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…]
Berry trading Ponzi collapses, IPO exit-scam & recovery fees
The Berry Ponzi scheme has collapsed.
Withdrawals have been disabled, and investors are being fed multiple exit-scams. [Continue reading…]
Manifest securities fraud continues through Simply Success
Securities fraud Jimmy Bennett started with Manifest FX continues with Simply Success.
Simply Success operates from the website domain “simply-success.me”, privately registered in April 2022.
The current website appears to have gone live on or around January 2023. It’s difficult to pin down a specific date, as Simply Success hides their website from crawlers: [Continue reading…]
HyperNation Ponzi collapses, rebooted as Satoshi AI
The HyperNation Ponzi scheme has collapsed.
Circa February 28th, the scheme was rebooted as Satoshi AI. [Continue reading…]
