Genesis Mining, a Hong Kong company, claim to be ‘the largest cloud bitcoin mining company‘.

A marketing pitch on the Genesis Mining website claims the company has “over 1,000,000” investors.

It’s super simple – Your mining rigs are already set up and running.

As soon as you’ve set-up your account you can start to earn your first coins from our bitcoin cloud mining service!

Through a mining partnership with Swiss Gold Global, on March 9th Genesis Mining was ordered to immediately cease and desist offering unregistered securities in South Carolina.

What does this mean for the company as a whole? [Continue reading…]

Swiss Gold Global initially launched in mid 2016 as a $50 a month “premium education program“.

When that flopped, the company rebooted itself as a bitcoin mining ROI opportunity a few months later.

That business model has now caught the attention of US regulators, promoting South Carolina to issue a cease and desist against Swiss Gold Global on March 9th. [Continue reading…]

Frank Edward Calabro Jr. has a history of scamming people dating back to Zeek Rewards and beyond.

Since Zeek Rewards was shut down by the SEC in 2012, Calabro Jr. has promoted train wreck after train wreck of collapsed scams – profiting handsomely along the way.

It seems the law has finally caught up with Calabro Jr., following a securities fraud cease and desist issued by North Carolina. [Continue reading…]

When BehindMLM neutrally reported on StemTech’s Chapter 11 bankruptcy last year, affiliates were quick to hurl abuse.

A reader by the name of “Mike M” demanded we

stop this madness. This company just filed Chapter 11 Reorganization like thousands of other companies do each year.

The purpose is to reorganize the debt of the parent company.

The operating subsidiaries aren’t affected at all and the global business isn’t affected at all.

Another reader, going by the name “Jen” , claimed we were publishing

fake news, another industry rag that should be sued for libel.

The “suppliers” referenced by “Oz” are clearly no longer suppliers and the chapter 11 filing restructures and discharges the debt (ie. no lawsuits).

The legitimate quality suppliers the company wishes to retain will continue to partner with Stemtech.

It will effect the global business for sure, in a POSITIVE way, so rent a clue please.

A year later, StemTech’s “positive” Chapter 11 bankruptcy is now a Chapter 7 liquidation. [Continue reading…]

WorldVentures was declared a pyramid scheme by Norway’s top MLM regulator back in 2014.

WorldVentures appealed the Gaming Board’s decision but open review, the original decision was upheld.

The decision saw WorldVentures required to cease business operations in Norway, which at the time was one of their primary sources of affiliate recruitment.

Not willing to let that go without a fight, WorldVentures sued the Gaming Board in a Norwegian Trial Court in late 2014.

The Trial Court appeal was denied in early 2015.

This prompted WorldVentures to sue the Norwegian government, with the Ministry of Culture named as a defendant.

In October, 2016, a District Court ruled against WorldVentures and they lost the lawsuit.

WorldVentures appealed the decision in the Bogarting Court of Appeal. The Courts of Appeal are the second-highest court tier in Norway,  under the Supreme Court.

Between February 6th to February 14th WorldVentures appeal proceedings were held.

A decision denying WorldVentures an appeal was published on March 5th. [Continue reading…]

New Jersey is the latest state to enter the cryptocurrency cease and desist fray.

On March 7th the New Jersey Bureau of Securities slapped Bitcoiin with a securities fraud cease and desist. [Continue reading…]

Yesterday we reported on USI-Tech admitting it was using newly invested funds to pay off existing investors.

Today we can confirm a US regulatory investigation into the company is underway. [Continue reading…]

Despite it being pretty obvious USI-Tech has operated as a Ponzi scheme since BTC Packages were released last year, the company maintains it isn’t.

Amid an ongoing ROI revenue crisis that has seen daily ROI rates plummet, someone at USI-Tech has inadvertently confirmed it’s a scam. [Continue reading…]

Following day two of the Digital Altitude preliminary injunction hearing, the case docket has been updated to reflect the an injunction was granted. [Continue reading…]

William Apostelos and his wife Connie orchestrated the WMI Enterprises $70 million Ponzi scheme

Attached to this was Genesis Acquisitions, a company that attracted our attention in October, 2014.

Following an indictment in October, 2015, Apostelos (who also goes by Bill), was sentenced to fifteen years in prison last year.

Unfortunately for Apostelos’ victims, the FBI stated there was “no chance of recovering invested funds”.

Determined to hold those who stole their money responsible, nineteen victims have taken matters into their own hands. [Continue reading…]