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…]

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…]

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 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…]

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…]

Trident Crypto Fund emerged in April 2018 as yet another MLM cryptocurrency Ponzi scheme.

Built around the recently launched TDC ICO, Trident Crypto Fund solicits investment in bitcoin on the promise of daily ROIs of up to 1% in TDC points.

Following an Operation Crypto-Sweep internal investigation, New Jersey has issued Trident Crypto Fund with a securities fraud cease and desist. [Continue reading…]

The North American Securities Administrators Association announced Operation Crypto-Sweep on Monday.

Through Operation Crypto-Sweep, NASAA has revealed seventy cryptocurrency company investigations.

NASAA members from more than 40 jurisdictions throughout North America participated in “Operation Cryptosweep,” which to date has resulted in nearly 70 inquiries and investigations and 35 pending or completed enforcement actions related to ICOs or cryptocurrencies since the beginning of May.

As above, around half of the investigations are completed or pending enforcement. [Continue reading…]

In addition to being a wanted fugitive on the run from money laundering charges in the US, Payza co-founder Firoz Patel is also in trouble with Canadian authorities. [Continue reading…]

On May 16th John Harris filed a lawsuit against Nerium International, Jeff and Renee Olson and several John Does.

In the proposed class-action suit, Harris argues that as Nerium affiliates (Brand Partners), he was in fact employed by the company.

Throughout the course of the alleged employment, Harris claims he and his fellow Nerium affiliates are ‘denied proper classification as to employee status, as required by California law‘. [Continue reading…]

Tradeco Global provide no information about who owns or runs the company on their website.

The Tradeco Global website domain (“tradecoglobal.com”) was privately registered on March 23rd, 2018.

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…]