QNet victim loses $28,900, commits suicide

Adapa Aravind joined QNet back in 2014. In 2017 he quit his IT job to pursue QNet full-time.

As required by QNet’s business model, Aravind purchased products each month in order to qualify for commissions.

Those commissions never came though, and by 2019 Aravind (right) found himself $28,900 in debt.

$7230 was savings Aravind had accumulated whilst working in the IT industry prior to signing up with QNet. He borrowed the rest from his father.

Earlier this week Aravind was found in his home hanging from a ceiling fan. [Continue reading…]

Visalus pyramid scheme class-action settlement options explained

News of the recent Visalus class-action settlement appears to have spread, resulting in a number of queries from victims as to how to proceed.

Following a spate of enquiries over the last few days in particular, I figured it’d be worthwhile putting up a guide for victims unsure of what their options are. [Continue reading…]

BitConnect web developer extradited from Abu Dhabi to India

A BitConnect web developer has been deported from Abu Dhabi at the behest of Indian authorities. [Continue reading…]

Williams & Campese hammer final nail into Noble 8 Revolution coffin

After leading on mostly elderly victims for over a year in their Noble 8 Revolution Ponzi cycler, Mark Campese and Blaine Williams dropped the scheme in favor of Pyur Life.

Just so there’s absolutely no confusion over Noble 8 Revolution being a big scam though, Campese and Williams have announced their ceasing all operations as of July 31st. [Continue reading…]

Matt Lloyd settlements prompt stay on MOBE proceedings

The MOBE Receiver and Matt Lloyd McPhee appear on the verge of a settlement, prompting the FTC to file for a stay on all MOBE related proceedings. [Continue reading…]

CryptoTrain Trading Review: 52 week crypto trading bot Ponzi returns

CryptoTrain Trading provides no credible information on their website about who owns or runs the company.

CryptoTrain Trading’s website domain (“cryptotrain.trade”) was registered with incomplete details on May 16th, 2019.

In an attempt to feign legitimacy, CryptoTrain Trading provides a UK incorporation certificate on its website.

UK incorporation is dirt cheap and for the most part unregulated. It is a favored jurisdiction for scammers looking to incorporate dodgy companies.

Accompanying the incorporation certificate is the claim “CEO Dr Jacob Hann” founded CryptoTrain Trading.

Given the lack of information available on Hann, it is highly likely he doesn’t exist.

At the time of publication Alexa estimates South Africa is the largest source of traffic to CryptoTrain Trading’s website (43%).

This is large enough to suggest that whoever is running CryptoTrain Trading is likely based out of South Africa itself.

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…]

Moonberg Review: Mooncoin Ponzi token investment fraud

Moonberg provides no information on their website about who owns or runs the business.

Moonberg’s website domain (“moonberg.io”) was registered on January 11th, 2019.

Bitdepositary Ltd. is listed as the owner, through an incomplete address in Malta.

On its own website Bitdepositary markets itself as a “decentralized crypto finance marketplace”.

The company operates its services through its own BDT and BDT20 tokens.

Although its only cited as a partner on Bitdepositary’s website, Moonberg appears to be a spinoff project.

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…]

FBI sends agents to interrogate arrested Indian BitConnect suspect

Although it feels like US authorities are dragging their feet with respect to BitConnect, reports of India confirm the investigation is still very much active.

The latest update we’ve got on the FBI’s BitConnect investigation is that two agents recently interrogated Saitsh Kumbhani. [Continue reading…]

Karatbars International pyramid scheme warning issued in Namibia

The Bank of Namibia has issued a pyramid scheme warning against Karatbars International. [Continue reading…]

ACN Trump lawsuit survives motion to dismiss, likely to be settled

An ACN related class-action lawsuit has survived a motion to dismiss.

On July 24th RICO claims filed against the Trump family in connection to promotion of ACN were dismissed.

Six counts pertaining to fraud, false advertising and unfair competition survived and remain standing. [Continue reading…]