The Superintendencia de Banca is responsible for the ‘regulation and supervision of the Financial System of Insurance and Private Pension System‘ in Peru.

In an action that slipped under the radar, last month the Superintendencia de Banca issued a warning against Global InterGold (EmGoldex) and Jeunesse. [Continue reading…]

vCard Global was founded in 2015 but only recently announced their MLM opportunity.

The company is based out of Florida in the US and headed up by President, Steven Hoffman.

According to his LinkedIn profile, Hoffman has worked in the finance industry since 2009 (“credit restoration, debt reduction and financial consulting”).

A bio on the World’s Fair Capital private investment firm website claims Hoffman

formed a (sic) MLM company in 2000 which produced $1.9 million in sales in the first 90 days.

A YouTube account bearing Hoffman’s name and profile picture was promoting Preservation of Wealth back in 2014:

Under the guise of selling gold and silver, Preservation of Wealth primarily paid affiliates to recruit new affiliates. The company appears to have collapsed in late 2014.

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

One of the tactics Ponzi schemes use to promote themselves is “legitimacy by association”.

Legitimacy by association typically sees a Ponzi scheme align itself with a reputable brand. The company and its affiliates then pose the question: “If we were a scam, why would company xxx partner with us?”

Kairos Technologies has claimed it has partnerships with multiple companies, which has resulted in affiliates making claims like this:

Kairos delivers cloud services to corporations like Bosch, Sony Playstation, Nissan Motors, Hamé etc.

The widespread nature of these claims has now prompted Nissan to issue an official response. [Continue reading…]

On September 8th, a superseding indictment was returned by a Grand Jury against TelexFree owners James Merrill and Carlos Wanzeler.

The pair were originally indicted in July, 2014 on eight counts of wire fraud and one count of conspiracy to commit wire fraud. [Continue reading…]

Back in July the USFIA Receiver estimated that the Ponzi scheme took in $164 million.

This was a huge increase from the $32 million the SEC estimated when they shut down the scheme.

In his fourth interim report, filed on September 2nd, the Receiver now estimates USFIA took in at least $180 million.
[Continue reading…]

A day after subpoenas were issued on payment processors, the Receiver is now also seeking information from Traffic Monsoon’s top affiliates, a lawyer and two law firms.

A September 8th Notice of Subpoenas filing reveals the Receiver is seeking information from five parties.

In no particular order, the parties the Receiver is requesting information from are listed below; [Continue reading…]

The fallout from the SEC shutdown of Traffic Monsoon continues, with news that My Advertising Pays affiliates have not been paid for a week. [Continue reading…]

A month ago the Traffic Monsoon Receiver issues subpoenas on two banks, requesting information pertaining to Charles Scoville and his family.

On September 7th the Receiver filed another round of subpoenas, this time on several payment processors. [Continue reading…]

There is no information on the Your Eternal Seed website indicating who owns or runs the business.

The Your Eternal Seed website domain (“youreternalseed.com”) was registered on August 4th, 2016, however the domain registration is set to private.

At the time of publication Alexa estimate that 74.8% of all traffic to the Your Eternal Seed website originates out of the US.

This strongly suggests that whoever is running Your Eternal Seed is also based out of the US.

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 GiftoBit website indicating who owns or runs the business.

The GiftoBit website domain (“giftobit.com”) was registered on the 20th of June 2016, however the domain registration is set to private.

Update 11th September 2016 – After this review was published, the GiftoBit website was updated to reflect it is owned by Carlene and Daniel Spiteri:

Giftobit Foundation was founded in July 2016 by Carlene Spiteri and Daniel Spiteri, a mother and son team.

According to Carlene Spiteri’s bio on Coinxion, a cryptocurrency crowdfunding platform that appears to have flopped, she’s worked for ‘two online global digital payment systems‘ that were consecutively shut down by government regulators in 2008 and 2012.

Daniel Spiteri identifies himself as an “online gamer and online trader” who “manage(s) a number of online chat rooms”.

Carlene Spiteri was a prominent GCR Marketing affiliate. GCR Marketing solicited funds from affiliates in exchange for the worthless GCR Coin cryptocurrency.

GCR Marketing collapsed in early 2016 and was shut down amidst separate FBI and SEC investigations. /end update

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