Zeek Reciever sues Gerry Nehra for over $100 million
In what is probably one of the more anticipated Zeek Rewards clawback efforts, Gerry Nehra is now being held accountable for his role in the $850 million dollar Ponzi scheme.
Filed on September 21st against Gerald P. Nehra, Nehra and Waak, Gerald P. Nehra, Attorney at Law PLLC, Richard W. Waak and Richard W. Waak Attorney at Law PLLC, the Receiver’s lawsuit is part of ongoing efforts to ‘recover damages for the harms incurred by RVG‘.
Zeekler has been focused on compliance since last year when the company hired the Nehra & Waak law firm to review every aspect of the Zeekler program to ensure all was in compliance.
Rex Venture Group was the parent company of Zeek Rewards, who Gerry Nehra very publicly represented. [Continue reading…]
Judge rejects “no case to answer” motion in uFun Club case
Flimsy legal defences such as “personal development pyramid schemes should be legal” might sound laughable, but there’s always a chance a Judge somewhere might permit it.
Thankfully, Chief Justice Patu isn’t one of those Judges. [Continue reading…]
Why is Vemma going into liquidation?
News broke yesterday that Vemma had entered into voluntary liquidation in Europe and Australia.
The move left us scratching our heads, as it was only late last month the decision to permit Vemma to restart business operations was met with much gusto.
Now, through filings in an ongoing dispute between Vemma and the former court-appointed Temporary Receiver, some insight is gleaned into why Vemma has abandoned these markets. [Continue reading…]
USFIA preliminary injunction granted, Receiver permanent
Following consent by Steve Chen, a preliminary injunction was granted against USFIA and related entities on the 6th of October.
The preliminary injunction makes the conditions of the previously granted TRO permanent, which
- freezes Steve Chen and USFIA’s assets
- establishes a Permanent Receiver
- prohibits Chan and USFIA from destroying evidence (destruction of documents) and
- requires Chen and USFIA to provide the SEC with detailed accounting records within 30 days
Pending the outcome of a trial, Chen and USFIA are also prohibited from [Continue reading…]
Vemma FTC pretrial conference scheduled for Dec 14
In the leadup to Vemma and the FTC squaring off in court, a pretrial conference has been scheduled for December 14th.
Attorneys for both sides are required to appear in person, with there being no telephonic appearances permitted. [Continue reading…]
Vemma EU and AU collapse, in liquidation
Things appear to be on the rocks for Vemma’s business operations in Europe and Australia, with news breaking yesterday that both entities are in liquidation.
Liquidation is the process whereby the assets of a corporation are realised in an orderly manner and the proceeds distributed among creditors of the company in satisfaction of their claims against the company.
Any surplus funds are returned to members. On finalisation of the liquidation process, the company is deregistered and consequently ceases to exist.
As of yet there hasn’t been an official announcement from Vemma’s headquarters in the US, so we’re working with what little we’ve been able to glean our of Europe and Australia. [Continue reading…]
Trustee: TelexFree fraud tops out at over $3 billion dollars
Stephen Darr, the court-appointed TelexFree Trustee, submitted a report earlier this year identifying TelexFree was a $1.8 billion dollar Ponzi scheme.
With TelexFree’s bankruptcy proceedings on hold, Darr has submitted another damning assessment.
The guarantee of an astronomical return on the initial investment without the requirement to sell any product created perverse incentives for Participants.
Participants opened multiple User Accounts for the sole purpose of leveraging their fictitious profits, without the need to sell any product or recruit any individuals.
Some Participants appear to have invested a substantial portion of their life savings into the scheme seeking to quickly triple or quadruple their investment.
Participants opened hundreds of User Accounts, ultimately resulting in an exponential rise in the number of User Accounts.
In Darr’s latest report, he reveals the TelexFree’s Ponzi empire processed over $3 billion dollars. [Continue reading…]
Sann Rodrigues laundered assets through DFRF Enterprises
We’d previously learnt that Sann Rodrigues was actively promoting the DFRF Enterprises Ponzi scheme.
Who knew though, that in an effort to hide his assets from the SEC, Rodrigues’ ties to DFRF and Founder Daniel Filho run oh so much deeper? [Continue reading…]
Rodrigues drops “no English” contempt defense
Following a contempt hearing on September 30th, the court directed Sann Rodrigues to file a Memorandum in Support of why he shouldn’t be held in contempt.
Previously Rodrigues’ attorneys had argued that he couldn’t speak English, and therefore didn’t understand the asset freeze order in place.
The SEC declared that argument “nonsense“, with footage of Rodrigues speaking English proving otherwise.
In a memorandum filed earlier today, Rodrigues appears to have dropped the whole “me no speak English” schtick.
Instead, Rodrigues is now arguing that providing the SEC with the requested detailed accounting records might incriminate him in related ongoing investigations. [Continue reading…]
Prosecution’s closing in Samoa uFun Club case
Following the logic fail of defense attorney Leota Schuster, who argued that pyramid schemes should be legalized, now comes the prosecution’s closing arguments.
Deception has become a primary issue in the criminal case, with both the defense and prosecution addressing it.
Whereas the defense argued that no deception had taken place because those deceived didn’t acknowledge they were deceived, the prosecution argued
the trio accused knew that the company UFun Group they represented had been closed down, yet they encouraged investors to invest in the company’s UToken packages.
