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

The WesternCoin website domain (“westerncoin.co”) was privately registered on September 14th, 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…]

According to Alexa, Colombia is currently the fourth largest source of traffic to the iMarketsLive domain.

The recruitment efforts of Alex Morton and his posse haven’t gone unnoticed by the Superintendencia Financiera de Colombia, who earlier today issued an investment warning against iMarketsLive. [Continue reading…]

Affinity Business Network provide no information on their website about who owns or runs the business.

The Affinity Business Network website domain (“affinitybn.co.za”) was registered by “affinitybn” on June 6th, 2016.

An address in Gauteng, South Africa is provided, which is presumably where Affinity Business Network is operated from.

Further research reveals Fred Andalaft (right) crediting himself as founder of Affinity Business Network on his LinkedIn profile.

Why this information isn’t provided on the Affinity Business Network website is unclear.

Other than a marketing interview on LinkedIn, there isn’t any information publicly available on Andalaft’s history prior to founding Affinity Business Network.

Presumably Affinity Business Network is Andalaft’s first MLM venture as an executive.

Update 22nd October 2020 – A reader wrote in with a link revealing Fred Andalaft, as “Freddie Andalaft”, has ties to Progressive Investment Trust and related companies.

South Africa’s FSB launched an investigation into Progressive Investment Trust in 2008.

The FSB first became aware of the problems at the companies and the trust when the liquidator of the Fraser Lesotho Pension Fund attempted to withdraw investments from Progressive Asset Management.

When the FSB intervened, Andalaft falsely claimed the money had been repaid. This sparked an FSB investigation, which was expanded to include all the companies and the trust, which are now under curatorship.

And after the investigation started, Andalaft falsely told the consultants of the SA Studbook Provident Fund that the fund could not withdraw its money because of the FSB investigation.

The inspection was completed in February this year. But before the FSB could take action, Andalaft, whom the inspectors said was the “directing will and mind”, had to be given the opportunity to respond.

This is despite the fact that Anderson says that on numerous occasions Andalaft attempted to mislead the investigators and to give them false information.

By the end of May curators had been appointed to take over the Progressive Trust companies.

By the end of 2008 the Progressive Trust companies were ordered into liquidation. Investor losses were pegged at R100 million ($6.1 million USD).

An alaysis by the inspectors revealed that PIT’s trial balance recorded operating losses with no investment growth.

This meant there was a real risk that the only potential source of financing the loss was through investor funds.

I wasn’t able to track any further updates beyond 2018. /end update

Read on for a full review of the Affinity Business Network MLM opportunity. [Continue reading…]

Not content with spreading lies about registering their Ponzi scheme with the SEC, USI-Tech and their affiliates are spreading porky pies about a contract with BitFury.

For those unfamiliar with the company, BitFury claim to be a “full service Blockchain technology company”.

The Bitfury Group develops and delivers both the software and the hardware solutions necessary for businesses, governments, organizations and individuals to securely move an asset across the Blockchain.

USI-Tech marketing material promoting a $70 million dollar deal between the company and BitFury began circulating about three days ago. [Continue reading…]

Manos Sergakis launched My Cycler a year ago after his One World Ads Ponzi scheme collapsed.

My Cycler offers Ponzi ROIs through a five-tier matrix cycler.

Alexa traffic estimates show a decline in My Cycler traffic  throughout 2017:

What this means for a cycler Ponzi is that recruitment has slowed down such that the majority, if not all of the company-wide matrices have stalled.

In a nutshell, over the past year Sergakis (right) has stolen who knows how much money from My Cycler affiliates. He’s achieved this through admin positions and funds attached to positions trapped in stalled matrices.

Rather than cut his losses, admit the majority of My Cycler affiliates will cop a loss and do a runner, Sergakis is doubling down with a new scam.

In line with the current MLM underbelly trend, Sergakis is relaunching My Cycler as a cryptocurrency mining scam. [Continue reading…]

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

The BTC Team Profits website domain (“btcteamprofits.com”) was privately registered on August 19th, 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…]

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

The Leniex website domain (“leniex.com”) was privately registered on May 30th, 2017.

Leniex provide incorporation documents on their website for Leniex Inc. in New York.

This appears to be a shell incorporation purchased for $125 on July 18th. The address used to incorporate Leniex Inc belongs to a third-party office space supplier.

Alexa estimates traffic to the Leniex website exclusively originates out of Europe. The use of Telegram and corporate Vkontakte social media profile strongly suggests Leniex is being run by admin(s) in Russia or the Ukraine.

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…]

Global Domains International, also known as GDI, operate in the technology MLM niche.

The company launched in 2000 and is based in the US state of California.

Further research reveals the corporate address provided on the GDI website belongs to Regus. Whether GDI actually have a physical presence in California is unclear.

Heading up GDI are co-founders Michael Starr (CEO) and Alan Ezeir (President).

At least that’s according to the GDI website.

On his LinkedIn profile Alan Ezeir cites his time at GDI coming to an end as of September, 2016.

In addition to getting involved in cryptocurrency, Ezeir founded Circle Square Capital in November, 2016.

Circle Square targets technology,manufacturing, distribution and service businesses with $3 million to $50 million in annual revenue with cash operating earnings (“EBITDA”) in excess of $1 million.

Michael Starr is still involved in GDI and presumed to be running the show.

Prior to co-founding GDI Ezeir and Starr co-founded Freedomstarr Communications,

which currently maintains licenses in most of the United States for certified telecommunications services, and supports thousands of users in each state.

As far as I can tell GDI is Ezeir and Starr’s first MLM venture as executives.

Read on for a full review of the Global Domains International MLM opportunity. [Continue reading…]

An ongoing investigation by Malaysian authorities has revealed the MBI Ponzi scheme saw 350,000 affiliates lose 700 million MYR ($165 million USD).

MBI was a Ponzi scheme based on GRC Unit Ponzi points.

MBI affiliates invested up to $35,000 in GRC Units, the internal value of which was set by MBI. [Continue reading…]

Ageo Product Line, more commonly known as APL, was launched in 2011 in Kazakhstan.

Despite appearing to be a European MLM company (the company’s Terms and Conditions reference “the law of Republic of Cyprus”), on their website APL provide a corporate address in the US state of Delaware.

Research reveals the Delaware address provided actually belongs to IncServ, who on their website provide a “corporate formation” service.

This suggests that APL exists in the US in name only.

APL is headed up by Founder and President, Sergey Sergeevich Kulikov (right).

On his VKontakte social media profile, Kulikov cites the corporate address for APL as Moscow, Russia.

Why a Russian MLM company decided to incorporate itself as a shell company in the US is unclear.

As per Kulikov’s APL corporate bio, APL was founded due to a disagreement with management of an MLM company Kulikov was an affiliate of.

At the age of 17 Sergey learnt about MLM business.

He built such a structure in a month that even experienced multi level marketers do not always manage to build in a year.

His earnings were rapidly growing until one day senior staff members of that company deprived the ambitious student of the major part of the structure.

Sergey couldn’t tolerate that kind of injustice.

He quitted [sic] the company and decided to build his own MLM company where no partner would face injustice and unfairness from a leadership.

The MLM company Kulikov references isn’t mentioned by name. And possibly due to language-barriers, I was unable to research it myself.

Read on for a full review of the Ageo Product Line MLM opportunity. [Continue reading…]