Just over a week ago the TelexFree Trustee announced he was working on a Plan of Liquidation for filing.

On May 6th the plan was filed, revealing what TelexFree victims can expect recovery wise. [Continue reading…]

Following its first collapse back in March, the My Passive Trades Ponzi scheme has collapsed again. [Continue reading…]

New Zealand’s FMA has issued a securities fraud warning against Karatbars International. [Continue reading…]

The FTC isn’t happy about the Cardiffs’ latest attempt to stall regulatory proceedings against them.

Eunjung and Jason Cardiff have disregarded this Court’s Orders since the day they were served with the Temporary Restraining Order.

They now seek to have the Court stay or set aside three of its Orders, all of which were issued after extensive briefing and voluminous factual presentations, including thousands of pages of exhibits, numerous declarations, four expert reports, four Receiver’s affidavits of non-compliance, a preliminary injunction hearing at which Eunjung and Jason Cardiff personally appeared and addressed the Court, and a four-day contempt hearing at which they both testified under oath and were found to have “lied” and perpetuated a “fraud on the Court.”

Ouch. [Continue reading…]

Cloud Token collapsed during October of last year.

Rather than just admit the company’s withdrawals exceeded investment and collapsed, admin Ronald Aai has been stringing investors along for months.

After deleting his social media profiles and disappearing earlier this year, Aai has appeared in a new video update.

Instead of just admitting Cloud Token was a Ponzi scheme and collapsed though, Aai is blaming withdrawal problems on hackers, COVID-19 and the authorities. [Continue reading…]

IT Finance provides no information on its website about who owns or runs the company.

IT Finance’s website domain (“itfinanceai.com”) was privately registered on February 21st, 2020.

In an attempt to appear legitimate, IT Finance provides a UK incorporation number on its website.

This number corresponds with IT Finance Services LTD, which was incorporated back in 2014.

Given IT Finance didn’t exist until a few months ago, it is unlikely this UK incorporation has anything to do with it.

In any event, UK incorporation is dirt cheap and effectively unregulated. It is a favored jurisdiction for scammers looking to incorporate dodgy companies.

The sole admin of IT Finance’s official Facebook group is Mauricio Hubbard (right).

On his Facebook profile, Hubbard represents he is based out of Sinaloa, Mexico.

Last July Hubbard was promoting FX Trait, a forex signals service.

By September 2019 FX Trait had collapsed, exit-scamming with collected membership fees.

Possibly due to language-barriers, I was unable to establish anything further on Hubbard’s MLM history.

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…]

Prance Gold operates in the cryptocurrency MLM niche.

The company claims it is headed up by founder and CEO Andre Gerald.

In Prance Gold’s marketing videos, Gerald is played by this individual:

If you pay attention to the actor’s eyes, you can clearly see him reading off a script.

Andre Gerald doesn’t exist outside of Prance Gold’s marketing material, making him a good Boris CEO candidate.

The actor playing Gerald has a US accent. The actor playing Jacob Coulsen, supposedly Prance Gold’s COO, has a British accent.

Given the hard-coded Chinese subtitles, it’s highly likely these two men are actors picked up in Asia somewhere.

It’s also worth noting Prance Gold’s marketing videos were uploaded in 360p. This suggests they were shot on a cell phone.

Not really what you’d expect for legitimate corporate videos.

Prance Gold operates two websites, “prancegoldholdings.com” and “prance.gold”.

The former domain was privately registered in May 2019. The latter was privately registered in February 2020.

It’s worth noting the Prance Gold Holdings domain registration was last updated in February 2020. The company’s websites went live in March 2020, suggesting the holdings domain was acquired in February 2020.

The Prance Gold website is targeted at Japanese visitors and defaults to Japanese. On the site an incorporation certificate for “Prance Gold Holdings Limited” in Seychelles is provided.

Given the high probability of this being a shell company, with respect to due-diligence this certificate is meaningless.

Given Prance Gold appears targeted at a Japanese audience, it’s not surprising that Japan represents 90% of traffic to Prance Gold Holdings’ website (Alexa).

Curiously, “prance.gold” doesn’t have enough traffic to be tracked via Alexa.

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…]

Crowd1 affiliate investors have been given a glimpse of how the company plans to respond to regulatory action.

By throwing them under the bus and abandoning them. [Continue reading…]

About a week ago BizzTrade, a Ponzi continuation of the BizzTrek pyramid scheme, announced it was jumping on the crypto fraud bandwagon.

And so we have BizzCoin, another shitcoin that gullible Ponzi investors will eventually be exit-scammed through. [Continue reading…]

Amid the worst global pandemic in a century, one group of scammers in the US are targeting the newly unemployed for a secret gifting scam.

And they’re not above shamelessly exploiting slavery either. [Continue reading…]