Following an order permanently banning USI-Tech from operating in Ontario, Canada, the Ontario Securities Commission has published detailed reasoning behind its decision.

The reasoning includes an email from USI-Tech management that throws their Canadian affiliates under the bus. [Continue reading…]

In a Bill of Particulars filed on February 22nd, the DOJ has revealed Mark Scott’s seized assets.

The detailed list provides insight into shell companies and which countries Scott assisted OneCoin with laundering invested funds through. [Continue reading…]

A fortnight ago we reported that Matt Lloyd McPhee had filed an answer to the FTC’s MOBE lawsuit.

Lloyd’s answer was filed well past the deadline, in addition to the FTC having already filed for and being given an entry of default.

On the basis of his having now filed an answer, Lloyd also filed a motion requesting the entry of default be set aside.

This left me unclear on what would happen next;

I’m unclear on whether Lloyd’s answer after the fact has any bearing on the recorded entry of default.

Turns out it’s at the court’s discretion to accept Lloyd’s answer.

In the meantime, the FTC has filed an opposition to the entry of default being set aside. [Continue reading…]

StreamReward operates in the advertising MLM niche.

The company provides a corporate address in the UK on its website, however further research reveals this to be shared office space.

None of the executives presented on the StreamReward website have any digital footprints.

Additionally the photos used to represent the executives are poorly cropped and placed on a white background.

They don’t appear to be stock photo quality so I’m going to go with stolen social media profile photos.

The Stream Reward website domain was registered on November 25th, 2018.

Alexa traffic estimates for the domain cite Russia (17.3%), Japan (7.1%) and the US (5.7%) as the top three sources of traffic.

It is highly likely that whoever is actually running StreamReward is based out of one of these three countries.

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…]

Virtual Currency International operate in the cryptocurrency MLM niche. The company is headed up by founders Eugen Rosenmeier and Vladimir Galabov.

Prior to founding Virtual Currency International, both Rosenmeier and Galabov were promoting cryptocurrency scams.

Up until mid last year, Eugen Rosenmeier (aka Eugen Krause) was promoting CryptoGold.

CryptoGold affiliates invested up to $3500 in positions. These positions paid a return, supposedly generated via cryptocurrency mining.

CryptoGold provides no evidence on its website of having registered its passive investment opportunity with a securities regulator.

Alexa traffic estimates for the CryptoGold website show a sharp decline throughout the second half of 2018.

The collapse of CryptoGold is what likely prompted the launch of Virtual Currency International in September, 2018.

Vladimir Galabov has promoted a number of MLM Ponzi schemes over the past few years.

Although 2018 was mostly quiet for Galabov until Virtual Currency International’s launch, past Ponzi schemes Galabov has promoted include Cryp Trade Capital, My Paying Crypto Ads, GainBitcoin, FortAdPays and GetProfitAdz.

In its marketing material, Virtual Currency International provides a PO Box corporate address for “Network Planet LTD” in Saint Vincent and the Grenadines.

The marketing material also states Virtual Currency International has “offices are in Sofia, Bulgaria”, but provides no further details.

Saint Vincent and the Grenadines is a known tax-haven. There is no reason for a legitimate company to be operating out of a PO Box there.

On their respective Facebook profiles, Eugen Rosenmeier and Vladimir Galabov state their respective locations as Hessen, Germany and Plovdiv, Bulgaria.

As opposed to Saint Vincent and the Grenadines, Virtual Currency International is very much being operated out of Europe.

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

Following an application for an entry of default on February 5th, Dish Network has filed for default judgment against Jim Ferras Pshehalouk. [Continue reading…]

On February 8th Mark Scott was served a grand jury subpoena, requesting “a wide variety of documents” related to OneCoin.

Whatever evidence is in those documents, Mark Scott doesn’t want a grand jury seeing them. [Continue reading…]

The state of Texas has slapped Nui with a $25,000 securities fraud fine.

The company has also agreed to cease offering unregistered securities to Texas residents. [Continue reading…]

According to local news reports, serial-scammer Joseph Tran has been arrested by Swedish authorities.

Tran’s arrest is believed to be in connection with his promotion and participation in a number of fraudulent MLM companies. [Continue reading…]

Lost money in BitConnect? Want to get back at Glenn Arcaro, Craig Grant, Trevon James, Crypto Nick, Ryan Hildreth and the rest of the BitConnect gang?

Now’s your chance… [Continue reading…]