Vincent Boutin has settled his Traffic Monsoon clawback case with the Receivership. [Continue reading…]

EminiFX victims have until December 18th. 2023 to file claims through a portal set up by the Receivership.

The portal can be accessed through the EminiFX Receivership’s website. [Continue reading…]

Jacques Poujade has been sentenced to 63 months in prison for defrauding investors out of “nearly $6.2 million” dollars. [Continue reading…]

Indian authorities have issued arrest warrants for multiple iX Global promoters.

Among the wanted fugitives is Viraj Patil, whose fraud has been celebrated on Ted Nuyten’s BusinessForHome;

Originally from India, Patil has since fled the country for Dubai.

After speaking with seventeen iX Global victims in India, Money Control broke news of the arrest warrants on October 3rd. [Continue reading…]

Without action by law enforcement, Mirror Trading International liquidation proceedings have recovered only a fraction of what was stolen.

Now it’s been revealed a quarter of that, around $9.8 million, will go to liquidators. [Continue reading…]

Rainbow Fund fails to provide ownership or executive information on its website.

Rainbow Fund’s website domain (“rainbowhighreturn.com”), was privately registered on August 31st, 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…]

After collapsing in late 2021 and dissuading investor complaints with a never-ending string of promises, CashFX Group has finally taken down their website.

A “decentralized” reboot has been announced, run by a centralized group of unknowns. [Continue reading…]

Lucky Ape fails to provide ownership or executive information on its website.

Lucky Ape’s website domain (“luckyape.ai”), was privately registered on August 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…]

Arbitrage King fails to provide ownership or executive information on its website.

Arbitrage King’s website domain (“arbitrageking.io”), was privately registered on August 15th, 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…]

Shao Bank fails to provide ownership or executive information on its website.

Shao Bank’s website domain (“shaobank.com”), was registered with bogus details on July 17th, 2022.

While Shao Bank fails to disclose who runs the company, they do name several promoters on their FaceBook page.

These include:

• Kristhian Seijas (Spanish)

• Christian Blanchart (French and German)

• Nguyen Trung Hien (Vietnam)

• Shereen Lalloo (???)

• “Cheo BTC” (Spanish)

• Imad Elmhassani (Morocco)

• Rodrigo Nascimento Da Silva (Portuguese)

• Simeon Chotilal (English)

As of September 2023, SimilarWeb tracked top sources of traffic to Shao Bank’s website as Russia (12%) and Ukraine (8%).

Given Shao Bank doesn’t appear to have any Russian leaders, this strongly suggests it is being run by eastern Europeans.

Note that in an attempt to appear legitimate, Shao Bank provides a Hong Kong shell company certificate on its website.

Due to the ease with which scammers are able to incorporate shell companies with bogus details, for the purpose of MLM due-diligence these certificates are 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…]