Katia Wanzeler has reached a settlement with the TelexFree Trustee. [Continue reading…]

Serial fraudster Andreas Kartrud has been arrested in Sweden.

Kartrud is being held in Malmo, on criminal charges related to 46 million SEK in tax fraud (~$4.1 million USD). [Continue reading…]

The TrageTech Ponzi scheme has collapsed.

TrageTech’s website was disabled on December 12th, following an original October 2024 collapse and multiple US regulatory fraud warnings. [Continue reading…]

Trage Tech, aka Trage Technologies, has received a securities fraud cease and desist from the Georgia Commissioner of Securities.

The Commissioner’s order also cites Eric Ture Muhammad, a serial fraudster and Trage Tech promoter. [Continue reading…]

SAG Quantify fails to provide ownership or executive information on its website.

SAG Quantify operates from two known website domains; “sag-quantify.com” and “sag-quantify.net”. Both domains were registered with bogus details on November 22nd, 2024.

Of note is SAG Quantify’s website domains being registered through the Chinese registrar Alibaba (Singapore).

In an attempt to appear legitimate, SAG Quantify provides a company registration certificate for Invest SAG LTD.

Invest SAG LTD was registered in the UK on November 18th, 2024.

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…]

8 Figure Dream Lifestyle’s three co-founders have received prison sentences. [Continue reading…]

BioLimitless has announced it is abandoning its blockchain backoffice.

The stated reason for the decision is to “allow for customers to be able to purchase product with credit cards”.

BioLimitless’ marketing also states the change will allow “members to have a powerful back office”, suggesting its blockchain backoffice didn’t cut it. [Continue reading…]

The Ageeon MLM crypto trading Ponzi has collapsed.

As per a communication sent out on December 16th, Ageeon advised investors that withdrawals are disabled. [Continue reading…]

Enel AI fails to provide ownership or executive information on its website.

Enel AI’s website domain (“pg.roiaigpt.com”), was registered with bogus details on June 11th, 2024.

Of note is Enel AI’s website domain being registered through the Chinese registrar Alibaba (Singapore).

Enel AI has already attracted the attention of financial regulators. The Central Bank of Russia issued an Enel AI pyramid fraud warning on December 12th, 2024.

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…]

Chip2Wealth fails to provide verifiable ownership or executive information on its website.

Chip2Wealth’s website domain (“chip2wealth.com”), was privately registered on August 14th, 2024.

Chip2Wealth names Kane Tanakka as its CEO. A presumably made-up bio is provided, as Tanakka doesn’t exist outside of Chip2Wealth’s website.

In another attempt to appear legitimate, Chip2Wealth provides company registration details for Chip2Wealth LTD.

Chip2Wealth LTD was registered as a UK company on August 21st, 2024.

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.

Of note is Chip2Wealth’s official marketing materials being authored by “Parshvi Sanghavi”.

A Google search for this name reveals ties to India. This in turn suggests whoever is actually running Chip2Wealth has ties to India.

Supporting this is the use of the Indian rupee symbol in Chip2Wealth’s official marketing:

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…]