Mid last year victims of William Apostelos’ Ponzi scheme filed a lawsuit against PNC Bank.

By processing Ponzi payments, victims claim PNC Bank ‘played an “indispensable role” in the success of’ Apostelos’ scheme.

The Aposteloses “deposited virtually all of the money” that they raised into one primary PNC business account (referred to as the “8143 Account”) and paid “monthly interest payments” to investors from that account.

Throughout the life of his Ponzi scheme, Apostelos opened eight accounts with PNC Bank.

His victims argue that PNC Bank should have cottoned on to Apostelos’ fraud and are therefore liable for $30 million in damages. [Continue reading…]

Most people who have signed up with LCF Coin appear to have a “what if…” attitude.

There’s nothing particular harmful about it alone, but if you have to dismiss ample evidence that points to LCF Coin being completely bogus, that’s when the problems start. [Continue reading…]

There is no information on the MavWealth website indicating who owns or runs the business.

The MavWealth website domain (“mavwealth.com”) was first registered on December 2nd, 2015. The registration details were recently updated a few days ago on January 7th.

An address in the UK is provided on the MavWealth website. Further research however reveals this address actually belongs to British Monomarks.

British Monomarks claim to be “London’s premier post box address provider”. As such it appears MavWealth exists in the UK in name only.

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…]

Before we go any further I need to clarify that there are two UR Coin companies out there.

The one reviewed here operates from “urnetworkteam.com” and “ur-coin.com” and is an MLM opportunity.

The other company operates from “ur.technology”, is based out of the US and as far as I can tell is not an MLM opportunity.

There doesn’t appear to be a link between the two companies. From here on out “UR Coin” in this review references the first company only.

There is no information on the UR Network Team website indicating who owns or runs the business.

The UR Network Team website domain (“urnetworkteam.com”) was registered on August 3rd, 2016. The UrCoin website domain (“ur-coin.com”) was registered on July 24th, 2016.

Ioannis Ioannou of UR Network Services is listed as the owner of both domains, with an incomplete address in the UAE also provided.

A PO Box address in the UAE is provided on the Ur Network Team website.

A corporate address in Dubai is provided on the UrCoin website, however further research reveals this to be a virtual address provided by eOffice.

The only independent information I’ve been able to source on Ioannou is that UR Network Team appears to be operated of Cyprus:

Whether Ioannou is based out of Cyprus is unclear.

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 CoinSpace website domain is registered to Danjel Pawl through an address in Malta. The CoinSpace website lists a different corporate address, also in Malta.

Whether Pawl actually exists is unknown, but CoinSpace’s attempts to represent the company is run out of Malta has caught the attention of Maltese authorities. [Continue reading…]

One of the more frustrating aspects of covering MLM regulation and litigation is a tendency for people to ignore what’s currently happening, in favor of past legal opinions and decisions from the past.

Some of these opinions and decisions are decades old but people still cling to them as gospel.

One of the more common citations I run across is a 2004 staff advisory issued by the FTC. Yes that’s 2004, some thirteen years ago. [Continue reading…]

As part of the “we’re not a pyramid scheme, *winkwinknudgenudge*” settlement Herbalife reached with the FTC last year, $200 million will be returned to 350,000 Herbalife victims. [Continue reading…]

On January 9th, the day before a scheduled trial to determine monetary relief, the SEC and Steve Chen attended a settlement conference.

A settlement was reached, pending formal approval by the Commission (SEC attorneys can’t accept a settlement agreement of their own accord).

Unfortunately Commission approval of the settlement is anticipated to take “approximately six weeks”. [Continue reading…]

I’m not really sure you can claim the moral high ground when you’re providing Ponzi scams with backend software.

Nevertheless, the makers of ProXScripts are calling My24HourIncome out for pirating their Ponzi script. [Continue reading…]

There is no information on the Post 2 Profits website indicating who owns or runs the business.

The Post 2 Profits website domain (“posts2profits.com”) was privately registered on the 3rd of January, 2017.

Further research reveals the Post 2 Profits website originally used the domain name-server hosts “ns1.xtremeprosystem.biz” and “ns2.xtremeprosystem.biz”.

The Xtreme Pro System domain is a private host that houses a number of directories bearing the names of MLM opportunities launched by Johnny Ganoza:

That Ganoza owns Post 2 Profits can be independently verified via a marketing video uploaded to a YouTube account bearing the name “The PLR System” on January 5th:

Ganoza (right) first popped up on BehindMLM’s radar as the admin of Xtreme Pro System.

Xtreme Pro System launched in late 2014 and operated a straight-line cycler scheme. Affiliates invested in $45 positions on the expectation of an advertised $300 ROI.

In February 2015 the SEC shut down Achieve Community, a similar matrix cycler Ponzi scheme. A week later Ganoza announced Xtreme Pro System was ditching its cycler Ponzi model.

Needless to say that decision marked the end of the scheme.

A reader request then saw me review Ganoza’s Average Joe Profit System in mid 2015.

Average Joe Profit System itself however was launched prior to Xtreme Profit System. The scheme saw $202,500 ROIs offered on $5 investments.

After Xtreme Profit System, Ganoza went on to launch PowerPost Profits in September, 2015.

That lasted a few weeks, with The PLR System launched a few months later in November.

The PLR System was a cash gifting scheme operated via a matrix cycler.

Two reboot scams, The $100 System and The PLR System v2 were launched in 2016.

The PLR System v2 grew in October but has flatlined over the past few months. This has likely prompted the launch of Post 2 Profits.

Read on for a full review of the Post 2 Profits MLM opportunity. [Continue reading…]