchange and Yosemite EP is recycled.

Yosemite AP’s website source-code suggests Russian speakers might be behind the company:

This unfortunately isn’t definitive but typically nobody outside of Russia uses Yandex.

Another breadcrumb is Yosemite AP’s website being put together by Softnio.

Softnio is a web development company based out of Bangladesh. This potentially weakens the Russian connection to Yandex, as it might just have been used for convenience.

In the “about us” section of Yosemite AP’s website, we get a load of baloney about regulatory compliance.

Yosemite AP is an investment platform that was established in 2012 in San Francisco.

Securities are offered via Yosemite Execution Partners, Inc., a broker-dealer registered with the SEC USA and FINRA | SIPC.

The SEC has already investigated Seedchange’s and Yosemite EP’s purported ties to Yosemite Exchange Partners (an actual company).

Not surprisingly, neither Seedchange or Yosemite EP have anything to do with Yosemite Exchange Partners. Neither does Yosemite AP.

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…]

Alcacor operates in the cryptocurrency MLM niche. Heading up Alcacor is Director Magnus Larsson.

Larsson is a former promoter of the Crowd1 Ponzi scheme.

Crowd1 was launched by Swedish national Jonas Werner in 2019. The Ponzi scheme has pitched passive returns through numerous ruses over the years.

Crowd1 spent most of 2022 coming up with excuses for not paying investors. Last month we learned authorities raided what was left of Crowd1’s Swedish operations in November 2022.

Magnus Larsson joined Crowd1 early on and worked as an ambassador for the company.

After there was no more money left to steal, Larsson announced he was leaving Crowd1 in September 2022.

Prior to Crowd1 Larsson was promoting Dan Andersson’s LeoCoin Ponzi scheme.

Joining Larsson is running Alcacor are former Crowd1 Ponzi promoters Christine Ye and Reto Moser.

Originally from Sweden, Larsson fled to Dubai at some point during his Ponzi career. Alcacor provides an address for Alcacor Networks FZCO in Dubai on its website.

Dubai is the MLM crime capital of the world.

BehindMLM’s guidelines for Dubai are:

1. If someone lives in Dubai and approaches you about an MLM opportunity, they’re trying to scam you.
2. If an MLM company is based out of or represents it has ties to Dubai, it’s a scam.

If you want to know specifically how this applies to Alcacor, read on for a full review. [Continue reading…]

The future of 77 year old MLM company Tupperware is uncertain.

In an April 4th regulatory filing, Tupperware expressed “substantial doubt about the company’s ability to continue as a going concern”.

While I’ve seen this boilerplate statement in many MLM company regulatory filings, Tupperware’s operational status does seem to warrant concern. [Continue reading…]