TranzactCard operates in the banking and cashback MLM niches.

On its website, TranzactCard identifies its Founder and Chairman as Richard Smith.

On the corporate side of things;

TranzactCard LLC is a wholly owned subsidiary of TZT Holdings LLC. TZT Holdings owns the brand “TranzactCard” and the TranzactCard Financial Ecosystem.

On LinkedIn Smith cites himself as TZT Holdings’ Executive Chairman.

Long story short, Richard Smith owns and operates TranzactCard.

TranzactCard operates from two primary website domains; “tranzactcard.com” and “mytzt.com” – both first registered in April 2021, with private registrations last updated on April 29th, 2023.

Although we didn’t know it at the time, BehindMLM first came across Richard Smith’s MLM work with Divvee in mid 2016.

Instead of the fronting the company he was a co-founder of, Smith initially hid behind CEO Allen Davis.

Divvee’s original concept flopped and it was rebooted as Divvee Rank and Share in November 2016. Sometime after Smith and co-founder Troy Muhlestein became the face of the company.

By July 2017 it was apparent Divvee Rank and Share had also flopped. This prompted a pivot to forex trading securities and commodities fraud.

Update 7th November 2023 – Back in 2010 Smith was was criminally charged with securities fraud in Utah.

The charges pertained to Ascendus and FFCF, two Ponzi schemes that defrauded consumers out of around $10.9 million dollars.

In November 2012 a court-appointed FFCF Receiver secured a $3.2 million default judgment against Smith.

In January 2017 Smith pled guilty to one count of Pattern of Unlawful Conduct, a second degree felony.

Smith was sentenced to pay $200,000 in restitution of which he has paid $100,000 with the remaining $100,000 to be paid in monthly installments of $1,667 for the next five years, which is the period of his probation, plus 250 hours of community service.

Smith’s sentencing was recorded on page 3 of a meeting minutes filing from the Utah Division of Securities Commission. /end update

After Divvee we had Nui – a continuation of the aforementioned securities and commodities fraud.

Nui devolved into a bunch of crypto schemes led by Darren Olayan. The mess culminated in Texas issuing a securities fraud cease and desist in July 2018.

The Texas State Securities Board would go on to fine Nui $25,000 in February 2019.

I don’t know exactly when Richard Smith left Nui but he resurfaced with The Digital Vault and RevvCard in March 2019.

The Digital Vault and RevvCard were supposed to bring fiat banking services to Nui’s crypto fraud.

In April 2019 The Digital Vault relaunched as R Network. RevvCard still hadn’t launched and wasn’t due to launch for another eight months.

By mid 2020 the original concept for RevvCard had been scrapped. Smith began offering stock ownership in R Network, despite neither himself or the company being registered with the SEC.

What was left of R Network quietly died off after that. In March 2021 what was left of R Network was sold off to iX Global.

We didn’t hear anything further from Smith until TranzactCard surfaced on or around April 2023.

Read on for a full review of TranzactCard’s MLM opportunity. [Continue reading…]

It’s Only 5 and owner Elton Potts have received a $10,000 securities fraud cease and desist from Michigan.

As per the Corporation, Securities and Commercial Licensing Bureau 19th April notice; [Continue reading…]

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

FinTokenAssets’ website domain (“fintokenasset.com”), was privately registered on May 5th, 2023.

Despite existing for less than a month, FinTokenAssets falsely represents it has been around for five years.

How Long Is Your Company On The Market?

Fintokenasset.com has been trading in cryptocurrency for 5 years.

FintokenAssets has an official private Facebook group. It has three admins; Artemas Demchenko, Krisjkov Williams and Alejandro Elias Caleb.

Based on the content posted to their respective personal profiles, all three accounts appear to be hacked and/or purchased.

In an attempt to appear legitimate, FinTokenAssets provides incorporation details for Fintoken Assets Management LTD on its website.

Fintoken Assets Management was incorporated in the UK on June 8th, 2022.

Notwithstanding this precedes Fintoken Assets Management existing by eleven months, 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…]

A June 5th class-action lawsuit filed in California alleges Pruvit uses a flavoring derived from petrochemicals.

This is a problem because Pruvit claims its products contain “no artificial flavors”. [Continue reading…]

Ace Daily Profits fails to provide ownership or executive information on its website.

Ace Daily Profits’ website domain (“acedailyprofits.com”), was privately registered on June 12th, 2021.

Ace Daily Profits’ official FaceBook page was renamed from “Cameron Erving Fans” in February 2022. This is assumed to be on or around the time Ace Daily Profits launched.

Cameron Erving is an NFL player. While not definitive, this suggests whoever is running Ace Daily Profits has ties to the US.

In an attempt to appear legitimate, Ace Daily Profits provides a corporate address in Delaware on its website. Incorporation details for Ace 14 Holdings LLC is also provided.

The provided corporate address is a random office block in Delaware. Ace 14 Holdings LLC is a shell company, also incorporate in Delaware.

Due to the ease with which scammers are able to incorporate shell companies with bogus details, for the purpose of MLM due-diligence shell incorporation in any jurisdiction is meaningless.

Over on Ace Daily Profits’ unlinked official YouTube channel, we learn “Gary Wyatt” is purportedly founder of the company.

WELCOME TO ACE DAILY PROFITS MESSAGE FROM THE FOUNDER, GARY WYATT

Other than a LinkedIn profile filled with bogus information, Wyatt doesn’t appear to exist outside of Ace Daily Profits’ marketing.

Further supporting Wyatt not existing is Ace Daily Profits originally being run by fictional executives, represented by stolen profile photos:

Whoever is running Ace Daily Profits also created fake Twitter profiles for the fictional executives:

Ace Daily Profits’ fictional executives were deleted from its website in May 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…]

Following multiple attempts to suppress reporting, the latest of which is a series of bogus DMCA take-down notices, Root Wellness has been added to BehindMLM’s DMCA Wall of Shame.

On June 15th Don Bailey, acting as an “authorized representative of Root Wellness LLC, Clayton Thomas and Christina Rahm, filed a series of bogus DMCA takedown notices. [Continue reading…]

Saskatchewan’s Financial and Consumer Affairs Authority has requested GSPartners investors get in contact.

[Continue reading…]

Michael Rutherford has been a Pruvit affiliate for over eight years.

Through “Ketones Rule”, Rutherford and his family live off “approximately $60,000 to $80,000” a month in generated Pruvit commissions.

Allegedly without warning or prior notification, Pruvit stopped paying out Rutherford in April 2023.

So far alleged owed commissions to Ketones Rule is $181,393 and climbing.

Seeking to recover that amount plus damages, Ketones Rule filed a civil suit against Pruvit in Texas on May 17th. [Continue reading…]

The first of “around 31” Generation Zoe defendants has been sentenced to four years in prison.

Gustavo Saavedra, who worked as a lawyer for Generation Zoe, pled guilty to fraud charges last month.

Following entry of his guilty plea, Saavedra was subject to an “abbreviated trial” as per Argentinian law. [Continue reading…]

Metaverse Foreign Exchange, abbreviated as MFTE, fails to provide ownership or executive information on its website.

MTFE’s website domain (“mtfe.ca”), was first registered in December 2021. The private registration was last updated on November 15th, 2022.

Despite only existing for a year and a half or so at best, a false claim I kept seeing parroted in MTFE marketing was that the company has been around since 2015.

In an attempt to appear legitimate, MTFE provides a Canadian corporate address on its website and FINTRAC registration number.

The corporate address is a virtual office address provided by Davinci Virtual. The FINTRAC registration is meaningless as FINTRAC is not a financial regulator.

It appears MTFE has been fronted by an AI bot avatar:

And a Boris CEO actor:

As to who’s actually running MTFE, we have CEO Masud Al Islam.

Islam is a Bangladesh national, apparently hiding out in Dubai. This confirms MTFE has no ties to Canada and is in fact a Dubai-based company.

According to his personal LinkedIn profile, Islam has been CEO of something called MyShop Express since 2020.

MyShop Express it is not a name only, it is a symbol of stirring, technology & contentment. In this world technology comes first for any kind of services.

We are creating technologies instrument. With this instrument we can buy, we can sell, we can multiply our businesses and many more. In our country for the first time we are providing full of technologies goods that no one can think before.

We have a strong team who can really build up our business, can produce effective products to the people and many more.

So, we can say that “JAGBEI BANGLADESH”, which is our slogan also”.

I ran a search for “myshop express Bangladesh” and nothing came up. Not sure if it’s an actual company or something Islam made up.

What I was able to confirm is, prior to getting involved in MTFE, Islam was a PLC Ultima Ponzi promoter:

PLC Ultima is a reboot of Alex Reinhardt’s PlatinCoin Ponzi scheme.

PLC Ultima began to collapse around mid 2022. This coincides with Islam first posting about MTFE on his FaceBook profile on October 2nd, 2022.

I couldn’t help but notice the Chinese subtitles in MTFE’s AI avatar marketing video. Given the December 2021 domain registration date, I believe the original iteration of MTFE might have been targeted at Chinese investors.

This suggests Islam might be working with Chinese scammers. Further supporting this is MTFE’s original social media profiles having been deleted.

Islam was likely brought on to specifically target people from Bangladesh, Sri Lanka and India – including his PLC Ultima downline.

As of May 2023, SimilarWeb tracks top sources of traffic to MTFE’s website as Bangladesh (33%), Sri Lanka (27%), India (12%) and the UAE (7%).

It’s safe to assume MTFE’s UAE traffic is scammers from Bangladesh, Sri Lanka and India also hiding out in Dubai.

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 MTFE, read on for a full review. [Continue reading…]