Bit-Trade Review: Cryptocurrency trading 250 day ROI Ponzi scheme

January 31, 2018 0

Bit-Trade operate in the MLM cryptocurrency niche and claim to be based out of Vancouver, Canada.Supposedly heading up the company is Philippe Nicolas.A stock image of a white guy in a suit in used to represent Nicolas. The same image appears on a number of other websites.Given this it is assumed that Philippe Nicolas doesn’t exist and Bit-Trade has no operations in Canada.The Bit-Trade website domain (“bit-trade.io”) meanwhile was privately registered on July 28th, 2017.At the time of publication Alexa estimate that 100% of traffic to the Bit-Trade website originates out of India.This strongly suggests that whoever is running Bit-Trade is…

USFIA victim claims process to be submitted “in the coming days”

January 31, 2018 0

Although monetary relief is still a ways off, USFIA victims can probably except a claims process to go live before mid 2018.In his January 29th Tenth Interim Report, the USIFA Receiver claims he’s developed a “recommended claims process”.The claims process will be filed in court “in the coming days” and if approved, ‘will commence work leading to a distribution to investor/victims‘.How much USFIA victims will receive is impossible to determine at this stage, primarily as how much USFIA victims are going to claim has yet to be established.At the time of publication the USFIA Receivership is sitting on $46.4 million dollars,…

Profitable Morrows Review: Daily and Fixed Plan Ponzi ROIs

January 31, 2018 0

Profitable Morrows operates in the financial MLM niche and claims to be based out of Australia.An address in Canberra, Australia is provided on the Profitable Morrows website.Further research however reveals the address actually belongs to Servcorp, a virtual office space provider.Elsewhere on the Profitable Morrows website the company claims to be “officially registered in Australia”.A search on the ASIC website reveals Profitable Morrows Pty Ltd was registered with ASIC on July 15th, 2017.Listed as CEO of the company on the Profitable Morrows website is “Aaron Cooper”.Cooper is represented by a generic stock image of a white guy in a tie and…

BitConnect defendant claims victims are “crybaby ass motherfuckers”

January 31, 2018 0

Following the Florida class-action lawsuit filed against BitConnect and several top promoters, there’s been anticipation regarding how the named defendants will react.One of BitConnect’s former top YouTube promoters, Trevon James, held a livestream earlier today to get “some things off (his) chest”.What followed was almost an hour of denials and a barrage of indefensible victim-shaming.At the core of Trevon James’ reaction to BitConnect’s collapse is the self-serving refusal to acknowledge it was a Ponzi scheme.[40:42] BitConnect isn’t a Ponzi. It hasn’t been proved a Ponzi.BitConnect was never proven a Ponzi. It shut down its operation because of the cease and desist.That’s another…

Temporary Restraining Order issued in second BitConnect class-action

January 30, 2018 0

As the public value of BCC fast approaches zero ($6.10 as I write this), more investors are having to come to terms with being scammed.Last week in Florida we saw the first investor class-action lawsuit filed against BitConnect and several top promoters.Now a second proposed class-action has been filed in Kentucky, and what’s particularly interesting about this suit is a TRO has already been granted.The Kentucky class-action accuses BitConnect of scammingthousands of Kentuckians and hundreds of thousands of Americans out of millions and millions of dollars.The lawsuit was filed by Brian Paige, who claims to have lost $Named defendants are BitConnect…

GainMax Capital Review: $10 to $100,000 “trading” Ponzi scheme

January 30, 2018 0

GainMax Capital provide no information on their website about who owns or runs the business.The GainMax Capital website domain (“gainmax.co.uk”) was registered on June 20th, 2017.George Foster is listed as the domain owner, through a virtual office address in London, UK.GainMax Capital provide a UK incorporation certificate for GainMax Capital Limited on their website.GainMax Capital Limited was incorporated on June 21st, 2017. The address used to incorporate GainMax Capital Limited is the same virtual address used in the website domain registration.George Foster is listed as the sole Director of the company, through a different virtual office address in London.Alexa traffic estimates…

Velocity Token Review: VTN points ICO lending Ponzi scheme

January 30, 2018 0

Velocity Token provide no information on their website about who owns or runs the business.The Velocity Token website domain (“velocitytoken.io”) was privately registered on December 21st, 2017.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.Velocity Token ProductsVelocity Token has no retailable products or services, with affiliates only able to market Velocity Token affiliate membership itself.The Velocity Token Compensation PlanVelocity Token affiliates purchase VTN points from the company’s anonymous owners.VTN points are sold to Velocity Token affiliates for 50 cents to $1.50 each.Once…

Traffic Monsoon appeal arguments scheduled for March 21st

January 29, 2018 0

Just a quick update on the Traffic Monsoon appeal, following arguments from both parties to be heard scheduled for March 21st.Both the SEC and Scoville have acknowledged the date, so barring any unforeseen events between now and then the hearing should take place.About a week ago we reported on the District Court of Utah considering an amendment to the Receiver’s duties and powers, specifically in relation to representation of Traffic Monsoon in the appeal.Briefings from the SEC and Scoville were initially due by February 2nd, however that has now been extended till February 16th.A Status Conference is scheduled for February 8th,…

Teno Coin Review: TNC points ICO lending Ponzi scheme

January 29, 2018 0

Teno Coin provide no information on their website about who owns or runs the business.The Teno Coin website domain (“teno.io”) was privately registered on January 2nd, 2018.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.Teno Coin ProductsTeno Coin has no retailable products or services, with affiliates only able to market Teno Coin affiliate membership itself.The Teno Coin Compensation PlanTeno Coin affiliates purchase TNC points from the company’s anonymous owners.TNC points are sold to Teno Coin affiliates for 50 cents to $1.35 each.Once…

Bitcoin Ascension Review: 2×6 matrix bitcoin gifting scheme

January 29, 2018 0

A testimonial from Arla Mendenhall on the Bitcoin Ascension website identifies Ivan Mircic, Tom Kent, Amber Lee as admins of the company.The Bitcoin Ascension website domain (“bitcoinascension.com”) was privately registered on November 2nd, 2017.On Ivan Mircic’s Facebook page he refers to Bitcoin Ascension as “my program”.In a Facebook post dated December 3rd, 2017, Mircic (right) confirms he owns the company:After a lot of work I have designed and will be launching my own program today.Being the owner is an exciting feeling and I can’t wait to share it will everyone.Ivan Mircic first appeared on BehindMLM’s radar in 2015, as one of…