The Zeek Rewards Receivership is one step closer to recovering $13.1 million from VictoriaBank, following the denial of rehearing petition. [Continue reading…]

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…]

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…]