The Nigerian Deposit Insurance Corporation has revealed that an estimated three million Nigerians lost over $57 million USD in the MMM Nigeria collapse.

Speaking at an International Trade Fair on Thursday, Hadi Suleiman, NDIC’s Deputy Director of Corporate Affairs [Continue reading…]

There is no information on the 2by3 Matrix Club website indicating who owns or runs the business.

The 2by3 Matrix Club website domain (“2by3matrix.club”) was privately registered on February 17th, 2017.

A 2×2 Matrix Club that appears to have used the same backend was launched earlier this month. 2by3 Matrix Club appears to be run by the same admin(s).

Alexa statistics for the 2by2 Matrix Club website suggest the launch was a flop. This likely promoted the launch of 2by3 Matrix Club.

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…]

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

The Infinity BTC website domain (“infinitybtc.com”) was registered on January 6th, 2017. Jairo Enrique Cruz Feria of “Webzone Colombia” is listed as the owner, with an address in Satandar, Colombia also provided.

Webzone Colombia appears to be Colombian web design company. The Infinity BTC website uses Webzone Colombia’s name-servers, however whether Feria owns Infinity BTC or is just working for whoever does 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 one person who might have led authorities to Manoj Kumar’s stashed Ponzi funds, has been granted bail.

Renu Sharma, wife of Manoj, was arrested by authorities last October. In January the EOW filed a chargesheet against Renu, accusing her of laundering over a hundred million USD.

Renu was a signatory and Director of Tulsiyat Tek Pvt Ltd, Tulsient Information Systems Pvt Ltd and Seven Rings Education Pvt Ltd, all of which were used to launder Speak Asia investor funds.

The EOW alleged that since 2003 the group along with another accused, Ramnivas Pal, and others were involved in floating different fraudulent schemes in Mumbai.

The agency said that the directors would receive money from investors, keep it in Tulsiyat’s bank account and later transfer it to SpeakAsia’s Singapore account.

The EOW claimed Renu was the authorized signatory and Rs 710 crore ($106,454,773 USD) was laundered from India to Singapore from a company in which she was a director.

In what is probably the second biggest facepalm ruling from Indian courts in the Speak Asia case, Renu Sharma was granted bail because she was working as a full-time teacher. [Continue reading…]

Engofor began life as Cryptocoins Invest back in June last year.

Citing an attack by “hackers”, CryptoCoins Invest collapsed and was relaunched as Engofor in December.

On February 16th Engofor suspended affiliate withdrawals. Now it has been revealed the company is under investigation by the Netherlands Authority for the Financial Markets. [Continue reading…]

Relationships between scammers are fickle at best. Throw in a bit of Ponzi greed, potentially millions of dollars and a list of people who’ve bought into math-breaking ROI lie, and all bets are off.

As a result of the SEC lawsuit against Traffic Monsoon last year, owner Charles Scoville had his assets frozen. Rather than get an honest job to support himself in the meantime, Scoville sought out donations to fund his legal defense. [Continue reading…]

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

The CryptoMaxx website domain (“cryptomaxx.com”) was privately registered on February 10th, 2017.

The CryptoMaxx website domain currently uses name-servers hosted on the Crypto Mafia server. This requires admin permissions, meaning CryptoMaxx is being run by the same people behind Crypto Mafia:

This is further confirmed by a visit to the Crypto Mafia website, which now redirects to CryptoMaxx.

Crypto Mafia was a bitcoin gifting scheme launched in early January. Facebook postings connected it to “Millionaire Mafia”, a company owned by Ben Oberg (right).

Oberg was still personally promoting Crypto Mafia up until early February, at which point it was relaunched as CryptoMaxx.

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

Bitqyck operate in the cryptocurrency MLM niche and are based out of Texas in the US.

The Bitqyck website identifies Sam Mendez as co-founder of the company. The other QyckBit co-founder(s) is/are not disclosed.

Mendez first popped up on BehindMLM’s radar as a co-founder of My Shopping Genie back in 2011.

Following a six-month period during which My Shopping Genie failed to pay affiliates, the company collapsed in mid 2012.

In 2014 Mendez reemerged as the co-founder of 15 Winks, a subscription-based mobile dating app.

In 2016 Mendez launched Calorchi, a cryptocurrency based e-commerce platform.

Alexa traffic statistics for the Calorchi website suggest the company collapsed in the second half of 2016.

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

SaladMaster was founded all the way back in 1946 by Harry Lemmons.

So the story goes,

In 1946, the Saladmaster brand began in the home of Mr. Harry Lemmons.

During that first year, Mr. Lemmons’ sales force grew from just three people to more than 100.

Regal Ware Inc. purchased SaladMaster in 1979 and continue to run it to this day.

The SaladMaster website provides no information on the company’s management structure.

Further research reveals Keith Peterson credited as President of SaladMaster. Why this information is not provided on the SaladMaster website is unclear.

Peterson’s LinkedIn profile cites his time at SaladMaster only as “current”. I wasn’t able to pin down when Peterson joined SaladMaster. Nor was I able to put together an MLM history.

As one of the oldest MLM companies in the industry, this seemed highly out of place.

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

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

The Bitcoin Builder website domain (“bitcoinbuilder.club”) was privately registered on February 9th, 2017.

According to statistics provided on the Bitcoin Builder website (which admittedly may not be accurate), the US, India and Nigeria are primary sources of revenue for the company.

It is highly likely that whoever is running Bitcoin Builder is based out of one or more of these three countries.

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…]