Gordon Beckstead’s BitClub Network money laundering plea
As per a chargesheet filed on March 24th, Gordon Brad Beckstead helped BitClub Network scammers launder “millions of dollars”. [Continue reading…]
Model Farming pyramid fraud warning from Russia
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…]
Interpol Dubai refuse to arrest Generation Zoe Ponzi lawyer
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…]
Bulgaria fobs Ruja Ignatova off to Germany (PR disaster)
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…]
Quwiex Ponzi collapses, site gone after withdrawals suspended
The Quwiex Ponzi scheme has collapsed.
Following disabling of withdrawals over a week ago, Quwiex told investors they would be resumed on April 18th.
Instead of that happening, Quwiex disabled its website and it’s now been down for two days. [Continue reading…]
Neumi Review: Steven K. Scott revisits glutathione MLM
Neumi (“new me”), operates in the nutritional supplement MLM niche.
The company is based out of Utah and headed up by Steven K. Scott.
On his personal website, Scott (right) describes himself as “a best selling Christian author & billion-dollar business builder.”
Steve’s blessed entrepreneurship journey has funded his ministry.
His latest project is called “Neumi” and he refers to it as the biggest health breakthrough he’s ever seen.
Scott appeared on BehindMLM in 2013, as co-founder of Max International.
At the time Scott was Max International’s sole remaining co-founder. Citing “drama at Max International and the integrity issues raised by top leaders”, BusinessForHome noted Scott left Max International in August 2019.
I did go looking for specifics but couldn’t find any. What I did find was Swish30, a glutathione supplement sold by Biotech Nutritional Sciences.
BNS doesn’t appear to have a standalone website. Swish30 has a website up, on which it states BNS was “founded in 2018 by Steven K. Scott.”
As per Swish30’s website, the supplement only appears to be available to wholesalers.
Reading between the lines, it appears Neumi’s 2021 launch was the combination of BNS, Swish30 and MLM under new branding.
Read on for a full review of Neumi’s MLM opportunity. [Continue reading…]
Traffic Monsoon Receiver working on plan of distribution
The Traffic Monsoon Receivership has flagged work starting on a “plan of distribution”.
The announcement follows resolution of a significant percentage of investor claims. [Continue reading…]
Amway a suspected pyramid scheme in India, $99 mill frozen
Authorities in India have launched a pyramid fraud investigation into Amway.
The preliminary stage of the investigation has seen ₹ 757 crore in assets frozen ($99.1 million USD). [Continue reading…]
DOJ seeks to notify OneCoin victims of crim proceedings
The DOJ has filed for permission to notify OneCoin victims of upcoming criminal proceedings. [Continue reading…]
Paymoney Review: 200% ROI crypto Ponzi scheme
Paymoney’s website provides no ownership or corporate information.
In an attempt to appear legitimate, Paymoney provides UK incorporation details for Paymoney Digital LTD.
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.
At time of publication Alexa cites Thailand as the only notable source of traffic to Paymoney’s website (57%).
Paymoney’s current website domain (“paymoney.digital”), was privately registered in July 2021.
The company launched using “paymoney.io”, believed to have been acquired in November 2021. Why Paymoney’s .IO domain was abandoned is not clear.
Paymoney does have an official YouTube channel. The company’s marketing videos however are voice dubs set to stock footage.
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…]
