The USFIA Receiver intends to file an Amended Distribution Plan (ADP).

The ADP intends to deal with the IRS roadblock, currently holding up approved victim distribution payments. [Continue reading…]

Both the SEC and defendant Daniel Pacheco have had their motions for summary judgment denied.

Both parties sought to get the upper hand via the filings, made in July 2021. [Continue reading…]

PLC Ultima has received a fraud warning from Mongolia’s Financial Regulatory Commission.

PLC Ultima is part of Alex Reinhardt’s PlatinWorld Ponzi scheme. [Continue reading…]

It’s been a terrible week for global MLM regulation.

First we had Dubai release someone who had an Interpol issued arrest warrant out on them.

The worst of it is Dubai hadn’t yet bothered to arrest the perp, they’d voluntarily turned themselves in.

Then we had Bulgaria, home of the still very much active OneCoin Ponzi scheme, shamelessly try to distance itself by disowning founder Ruja Ignatova.

Now in South Africa, the FSCA is punishing MTI Ponzi scammers by waiving a R50 million fine.

That’ll show ’em! [Continue reading…]

MetaProfit operates in the cryptocurrency MLM niche. The company represents it is based out of the country Georgia.

Arthur Dvali is presented as MetaProfit’s CEO:

Dvali’s MetaProfit corporate bio is laughably vague;

Arthur Dvali – like the visionary entrepreneurs like Mark Zuckerberg, Steve Jobs and Elon Musk, a college dropout but still managed to find success in Digital world.

He started seven years ago trading major cryptocurrencies, where he earned a decent amount of money.

His curiosity has grown, exploring blockchain technology, started investing and financing blockchain-related projects, by this time metaverse was created, he discovered its ability to change the future and began researching with his team.

Given a positive conclusion, Dvali decided to share his knowledge with people and help them generate income utilizing technology and created MetaProfit.

Dvali appears in two MetaProfit marketing videos. In both videos he reads a short script that doesn’t say much. The rest of MetaProfit’s marketing videos are the usual dubbed voice over stock footage affair.

Dvali doesn’t exist outside of blank social media profiles and MetaProfit’s own marketing. This makes him a prime Boris CEO candidate.

Last the month the Philippine SEC issued a MetaProfit securities fraud warning.

As per the warning, MetaProfit is “involved the sale of securities to the public”.

The Securities Regulation Code (SRC) requires that these securities are duly registered and that the concerned corporation and/or its agents have the appropriate registration and/or license to sell such securities.

The records of the Commission show that METAPROFIT is not registered with the Commission either as a corporation or as a partnership.

Further, it is NOT AUTHORIZED to solicit investments from the public.

MetaProfit’s website domain (“metaprofit.pro”), was privately registered on December 12th, 2021.

Typically Boris CEO schemes are the work of Russians and Ukrainians. Those tend to have a bit higher production value though.

If we look at MetaProfit’s official presentation, we learn it was created on “Carlo’s PC” back in January:

MetaProfit’s official PowerPoint presentation gives us a little more information:

Either prior to launching MetaProfit or after the Philippine SEC issued its warning, Carlo Bismonte began privating his social media profiles.

From his locked FaceBook profile however, we confirm Bismonte is based out of the Philippines:

The use of an Indian actor to play Arthur Dvali is explained on Bismonte’s private Instagram profile:

Here we learn Bismonte speaks Hindi.

When he’s not launching MLM crypto schemes, Bismonte can be found drumming on YouTube:

It should be obvious at this point that Bismonte is behind MetaProfit. And as opposed to Georgia, MetaProfit is being operated from the Philippines.

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…]

Congent Trading provides no credible ownership or executive information on its website.

Supposedly Congent Trading is headed up by CEO “Kelvin Hilles”.

Hilles’ Congent Trading corporate bio is a patchwork of stolen sentences;

As above, Hilles is represented by what is assumed to be a random photo stolen from somewhere.

Congent Trading’s website domain (“congenttrading.com”), was privately registered on June 30th, 2021.

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…]

As per a chargesheet filed on March 24th, Gordon Brad Beckstead helped BitClub Network scammers launder “millions of dollars”. [Continue reading…]

Model Farming has received a pyramid fraud warning from the Central Bank of Russia.

As per the CBR’s April 20th warning, Model Farming exhibits “signs of a financial pyramid”. [Continue reading…]

Generation Zoe’s legal advisor Hector Luis Yrimia is wanted by Argentinian authorities.

Yrimia has an international arrest warrant out on him, issued through Interpol.

On Tuesday April 12th, following additional seizures and raids on his properties in Argentina, Yrimia turned himself in to Interpol’s Dubai branch.

Instead of arresting Yrimia and initiating extradition proceedings, Interpol Dubai let him go. [Continue reading…]

Bulgarian authorities have taken the extraordinary step of disowning OneCoin Ponzi founder Ruja Ignatova.

Ignatova, who was born in Bulgaria, held dual Bulgarian-German citizenship.

In an April 18th press-release, Bulgaria’s Ministry of the Interior declared Ignatova has been “released from Bulgarian citizenship.” [Continue reading…]