OneCoin’s use of shell companies is almost comical at this point.

As soon as one bank account is shut down, OneCoin opens up a new one in another country with a new shell company name.

Last month, after losing a Deutsche Bank account, OneCoin created an account in Italy under the name “Educamax Services SRL”.

That account was shut down within 24 hours of OneCoin announcing it. A few weeks later OneCoin announced they’d opened up a new account in Hong Kong, using the name “Foshan Everbright Import & Export Company Limited”.

An eagle-eyed investigator over at TruffaCoin has discovered a connecting link between the two companies. [Continue reading…]

It is increasingly looking like Roman Balanko has made off with $13.1 million dollars of stolen Zeek Rewards Ponzi funds.

Last we checked in it appeared Balanko had lied to the Zeek Receivership about his ownership of PaymentWorld Hong Kong.

In filed sworn declarations, Balanko claims he was the CEO of PaymentWorld LLC in the US and had no direct control over PaymentWorld Limited in Hong Kong.

Balanko claims there’s a distinction between Payment World LLC and PaymentWorld Limited.

PW-USA and PW-HK operated as two distinct, independent entities without any authority to act on behalf of or control the other.

This is important because, if true, it separates PaymentWorld LLC in the US and Balanko from the $13.1 million dollars the Zeek Receiver is trying to recover.

Balanko maintains that the $13.1 million in question was invested with Rex Ventures Group, transferred to Payza who sent the funds to PaymentWorld SRL in Moldova.

After the SEC busted Zeek Rewards, PaymentWorld SRL transferred the $13.1 million to Tusar Bank in Russia.

Balanko maintains that PaymentWorld LLC only oversaw the transaction and at no time had direct control over the funds.

The problem for Balanko is that in a leaked 2012 Service Agent agreement he signed off as the sole Principal of PaymentWorld Limited (Hong Kong).

Another representation Balanko has made is that PaymentWorld LLC only ever had an agreement with PaymentWorld Limited.

At no time did PW-USA have a contractual relationship with either Victoriabank or Tusar Bank.

PW-USA only contracted with PW-HK, who in turn contracted with PW-SRL, who in turn contracted with Victoriabank.

As per a new leaked agreement seen by BehindMLM, this also appears to be a lie. [Continue reading…]

A year ago the Zeek Rewards Receiver sued disgraced Ponzi lawyer Gerry Nehra for $100 million.

Two months later Nehra settled with the Receiver for $100,000 and acknowledged Zeek Rewards was a Ponzi scheme.

In their case against TelexFree co-owner James Merrill, the DOJ have called Nehra up as a government witness.

In a motion filed late last week, the DOJ claim Nehra’s Zeek settlement is “not relevant to Nehra’s credibility”.

The regulator is requesting an order preventing Merrill from bringing up Nehra’s settlement at trial. [Continue reading…]

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

The BTCxCanada website’s “about us” page has a spiel that suspiciously sounds like MMM Global Ponzi cult garbage:

This is a community of ordinary people, selflessly helping each other, a kind of the Global Fund of mutual aid. This is the first sprout of something new in the modern soulless and ruthless world of greed and hard cash.

The goal here is not the money. The goal is to destroy the world’s unjust financial system. Financial Apocalypse!

Before you join, be sure to be acquainted with our IDEOLOGY!

The BTCxCanada website domain was registered on the 13th of July 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…]

Open HYIP refer to themselves as an “MLM Investment Club”.

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

The Open HYIP website domain (“openhyip.net”) was registered on the 21st of September 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…]

BehindMLM first reviewed Paid 2 Save in April, 2013. Back then the company paired a “discount card program” with an MLM compensation plan.

From a regulatory standpoint, Paid 2 Save had no actual products of their own and were simply selling access to third-party discounts.

Last month it was announced Paid 2 Save would be rebooting, complete with a new prelaunch.

Today we take a look at Paid 2 Save and review the company’s new offering. [Continue reading…]

Surebets Win claims to have been

founded by two sports entrepreneurs Mike Allen the CEO and William Burwell the Operations manager.

I was unable to find any further information on these two individuals in connection with Surebets Win.

Somewhat curiously, elsewhere on the Surebets Win website the company refers to itself as Surebet Pro;

SureBet Pro limited was started in year 2015 by of [sic] sports arbitrage experts.

Whether SureBet Pro is linked to Surebets Win is unclear.

SureBet Pro isn’t an MLM opportunity and has been around for some time.

SureBets Win’s website domain (“surebets.win”) was only registered back in July and the MLM opportunity has only just been launched.

A corporate address provided on the Surebets Win website belongs to a pub called The Victoria.

Finally, on their website Surebets Win claim to have 1.6 million customers.

The current Alexa ranking for the Surebets Win website is 8.1 million, which means the customer claim is porky pies.

The lack of information available about Surebets Win’s purported founders (along with the suspicious generic Anglo-Saxon names), reference to SureBet Pro, fake customer claims and bogus corporate address suggests information presented on the Surebets Win website is made up.

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…]

On their website, Emaar Ventures claim:

Our Group of companies were incorporated in 2009. Although we  have had our mother company for over 20 years.

The Emaar Ventures website domain (“emaarventures.com”) however was only registered on the 8th of June 2016, revealing this to be a lie.

The official date of the founding of Emaar Ventures Company is June 27, 2009.

Its founders and non-replaceable leaders for today are Japanese businessmen, Kazuki Mariyatsu, Arabian business guru Mohamed Alabbar, Nikko Yamaguti, as well as a successful Russian businessman Vyacheslav Nikiforov.

The above paragraph, taken directly from the Emaar Ventures website has been copy and pasted from a website belonging to “Tokyo Investment Company”:

Tokyo Investment Company appears to be some sort of collapsed forex HYIP scheme.

No information is available about Kazuki Mariyatsu outside of Emaar Ventures and Tokyo Investment Company.

Mohamed Alabbar is an actual businessman from the UAE and Chairman of Emaar Properties.

Emaar Properties is

one of the largest real estate development companies in the world and known for developing the Burj Khalifa, the world’s tallest building and the Dubai Mall,the world’s largest mall.

Vyacheslav Nikiforov is the name of a Russian Director and former football player. There’s no well-known person bearing this name connected to the business world.

It appears whoever is actually running Emaar Ventures simply appropriated Mohamed Alabbar and the Emaar Properties company name, added two more fictitious owners and ran with it.

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 Power On Network website indicating who owns or runs the company.

A Power On Network corporate webinar this review is based on is hosted by Nigel Allan.

On the webinar, Allan claims he’s “involved” in Power On Network and refers to the company in the possessive.

Allan does not disclose his specific role within Power On Network. If he’s not running Power On Network himself, Allan does not disclose who is.

What he does disclose is that Power On Network is purportedly based in Singapore and owned by “Global Power Pte”.

The Power On Network website domain (“poweronnetwork.com”) was registered on the 29th of August 2016, however the domain registration is set to private.

Nigel Allan (right) first popped up on BehindMLM back in 2013 as the co-founder of Brilliant Carbon, a collapsed pyramid scheme.

Allan resurfaced in 2014 as co-founder and President of OneCoin, a Ponzi points scheme.

Allan left / was fired from OneCoin (depending on who you ask) shortly after its launch. He quickly positioned himself as Master Distributor of Crypto888 Club, a similar Ponzi points scam.

Allan is suspected of running Crypto888 Club either directly or via proxy.

Crypto888 Club collapsed in early 2016, prompting a reboot as “Octa Partners”.

Octa Partners also collapsed a few months after launch, prompting a third reboot as Nano Club.

Allan’s involvement in Power On Network suggests that he’s either sold his share in Crypto888 Club or simply abandoned the company. When specifically Allan stopped promoting and/or left Crypto888 Club 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…]

Last we checked in on the status of OneCoin in China, police in Guandong had arrested local OneCoin affiliates and seized $45.7 million dollars.

It is believed the Guandong investigation is ongoing but, other than OneCoin opening a bank account in Hong Kong last week, there’s been no OneCoin news out of China since.

Now a recently surfaced report, published on Ku6 nine months ago, reaffirms that OneCoin was and is still very much illegal in China. [Continue reading…]