NovaTech FX desperate for new victims, 50% recruitment bonus
Back in February NovaTech informed investors it was “temporarily freezing” withdrawals for 60 days.
Last week Cynthia Petion confirmed withdrawals would remain frozen past the April 1st deadline.
What NovaTech FX investors did get on April 1st, was news of further restrictions. [Continue reading…]
DOJ stays SEC’s Forsage securities fraud civil case
The DOJ has stayed SEC civil proceedings against Forsage executives and promoters. [Continue reading…]
Default judgment granted against Forsage’s Mikhail Sergeev
Default judgment has been granted against Forsage executive Mikhail Sergeev.
The SEC alleges Forsage is a $300+ million Ponzi scheme. Sergeev, a Russian national, worked as Forsage’s Development Director. [Continue reading…]
Mike Sims consents to Yas Castellum Ponzi injunction
Michael Shannon Sims, known in the MLM industry as Mike Sims, has consented to a preliminary injunction.
The injunction pertains to commodities fraud charges brought by the CFTC.
The CFTC’s January 2023 filed charges are in relation to a series of Ponzi schemes run by Sims (below), Todd Brisco (Sims’ brother in law), Tin Tran, Francisco Story and Frederick Safranko (aka Ted Safranko).
Through their interconnected Yas Castellum Ponzi schemes, Sims and his co-defendants allegedly defrauded consumers out of at least ~$145 million. [Continue reading…]
$16 million tied to QNet frozen in India per new investigation
Indian authorities have frozen $16 million tied to QNet. The freeze order is part of a new QNet criminal case, initiated in Hyderabad on March 23rd.
The new criminal case follows a fire at a QNet sweatshop in Swapnalok Complex on March 17th, which claimed the lives of five promoters. [Continue reading…]
Ryan Ginster sentenced to 2+ years in prison for MLM Ponzis
Prolific MLM crypto Ponzi admin Ryan Mark Ginster has been sentenced to 27 months in prison.
Ginster’s sentence was handed down following a entry of a guilty plea last December. [Continue reading…]
SEC granted permission to serve Pires & Goncalves via email
The SEC has been granted permission to serve EmpiresX fugitives Emerson Pires and Flavio Goncalves via email. [Continue reading…]
ClickLancers Review: App-based “traffic acquisition” Ponzi
ClickLancers fails to provide ownership or executive information on its website.
ClickLancers’ website domain (“clicklancers.com”), was privately registered on Deember 31st, 2022.
In an attempt to appear legitimate, ClickLancers provides incomplete addresses in North Macedonia and the UK on its website.
ClickLancers also provides incorporation details for Click4Ads Media Solutions LTD.
Click4Ads Media Solutions LTD was incorporated in the UK on March 20th, 2023. Whether this company has anything to do with ClickLancers is unclear.
In any event, 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.
ClickLancers’ official FaceBook page is managed from India and the UK.
This strongly suggests whoever is running ClickLancers is based out India and the UK (a lot of Indians migrate to the UK).
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…]
Crowd1 corporate raid and arrests in Sweden
Swedish authorities raided Crowd1’s corporate offices last November.
The previously unreported news was disclosed in a recent episode of Svenska Dagbladet’s paywalled Blenda podcast. [Continue reading…]
B-Love Network Review: Innovation Factory’s 2nd token Ponzi
B-Love Network fails to provide executive or ownership information on its website.
B-Love Network’s website domain (“blove.network”), was privately registered on January 2nd, 2023.
In the footer of B-Love Network’s website, we learn the company is tied to Innovation Factory:
Innovation Factory operates from the domain “innovationfactory.biz”, privately registered on March 12th, 2021.
In the “projects” section of Innovation Factory’s website, we learn the company is also tied to:
- BFICoin – ethereum fork shitcoin
- BFICScan – BFIC blockchain explorer
- Dexa – NFT marketplace
- XchangeOn – in-house exchange
- BFIC Network – BFIC token staking and mining themed Ponzi scheme
BFIC Network operates from the domain “bficnetwork.com”, privately registered on August 9th, 2021.
BFIC Network appears to be the precursor to B-Love Network.
All of Innovation Factory’s various scheme’s official FaceBook pages are primarily managed from the UAE. This typically means Dubai.
B-Love Network’s official Facebook age adds Pakistan, which fits with the majority of B-Love Network marketing targeting Pakistan (and India by proxy).
On Innovation Factory’s FaceBook page, we learn that Omar Khan is the owner of the company:
Omar Khan (sometimes spelt Omer Khan), appears to be a Pakistani national hiding out in Dubai.
Khan doesn’t have a verifiable digital footprint prior to 2021. Khan’s FaceBook profile was only created in November 2021, and only features Innovation Factory related marketing.
Dubai is the MLM crime capital of the world.
BehindMLM’s guidelines for Dubai are:
- If someone lives in Dubai and approaches you about an MLM opportunity, they’re trying to scam you.
- 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 B-Love Network, read on for a full review. [Continue reading…]
