FTC sues Allied Wallet for assisting scams with stealing $110 million

Payment processor Allied Wallet has been sued by the FTC for violations of the FTC Act.

The regulator alleges Allied Wallet assisted “business opportunity and coaching scams, pyramid schemes, and unlawful debt collection operations” with illegally charging over $110 million to consumer accounts. [Continue reading…]


Minerva Trading Bot Review: 240% annual ROI Telegram Ponzi bot

Minerva Trading Bot provides no information on who owns or runs the company on their website.

The Minerva Trading Bot website domain (“minervatradingbot.com”) was privately registered on December 10th, 2018.

Further research reveals a Minerva Trading Bot YouTube video featuring the company’s CEO.

The individual in the video isn’t credited in the description. The video itself is in German, so even if the individual is credited I wouldn’t understand.

What I was able to later find is an incorporation document for CMC Invest on the Minerva Trading Bot website domain:

As above, the document cites Gregor Maihart as owner of CMC Invest.

Maihart’s Facebook profile photo is dated 2010, but it’s enough to confirm he features in the Minerva Trading Bot CEO video.

Thus I can confidently state Gregor Maihart is running Minerva Trading Bot.

As for CMC Invest, it appears to be nothing more than an offshore shell company. It is highly likely CMC Invest is being used to launder funds invested by Minerva Trading Bot affiliates through.

According to his Facebook profile, Maihart is based out of Austria.

This corresponds with Alexa pegging Austria as the top source of traffic to Minerva Trading Bot’s website (23%). Neighboring Germany is the second largest, coming at 21%.

The closest I was able to come to putting together Maihart’s MLM history, was a subscription to the official USI-Tech channel.

Whether Maihart was a USI-Tech Ponzi investor is unclear.

Read on for a full review of the Minerva Trading Bot MLM opportunity. [Continue reading…]


Stream Energy’s retail customers sold off for $300 million

Stream Energy and NRG Energy have entered into a $300 million acquisition agreement.

The agreement will see NRG Energy acquire steam’s “retail electricity and natural gas businesses”.

An MLM company selling off its retail customers? This can’t be good… [Continue reading…]


FX Trading Corp investment fraud warning issued in Brazil

Brazilian authorities have issued a FX Trading Corp investment fraud warning. [Continue reading…]



Visiber Review: Your birthdate + triangles = pyramid scheme

Visiber operates in the numerology MLM niche and is based out of Malaysia.

The company is headed up by co-founder “David” Choong Jeng Hew.

Jeng goes by his first two names and styles himself as a “Dato David” on Facebook.

Jeng (right) founded Visiber with Patrick Tan Boon Jin in 2005. The pair worked together until Jin left the company in 2013.

According to a source we’ve been in contact with;

Tan left the company in 2013 because of some internal disputes. Apparently he was double crossed by David Hew and the other directors – Eng Chip Jin, Billy Lai, Gerald Lee and Kwan Hep Chuen in terms of company shares and profit.

After he left, they created a story that Patrick was the one who double crossed the company and worshipped demons.

Possibly due to language-barriers, I was unable to personally verify the above or put together an MLM history on Hew.

For reasons that aren’t immediately clear, Visiber is registered with the SEC under “Visiber57”.

Visiber57 is registered as a shell company in Delaware through a Hong Kong address.

The Hong Kong shell company appears to be called 57 Society, and was purchased from a third party in 2016.

On the Visiber website, the company lists its actual corporate address in Selangor, Malaysia.

According to Visiber’s last quarterly report ending February 2019, the company recorded a $14,113 net loss.

Note that Visiber’s quarterly report is unaudited. Given the company has no physical business operations in the US, the accuracy of Visiber’s reporting is thus called into question.

One additional word of warning; I’ve yet to see a legitimate MLM company out of Malaysia operated by a Dato.

With no disrespect towards Malaysian culture intended, over the years MLM companies run by Datos have become synonymous with fraud.

Read on for a full review of the Visiber MLM opportunity. [Continue reading…]


BitConnect 2.0: A Ponzi for crypto’s most gullible morons

I feel like BitConnect 2.0 isn’t something I should have to even cover, but here we are.

Up until its latest repurposing, the BitConnect 2.0 website domain was used to promote fraudulent Tron DAPP Ponzi schemes (Tron3D being the last I believe).

On or around May 17th the domain was repurposed with a BitConnect 2.0 launch timer. [Continue reading…]


Dennis Windsor’s Nerium lawsuit might be heading toward settlement

Dennis Windsor’s long-running lawsuit against Neora might be coming to an end, following representation to the court that a settlement is on the horizon. [Continue reading…]



Cloud Token to continue securities fraud with ASIC’s help

In a bid to continue to entice investment into their illegal unregistered securities investment scheme, Cloud Token has registered itself with the Australian Securities and Investments Commission (ASIC).

Cloud Token has no physical business operations in Australia. Nor is Australia a significant source of investment revenue for the company (Alexa).

Rather Cloud Token is run by scammers in Singapore, who are currently soliciting investment primarily from Japan, the US and Brazil.

So why register with ASIC? [Continue reading…]


AdvoCare to dump MLM opportunity after FTC talks

AdvoCare has announced that it is dumping it’s MLM opportunity.

The decision was made following “confidential talks” with the FTC. [Continue reading…]


Zeek Rewards net-winner scammers’ Fourth Circuit appeal denied

In an announcement published earlier this month, the Zeek Rewards Receiver has provided some updates on final distribution payments. [Continue reading…]