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…]

Fuxion operate in the health and nutrition MLM niche and appear to be based out of Peru.

The company was founded in 2006 by Frank Michell, Derek Michell, Rafael Zuñiga Benavides and Alvaro Zuñiga Benavides.

Fuxion officially launched in the US in 2015 and also has offices in Ecuador, Colombia, Costa Rica, Bolivia, Mexico, Panama, Chile, Venezuela, Guatemala and Nicaragua.

Alvaro Zuñiga Benavides (right) heads up Fuxion as CEO.

As per Benavides Fuxion corporate bio;

he has more than 20 years as an entrepreneur in the food and dairy products industry.

He has actively participated in the creation and development of several companies in the area of commerce, fabrication of supplies, and most importantly, in the development of innovative products and services directed to the area specialized in nutrients.

I wasn’t able to put together an MLM history on Benavides, suggesting Fuxion is his first MLM venture as an executive.

Read on for a full review of the Fuxion MLM business opportunity. [Continue reading…]

As I write this, official confirmation of Ruja Ignatova’s arrest has yet to surface.

Reports out of Germany are conflicting, with authorities yet to issue an official statement. [Continue reading…]

In an attempt to support claims of misconduct as the reason affiliates left Youngevity for Wakaya Perfection, the latter began exploring rumors of insider trading.

These rumors were explored in depositions of Youngevity affiliates, during which Wakaya pressed them on

questions concerning securities laws of the United States or facts germane to whether any federal securities laws have been violated.

Youngevity wasn’t happy about this and filed for a protective order prohibiting Wakaya from further exploring the alleged violations. [Continue reading…]