Monthly Archive: February 2018

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USI-Tech securities cease trade order issued in Ontario

Whereas USI-Tech regulatory warnings by other Canadian provinces have been mostly passive (alerts, warnings etc.), Ontario has upped the stakes by issuing a temporary cease trade order against the company and two affiliates.The temporary cease trade order, issued by the Ontario Securities Commission on February 15th, names USI-Tech and local affiliates Eleanor Parker and Casey Combden as respondents.I wasn’t able to find anything on Eleanor Parker but Casey Combden (right) cites himself on Twitter as a “Network Marketing Expert”.At issue is USI-Tech’s BTC Package Ponzi scheme, which the Ontario Securities Commission has classified as an unregistered securities offering.Eleanor Parker and Casey…

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Bitcoiin sign Steven Seagal as ICO Brand Ambassador?

When you’re just another pump and dump altcoin launch in a see of thousands, you can either work on actually adding to cryptocurrency or try to gimmick your way to legitimacy.Through the hiring of Steven Seagal as Brand Ambassador, take a guess which route BitCoiin have chosen.So as Brand Ambassador for BitCoiin, what exactly does Seagal bring to the cryptocurrency industry?Not a lot it seems, with a Medium press-release reading like self-promotion for the “Zen Master” more than anything.A February 13th press-release from “John Williams” (nothing suss) goes into a bit more detail.After meeting with officials from B2G, bitcoiin, organizers of…

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Digital Altitude prelim injunction hearing delayed, TRO extended

Following a Temporary Restraining Order granted against Digital Altitude and owner Michael Force on January 29th, a preliminary injunction hearing was scheduled for February 15th.On February 12th the FTC filed a joint Stipulation to a Continuance of the hearing, which was granted the same day.The joint stipulation filed by the FTC requested a continuance based on the Defendant’s initial responses.Nearly all of the Defendants have expressed a desire for additional time to explore the possibility of stipulating to a Preliminary Injunction, and, in the event such an agreement cannot be reached, to prepare for a hearing on the matter.The stipulation also…

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Vital Card Review: 1% credit cashback with a 1% Cash Rewards Pool

Vital Card operate in the financial services MLM niche and appear to be based out of California.Heading up the company are co-founders Chris Bridges (Chairman) and Vincent Bradley (CEO).According to the Vital Card website, they area team of entrepreneurs, bankers, lawyers and creative tech individuals that share a common goal of launching a credit card where the community comes first.We are results-driven innovators who have worked on successful products at companies including Google, Charles Schwab, PWC Goldman Sachs and Card.com.Prior to co-founding Vital Card, Chris Bridges and Vincent Bradley separately and respectively launched Vessix (2013) and Flash Funders (2011).Vessix has since…

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Questra World and AGAM founder Pavel Krymov arrested in Russia

Despite Questra World and Atlantic Global Asset Management attempting to portray themselves as Spanish companies with African ties, it was always obvious that someone from Russia or a neighboring country was pulling the strings.Turns out I was right on the money, following the arrest of Pavel Krymov in Moscow on February 6th.Pavel Krymov, originally from the Ukraine, primarily operated across the Ukraine, Belarus and Kazakhstan.With both the Ukraine and Russia not known for policing Ponzi fraud, you’re probably as confused as I was as to why Russian Vin Diesel Krymov was arrested.Fear not, Russia and the Ukraine are just as lax on…

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WCM777 Receivership to wind down over next 60-90 days

WCM777 was an MLM Ponzi scheme shut down by the SEC in March, 2014.A Receivership was appointed immediately after and has been overseeing victim refunds from seized assets for just shy of four years.In the Receiver’s February 13th Sixteenth and Final Interim Report, it has been announced the WCM777 Receivership is finally winding down.As at the time of publication there are no outstanding issues pertaining to asset clawbacks.The last clawback action executed by the Receiver saw $80,000 recovered from Huajian Wu and Dack King Lee.In total the WCM777 Receivership was able to return $18.1 million dollars to WCM777 victims.This amount represents…

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Three FX United Datuk scammers arrested in Malaysia

A few years ago forex MLM Ponzi schemes were all the rage in Malaysia.One of the top companies to dominate the space was FX United.As is custom among Malaysian scams, FX United’s owners went to great lengths to project the company wasn’t Malaysian.This saw the incorporation of United Global Holdings Limited in New Zealand, as well as inconsequential ties to the UK and Australia.Eventually New Zealand wised up to FX United but by then the damage was done.FX United would go on to collapse in early 2017, resulting in over $250 million dollars in losses.Unknown to us authorities in Malaysia continued…

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Amzbit Review: Combining Amazon and bitcoin = cash gifting?

Amzbit operate in the e-commerce MLM niche and provide a corporate address in Florida on their website.On the “our story” section of the Amzbit website, Burke Hedges and Sean Connors are cited as “the minds behind Amzbit”.Burke Hedges and Sean Connors, the minds behind Amzbit, recognized that greed and corruption had taken over a lot of business and were looking for a positive way to help people earn money while also providing 100% transparency.A chance meeting, that turned into a brainstorming session eventually gave rise to the idea of Amzbit.Burke Hedges is a former top earner in LifeVantage.Following an investigation into…

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PinCoin Review: PIN points “Sharing Package” 52 week ROI Ponzi

PinCoin provide no information on their website about who owns or runs the business.The PinCoin website domain (“pincoin.io”) was privately registered on November 18th, 2017.Two possibilities are Japan and South Korea. Alexa currently estimate that almost 40% of traffic to the PinCoin website originates out of these two countries.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.PinCoin ProductsPinCoin has no retailable products or services, with affiliates only able to market PinCoin affiliate membership itself.The PinCoin Compensation PlanPinCoin affiliates invest funds in PIN…

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TRO denied in broadest BitConnect Florida class-action

In contrast to the granting of a Temporary Restraining Order (TRO) against BitConnect in the Kentucky class-action, a Judge has denied essentially the same motion in Florida.On February 5th Defendants Charles Wildes, Franciso Doria, Akiva Katz, James Gurry, Ronald Nelson and Justin Perry filed a motion for an ex parte TRO.On February 8th the motion was denied.In his order Judge Middlebrooks stated the Plaintiffs had ‘failed to show that immediate and irreparable injury, loss, or damage will occur before Defendants are given an opportunity to respond‘.Judge Middlebrooks noted that the Plaintiffs are free to file for a preliminary injunction after service has…