A settlement between AWS Mining and the Texas State Securities Board has confirmed the Ponzi scheme was operating illegally. [Continue reading…]

Belcorp has been around since 1980, although you wouldn’t know that from visiting their website.

Belcorp does a terrible job of providing information about itself on its website.

The “about us” page on Belcorp’s website redirects to information about their “leadership principles”. The “our history” link on their US website redirects to the business opportunity page.

Why does Belcorp have a separate US website? No idea.

Belcorp primarily targets South America and so when you visit their websites, you’ll find Spanish as the default language.

As claimed in their marketing material, Belcorp is the ‘third top cosmetics direct sales company in Latin America‘.

In the US Belcorp operates as L’bel or Belcorp USA. The company runs both Belcorp USA and L’bel websites, with the former branded as L’bel despite the domain name.

L’bel claims to be “supported by Belcorp” but I believe is a subsidiary of the main company.

I tried to suss out why Belcorp operates as L’bel in the US but came up blank.

One significant difference between the two companies is marketed products.

Do you sell Esika & Cy-Zone in Belcorp USA?

No, at this moment we sell the L’Bel brand. In the future we will enter these brands in the United States market.

Again, not really sure why this is the case.

Eduardo Belmont Anderson founded Belcorp in 1980. Anderson (right) is from Peru and in his seventies, still serves as Belcorp’s President.

A search into Anderson’s background quickly establishes his billionaire status. As at the time of publication, Forbes pegs Anderson’s net worth at $1.7 billion.

Belcorp’s CEO as of February 2018 is Erika Herrero.

The only representation Anderson and Herrero have on Belcorp’s website are two small quotes.

According to her LinkedIn profile, Herrero (right) started at Belcorp in 2015 as a Corporate Vice President.

Belcorp as a corporation is based out of Lima, Peru. L’bel in the US appears to be based out of Miami, Florida.

Read on for a full review of Belcorp’s MLM opportunity. [Continue reading…]

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…]

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…]

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

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…]

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 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 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…]

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…]