DasCoin CEO Michael Mathias is furious over comparisons of his company to OneCoin.

Acknowledging that OneCoin is unable to ensure ‘compliance with US laws and regulations’, Mathias insists his DasCoin and OneCoin are ‘completely separate entities with absolutely no affiliation or connection or business association with each other.‘

Personally I wasn’t aware of anyone claiming otherwise.

Earlier this year a blurry photo of Mathias with Maltese Prime Minister Joseph Muscat emerged on social media (photo right, with Mathias left and Muscat right).

Net Leaders affiliates were quick to cite the photo as proof of pending collaboration with the Maltese government.

This attracted the attention of Malta Today, who ran an article covering the story on September 18th.

That didn’t go down well with Mathias, who demanded a right of reply.

He was given one and the original article was updated to include Mathias’ many denials.

Evidently nobody believed him, as Mathias has now filed a judicial protest demanding the article be taken down. [Continue reading…]

BTC Global Team provide no information on their website about who owns or runs the business.

The company does however claim to be ‘the marketing arm of Steven’s Trading business.‘

We are backed by our founding trader at Steven Twain.

Steven has 6 years of experience trading binary options with consistent success, over the last 3 years he has started providing trading services for other large investors ($10,000+ only).

(Our) group negotiated an amazing deal with Steven to get access to his trading services.

Twain’s photo on the BTC Global Team website corresponds to the since deleted @steventwain22 Instagram account.

Starting around two years ago, Twain used his Instagram account to promote an undisclosed opportunity he claimed was paying 10% to 15% a week.

Five months ago Twain was also advertising a 10% a week ROI bitcoin investment opportunity on the website Jobs68 South Africa:

Around the same time someone by the name of Henry Obianyo was also promoting a 10% weekly ROI opportunity on Facebook, using Steven Twain’s contact details:

Obianyo is based out Nigeria and runs Michrob Koncepts Free Signals, a binary signals Telegram private chat group.

Obianyo’s Nigerian location may be of significance. In the image above from Twain’s since deleted Instagram account, the Nigerian Naira is the exchange currency onscreen.

A Steven Twain Facebook profile does exist but was only created a few months ago in August.

The same day the Twain Facebook account was created it was used to promote BTC Financials.

Today BTC Financials is known as BTC Global Team.

Whether Steven Twain exists, as represented by BTC Global Team is unclear.

What is clear is that someone or someones from Africa has/have been running investment schemes for some time, with BTC Global Team merely the latest iteration.

I’m also going to point out that another BTC Global launched earlier this year.

That BTC Global was a bitcoin gifting scheme that primarily targeted Nigerians. It has since collapsed.

Whether BTC Global and BTC Global Team are related is unclear. That both are tied to Africa however is likely not a coincidence.

The BTC Global Team website domain was privately registered on August 11th, 2017 – roughly the same time the Steven Twain Facebook profile was created.

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…]

Although iMarketsLive has made efforts to address a potential lack of retail sales, unregistered securities is still an ongoing compliance issue.

Last month Colombia issued an illegal investment warning against the company, with the Central Bank of  Curaçao en Sint Maarten this month following suit. [Continue reading…]

Earlier this year Chris Principe sued Timothy Curry for losses in excess of $75,000.

In his lawsuit Principe alleges Tayshun publicly blasting him for his involvement in the OneCoin Ponzi scheme resulted in damages to his reputation.

Dating back to a dubious Feb 2016 Financial IT cover featuring OneCoin founder Ruja Ignatova, Principe’s involvement in the promotion of OneCoin has been well documented.

Principe’s complaint details damages to his reputation as a result of his alleged involvement with OneCoin.

Ironically Skyway Capital, the company Principe claims he lost a PR deal with, is also a Ponzi scheme.

Principe’s lawsuit was filed in May this year and has been playing out in court.

A few weeks ago a tentative October, 2018 trial date was penciled in. The next court appearance in the case is scheduled for December 1st next month.

While it seems unlikely Principe will take the case to trial (yes, the details of the lawsuit are as mindbogglingly asinine as they sound), Curry nonetheless has to meet legal and financial burdens defending a lawsuit carries.

As part of his defense, Curry is asking victims of OneCoin, or anyone with information/experience directly related to the fraudulent nature of the business, to pen a declaration letter. [Continue reading…]

Despite every Ponzi scheme professing to offer its own unique spin on the model, the underlying mechanics of the scam remain the same.

New money enters the scheme, primarily through new investors, which is then used to pay off those who have already invested.

With this a Ponzi scheme in its simplest form and easily identifiable, today scams go to great lengths to disguise the flow of money.

None of that however changes the end-result of a Ponzi scheme however, which is rooted in mathematical certainty.

That being no matter how much is or isn’t promised, a Ponzi scheme can only pay out as much money is invested. Once that runs out it’s time for excuses, those running the scam to do a runner or any number of cliched Ponzi collapse ruses.

The constant underpinning all of them however remains the same: mathematics guarantees the majority of investors lose money.

A disturbing trend I’ve noticed over the last few years is the dismissal of the financial devastation a Ponzi scheme can create, solely based on jurisdiction. [Continue reading…]

Since Nbox broke the news that Ruja Ignatova had allegedly been arrested last Saturday, verified information related to the arrest has been slow to surface.

Thus far we have The Gerlach Report claiming Ignatova was indeed arrested, and is being held at Stadelheim prison in connection to a fraud case in Bielefeld.

Countering this is the law firm Schulenberg & Schenk, who have previously represented OneCoin’s interests in Germany.

Schulenberg & Schenk told the online publication MLM Worldwide they’d confirmed Ignatova wasn’t being held at Stadelheim prison. They’d also purportedly confirmed Ignatova hadn’t been arrested in connection to the Bielefeld fraud case.

Overnight three important documents have surfaced, shedding further light on the story. [Continue reading…]

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

The FX Prog website domain (“fxprog.com”) was privately registered on October 19th, 2017.

A UK incorporate certificate for “FX Prog Limited” is provided, which corresponds to a October 23rd incorporation.

Adam Paul is listed as the sole Director of the company through an address in London.

The name is generic enough to cast doubt on whether Adam Paul, as represented by FX Prog, actually exists.

A UK incorporation is cheap and easy to provide bogus details on, making it a favorite among scammers attempting to fake legitimacy.

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…]

The Coinbase Service website domain (“coinbaseservice.com”) was privately registered on October 16th, 2017.

A UK incorporation certificate is provided on the Coinbase Service website, which corresponds to Coin Base UK Service Limited.

Coin Base UK Service Limited was incorporated on October 26th, 2017.

Richard Walsh is listed as the sole Director of the company, through an office address in London.

A UK incorporation is cheap and easy to provide bogus details on, making it a favorite among scammers attempting to fake legitimacy.

On their website, Coinbase claim “Tyrone Lynch” is their founder.

No information exists outside of the incorporation linking Tyrone Lynch or Richard Walsh to Coinbase Service, raising the question of whether they actually exist.

Supporting that they don’t exist is the fact that the other three corporate photos provided on the Coinbase Service website are stock images used in the CroBiz WordPress theme:

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…]

For all intents and purposes, Questra World, Atlantic Global Asset Management and Five Winds are all the same company.

Atlantic Global Asset Management launched first and is/was headed up by CEO Andrey Andreevich Abakumov.

Atlantic Global Asset Management affiliates invested funds on the promise of a 300%-500% ROI in seven to eight months.

With new affiliate investment Atlantic Global Asset Management’s only source of revenue, it wasn’t long before Questra World was launched.

Questra World saw Atlantic Global Asset Management’s Russian roots take a backseat, with the company instead presented with Spanish management. [Continue reading…]

Fort Ad Pays was a Ponzi scheme that surfaced in 2015.

Run by Pedro Fort, Fort Ad Pays affiliates invested in $1 to $300 on the promise of an advertised ROI of up to 210%.

The ruse behind Fort Ad Pays’ business model was ad credit-packs, which provided advertising credits.

By using these credits, Fort Ad Pays affiliates could advertise on the Fort Ad Pays website.

In late 2015 Fort Ad Pays started to run low on funds. This prompted Pedro Fort (right) to launch The Business Shop.

In May 2016 Fort Ad Pays and the Business Shop collapsed. Spanish publication El Pais pegged investor losses at “several million dollars”.

In the wake of his Ponzi scheme collapses, it was revealed Pedro Fort had bought himself a $1.2 million dollar mansion in Miami, Florida.

Any hope of Fort retiring quietly and living of millions of dollars in stolen Ponzi funds have been dashed though, with the SEC today revealing a securities fraud lawsuit. [Continue reading…]