Morgan Johnson settles Digital Altitude fraud allegations with FTC
The first of the Digital Altitude defendants has buckled, following a joint filing requesting a stay in proceedings as to Morgan Johnson. [Continue reading…]
Digital Altitude scammed people out of $54 million, denies responsibility
While Digital Altitude has acknowledged it made misrepresentations to the general public, the company and its principals are denying responsibility.
Specifically, Michael Force and Mary Dee have raised failure to exhaust
administrative remedies, good faith, offsets/set-offs, informed consent, and no reasonable basis for the requested relief as affirmative defenses. [Continue reading…]
BitConnect tied to Indian demonetization, three owners on the run
It appears BitConnect, a Ponzi scheme with losses potentially running into the billions, was launched to skirt newly introduced demonetization law in India. [Continue reading…]
VictoriaBank’s petition for an appeal rehearing denied
The Zeek Rewards Receivership is one step closer to recovering $13.1 million from VictoriaBank, following the denial of rehearing petition. [Continue reading…]
Redwood Scientific Technologies continue to miss production deadlines
Our initial story on Redwood Scientific Technologies’ troubles with the FTC left off with an April 23rd show cause hearing.
In a nutshell, Redwood Scientific Technologies, who own the MLM company Rengalife, have been accused of violations of the FTC Act.
Rather than cooperate, Rengalife had failed to provide the FTC with requested information.
Having missed several deadlines, the FTC was now treating the matter as a contempt of court issue.
As per a filed May 22nd Status Report, we pick up the story right before the April 23rd hearing. [Continue reading…]
$2 million recovered from Zeek net-winners over 2018 first quarter
The Zeek Rewards Receiver’s Status Report for the first quarter of 2018 reveals another $2 million has been recovered from net-winners. [Continue reading…]
Five out of six Ominto board members resign following NASDAQ delisting
Prior to delisting itself from the NASDAQ exchange over ongoing compliance issues, Ominto had a six-team Board of Directors.
On May 18th, three days after the NASDAQ delisting was announced, five of Ominto’s Board of Directors resigned. [Continue reading…]
USI-Tech securities fraud cease and desist issued in Ohio
As part of Operation Cryptosweep, Ohio has issued USI-Tech with a securities fraud cease and desist.
The May 18th notice identifies USI-Tech Limited as the sole respondent, through a PO Box address in Dubai. [Continue reading…]
DasCoin securities fraud cease and desist issued in BC, Canada
DasCoin is the latest MLM cryptocurrency to receive a securities fraud cease and desist.
As part of Operation Cryptosweep, the British Columbia Securities Commission issued DasCoin with a cease and desist notice.
As at the time of publication the DasCoin cease and desist notice hasn’t been made public. Nor do we know exactly when it was issued.
Seeing as the notice is part of Operation Cryptosweep however, I believe DasCoin was served sometime over April or May. [Continue reading…]
Kidnapping and extortion escapades in India reveal BitConnect owner?
A builder in India has been arrested as part of a Rs. 1.5 billion bitcoin extortion bust ($22.7 million USD).
Three months ago local builder Shailesh Bhatt had filed a complaint with the Gujurat Criminal Investigation Department.
In his complaint Bhatt alleged extortion by the Amreli police.
Amreli is a district in Saurashtra, Gujurat.
Upon investigating Bhatt’s complaint, Gujurat CID agents discovered
Bhatt had extorted bitcoins worth crores from others before he was kidnapped by the Amreli police.
Kidnapped? Yeah… this gets messy. [Continue reading…]
