A week before it collapsed, Glenn Arcaro started scrubbing his social media profiles of any mention of BitConnect.

Arcaro also shut down his Future Money website, which was instrumental in promoting BitConnect and recruiting new investors.

After doing so Arcaro went into hiding and has not been seen or heard from in public since. He is believed to be hiding out somewhere in Europe.

BitConnect’s collapse meanwhile has resulted in a collapse of about $2.4 billion in market value, with real-world victim losses running into at least hundreds of millions of dollars.

Rather than face his victims, Arcaro is instead threatening those calling him out with legal action. [Continue reading…]

While it’s common for the rhetoric coming out of the MLM underbelly to be at odds with reality, the lenghts USI-Tech and the law firm Hart David Carson are going to misrepresent US authorities stance on securities is mind-boggling.

A few days ago USI-Tech co-founder Horst Jicha announced the company’s intention to defy regulators and reopen USI-Tech in the US.

In the same interview Jicha mentioned a “legal statement”, which he claimed “points out loud and clear that we never had an issue, we as a company, in terms of unlegal [sic] securities”.

Drafted by Hart David Carson, USI-Tech’s legal letter was provided to affiliates a few hours ago. [Continue reading…]

3T Networks operate in the cryptocurrency and travel MLM niches. The company provides two corporate addresses on its website, one in the US and one in Singapore.

The US address belongs to Nevada Registered Agent LLC, who provide incorporation services in Nevada. Whether 3T Networks has any physical business operations in the US is unclear.

The 3T Networks website suggests the company is primarily focused on Asia, with offices in the Philippines and Thailand “coming soon”.

Heading up 3T Networks is Chairman and CEO, Daniel Schwartz (right).

As per Schwartz’s 3T Networks corporate bio;

Dan has been a leader in Sales, Marketing and Business Development of companies in technology products and services since 1984.

He has been in Sales and Marketing Management since the late 1980s.

He has lead sales efforts over the past 5 years resulting in over $65M USD in closed business with a variety of customers large and small.

According to his Facebook profile, Schwartz lives in Thailand.

About six months ago Schwartz launched his own cryptocurrency, SigmaCoin.

After debuting with a public trading value of around 12 cents last September, SigmaCoin promptly collapsed before settling around its current 7 cent value.

A lack of content on SigmaCoin’s social media profiles and a decline in traffic to the company’s website suggest SigmaCoin has been abandoned.

I wasn’t able to verify an MLM history for Schwartz.

Read on for a full review of the 3T Networks MLM opportunity. [Continue reading…]

There’s been talk of a class-action lawsuit for a few days now, with one finally filed in the Southern District of Florida on January 24th.

In the fifty-page lawsuit, BitConnect victims Charles Wildes, Fransico Doria, Aric Harols, Akiva Katz, James Gurry and Ronald Nelson seek to recover $771,000 in losses.

They hope to do this via a class-action against defendants BitConnect and top investors Glenn Arcaro, Trevon Brown (aka Trevon James), Ryan Hildreth, Craig Grant and CryptoNick (John Doe No. 1). [Continue reading…]

Texas continues to lead US regulation against MLM cryptocurrency fraud, with the latest an emergency cease and desist filed against R2B Coin.

Filed on January 24th, Texas’ cease and desist cites R2B Coin as having a last known address in Hong Kong. [Continue reading…]

In the wake of US regulators cracking down on USI-Tech, the company has scrambled to contain fallout from disgruntled investors.

A big part of that has been silence on the part of USI-Tech management, who all but went into hiding after Texas issued a cease and desist last month.

Following the suspension of US and Canadian affiliate withdrawals, USI-Tech co-founder Horst Jicha has signaled an intention to defy US regulators and resume business operations. [Continue reading…]

Privilege Car Club launched in the UK  back in August, 2017.

Two corporate addresses in the UK (office/registered) are provided on the Privilege Car Club website.

Andy Wall (right) is identified as Privilege Car Club’s CEO and Founder.

Up until April, 2017, Wall was promoting Market America.

Recently Privilege Car Club has announced plans to expand into the US.

The difference between the US and UK model is solely the currency used (USD vs GBP).

For the purpose of this review I’ve adopted Privilege Car Club’s US business model pricing.

Read on for a full review of the Privilege Car Club MLM opportunity. [Continue reading…]

Plan-C provide no information about who owns or runs the business.

The Plan-C website domain (“plan-c.one”) was privately registered on June 21st, 2017.

On the Plan-C website the company claims to have ” technicians, accountants and security staff” working for it in Tbilisi, Georgia.

We examined all European countries regarding costs of electricity and living.

We found Georgia to be the best place for its affordable electricity costs while having a stable political situation.

Update 31st January 2018 – A document on the Plan-C website, purportedly from the Ministry of Justice of Georgia, states that Plan-C has been incorporated in Georgia on June 26th, 2017.

Giorgi Bejuashvili is listed as the sole Director of the company.

I wasn’t able to find anything connecting Bejuashvili outside of the registry extract, so treat the above information as suspect. /end update

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…]

ThornCoin provide no information on their website about who owns or runs the business.

The ThornCoin website domain (“thorncoin.com”) was privately registered on December 21st, 2017.

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…]

Piggy Bank provide no information on their website about who owns or runs the business.

The Piggy Bank website domain (“piggy-bank.io”) was privately registered on June 2nd, 2017.

Despite this, Piggy Bank claim its “history … goes back to the year 2000”.

Alexa traffic estimates reveal Piggy Bank in its current incarnation launched a few weeks ago in early January.

A UK incorporation corresponding to “Piggy B. Limited” is provided on the Piggy Bank website.

Piggy B. Limited was incorporated through a residential address in London on June 6th, a few days after the Piggy Bank website domain was registered.

Bruce Whatley is listed as the sole Director of the company and presumed not to exist.

UK incorporation is dirt cheap and for the most part unregulated. It is a favorite for scammers looking to incorporate dodgy companies.

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…]