Mining City has received a securities fraud warning from Cyprus.

Mining City was one of eleven fraudulent investment schemes cited in a February 22nd warning from the Cyprus Securities and Exchange Commission (CySEC). [Continue reading…]

Konstantin Ignatov has received time served for his role in OneCoin.

As reported by Matt Lee of Inner City Press, Ignatov will also be subject to two years supervised release and $118,000 in forfeiture. [Continue reading…]

LegacyX, the second reboot of the collapsed Trust Your Universe Ponzi scheme, is under investigation in Germany. [Continue reading…]

The HyperTech Group series of Ponzi schemes have received a securities fraud warning from the Australian Securities and Investments Commission (ASIC).

HyperTech Group related Ponzi schemes cited by ASIC in their March 1st warnings include: [Continue reading…]

Serial Ponzi scammer Edward Zimbardi (aka Ed Zimbardi), has been arrested in the Netherlands.

As first spotted by Brandon @ Ponzi Patrol, WSB-TV Atlanta reports Zimbardi “has been arrested and charged with money laundering overseas.” [Continue reading…]

The Anonymous Trading Ponzi scheme has collapsed.

Following reports of non-payment dating back to August 2023, Anonymous Trading is understood to have initiated its collapse through an “anonycoin” shitcoin.

That ruse has played out, with Anonymous Trading advising it is shutting down as per an “investigation” exit-scam. [Continue reading…]

Ali Saleh has screwed over the attorney representing him in his Eaconomy case.

On February 5th Saleh’s attorney filed a motion requesting permission to withdraw. The court granted the motion on February 21st. [Continue reading…]

Durex VIP fails to provide ownership or executive information on its website.

Durex VIP’s website domain (“durexvip.cc”), was registered with bogus details on February 22nd, 2024.

Of note is Durex VIP’s domain being registered through Chinese registrar Alibaba (Singapore).

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…]

Defi Synergy fails to provide ownership or executive information on its website.

Defi Synergy’s website domain (“defisynergy.io”), was privately registered on December 23rd, 2023.

On March 2nd, 2024, Defi Synergy uploaded a video to its official YouTube channel titled “Launch Defi Synergy“.

The recording is of a Zoom webinar, primarily attended by what appears to be middle-aged to elderly US residents.

Hosting the webinar was Texas resident James Prewitt.

Prewitt made a name for himself as a National Director in the YTB Travel pyramid scheme (aka YTB International).

Circa 2010, Prewitt’s YTB Travel marketing hook was convincing religious leaders to scam their followers.

Following regulatory action from California in 2008, YTB Travel began a drawn out collapse over the following years. YTB Travel would eventually go on to file for bankruptcy in 2013.

Prewitt and wife Marcia followed YTB Travel co-founder Scott Tomer into Surge 365.

Surge365, aka Surge Three Sixty-Five, launched in 2015. Not surprisingly, Surge365 is another travel-themed MLM recruitment scheme.

Today Surge365’s website is still up. Tomer is now Chairman of the company and the Prewitt’s appear to have moved on to cryptocurrency.

Getting back to Defi Synergy’s launch video, James Prewitt goes on to introduce Maryland resident J. Scott Whitney (aka Scott Whitney).

Whitney claims to have “been in the crypto space since 2016”. I can’t speak to that but can confirm Whitney was promoting the non-crypto MLM company Asirvia in 2017.

What I can confirm is Whitney is a serial promoter of MLM crypto Ponzi schemes. Whitney appears to promote fraudulent investment schemes under “A Team United” branding.

Seemingly in preparation for Defi Synergy’s launch, Whitney has attempted to delete his promotion of fraudulent MLM crypto investment schemes.

Nonetheless, two MLM crypto Ponzi schemes we can tie Whitney to are NovaTechFX and Vortic United.

NovaTechFX was an MLM crypto Ponzi scheme that collapsed in February 2023.

Vortic United was a Boris CEO MLM crypto Ponzi that collapsed in August 2023.

Given he’s actively deleting his scamming past, whether Whitney promoted other MLM crypto Ponzis in the lead up to Defi Synergy is unclear.

The third name we can tie to Defi Synergy is Bob Bearden, who Whitney introduces as his “partner”.

Bob Bearden promoted Visalus, Jeunesse and QuiAri, before transitioning to MLM crypto fraud with NovaTechFX.

As of February 2024, an ongoing SEC investigation into NovaTechFX is underway.

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…]

Deana Lozano has voluntarily dismissed her case against Pruvit.

Lozano filed suit against Pruvit in June 2023. In her suit Lozano alleged Pruvit claimed its products contain “no artificial flavors”, but in fact used petrochemical derived flavoring. [Continue reading…]