BTC Global Team Ponzi losses climb to $80 million
When South African authorities initially announced a criminal investigation into BTC Global back in March, investor losses were pegged at $50 million.
Following analysis of 27,500 investor complaints and an ongoing investigation, the figure has now climbed to $80 million. [Continue reading…]
Singapore govt refers to OneCoin & BitConnect as Ponzi pyramids
In a May 25th press-release addressing digital tokens, the Singapore government has singled out OneCoin and BitConnect as Ponzi pyramid schemes. [Continue reading…]
Lyoness to launch eCredits cryptocurrency
The latest MLM Ponzi scheme to attach itself to a cryptocurrency appears to be Lyoness.
If a recent Latvian promotional video is to be believed, Lyoness are gearing up to launch “eCredits”. [Continue reading…]
Digital Altitude defendants want $100K in “stolen funds” for legal fees
One of the problem MLM scammers have when caught is that outside of the scam they were running, they had no other source of income.
In cases where an injunction is pursued and said scammers assets are frozen, that leaves them with limited options for hiring counsel.
Such is the case with Digital Altitude, Michael Force and Mary Dee, who together are demanding $100,000 to cover legal fees. [Continue reading…]
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…]
