On February 19th, Steve Chen filed a sealed motion to stay the SEC’s case against himself and USFIA.

Over the course of the past month, a whole bunch of correspondence regarding the motion has been filed by both Chen and the SEC.

The SEC have opposed Chen’s motion, with Chen filing several memorandums in support of it – all filed under seal.

On April 8th Judge Klausner denied Chen’s motion, with the order revealing Chen is the subject of criminal investigations by multiple US regulatory agencies. [Continue reading…]

Whenever you see Russia as the top source of traffic to a questionable MLM opportunity, it’s usually a safe bet it’s a scam.

That might sound harsh, but Russia isn’t really known for Ponzi regulation – and for years the country has been a hotbed for online scams.

Looking to change that, Russian parliament recently adopted a bill ‘that would introduce criminal liability for organizing large Ponzi schemes‘.

As the MLM underbelly reels from the collapse of MMM Global, we question whether this new legislation might have had something to do with it. [Continue reading…]

Accompanied by a visual representation of a thief stealing money, yesterday saw Austria’s Federal Ministry of Labour, Social Affairs and Consumer Protection issue a warning against OneCoin. [Continue reading…]

1×2 Marketing Suite recently launched, with the company’s terms and conditions suggesting it is based out of Michigan in the US.

In a 1×2 Marketing Suite promotional video on the company website, Dwayne Golden introduces himself as CEO.

Golden (right) first popped up on BehindMLM’s radar in connection with Blue Bird Bids.

Blue Bird Bids launched in late 2012 and was a clone of the Zeek Rewards MLM penny auction Ponzi scheme.

By January 2013 the scheme was on the verge of collapse, amid claims auction bots were being used to generate false bids.

In 2014 Golden surfaced as the CEO of Ingreso Cybernetico.

Ingreso Cybernetico operate a five-tier matrix cycler. Affiliates pay $50 to $3500 for matrix positions, with recruitment of affiliates who do the same paying ROIs of up to $10,000.

Today Ingreso Cybernetico is still in operation, primarily targeting South American countries.

Read on for a full review of the 1×2 Marketing Suite MLM opportunity. [Continue reading…]

There is no information on the Money23 website indicating who owns or runs the scheme.

The Money23 website domain (“money23.com”) was registered on the 31st of January 2016, however the domain registration is set to private.

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…]

Following a ruling late last year certifying TelexFree a Ponzi scheme in Brazil, things have been pretty quiet down there.

From filings in the US cases, we know that Brazilian and US authorities are cooperating behind the scenes with their various investigations.

One of the Brazilian agencies investigating TelexFree is the IRS, who claim TelexFree’s owners owe them at least $130 million. [Continue reading…]

The financial apocalypse is upon us, MMM Global has collapsed.

BehindMLM called it yesterday, the only reason a Ponzi scheme stops paying out is if there are banking issues or they run out of money.

MMM Global’s use of BitCoin rules out the former, so with investors not paid out for over a month the writing was on the wall.

What we didn’t know was just how soon after publishing our article MMM Global’s collapse would be confirmed.

In a message sent to investor’s backoffices a few hours ago, their worst nightmare has been confirmed. [Continue reading…]

Attempts to quash EmGoldex and its various incarnations in the Philippines continue, with news of the SEC filing a second round of complaints. [Continue reading…]

A Ponzi scheme will only stop paying investors on one of two conditions:

1. investor funds run out or
2. banking problems prevent the transfer of money within he scheme

On their website, MMM global proclaim:

There is no сentral account, where all the System money flows to (and where it can be easily stolen from :-)).

All the money is only on the banking accounts of the participants themselves!

That rules out the second condition, which leaves only one explanation as to why MMM Global haven’t been in over a month. [Continue reading…]

Yesterday we reported on Dennis Windsor, co-founder of Nerium, suing the company for $22 million dollars.

Today we cover another lawsuit filed against Nerium, this time by their product supplier. [Continue reading…]