EthTrade Club Review: Ethereum “smart contracts” Ponzi fraud

April 30, 2018 0

EthTrade Club provide details of an executive team on their website.As below however, images used to represent EthTrade Club’s executive team are stolen from Fivver members:One can safely assume the names provided for EthTrade’s executives also don’t exist.The EthTrade website domain (“ethtrade.club”) was privately registered on January 6th, 2018.At the time of publication Alexa estimate that over 50% of traffic to the EthTrade website originates out of Spain.This suggests that whoever is actually running EthTrade might be based out Spain too.As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard…

LiteTrade Review: Three-tier bitcoin investment Ponzi scheme

April 30, 2018 0

LiteTrade provide no information on their website about who owns or runs the business.The LiteTrade website domain (“litetrade.org”) was privately registered on December 19th, 2017.LiteTrade provide a UK incorporation number on their website, which corresponds with LiteTrade Limited.The address used to incorporate LiteTrade Limited actually belongs to London Office, a virtual office services merchant.UK incorporation is dirt cheap and for the most part unregulated. It is a favorite for scammers looking to incorporate dodgy companies.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…

OneCoin an “endless spiral” of black hole shell companies

April 30, 2018 0

With OneCoin promotional activity dead in all but the most third-world’est of countries, one could easily gain the impression that nothing much going on at a corporate level.Not so.Just last month OneCoin corporate was busy setting up a new wave of shell companies to cover their tracks through.According to research by Capital, OneCoin’s use of shell companies to mask ownership is an “endless spiral”.Last month ownership of One Network Services was transferred over to One Forex, which in turn is owned by Artefix Europe, which is owned by, wait for it… One Network Services.The literal circle-jerk of shell company ownership was…

PowerLoan Review: POWL points ICO lending Ponzi scheme

April 29, 2018 0

PowerLoan provide no information about who owns or runs the business on their website.The CEO of PowerLoan is cited only as “Johan” and likely doesn’t exist.The PowerLoan website domain (“powerloan.io”) was privately registered on January 22nd, 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.PowerLoan ProductsPowerLoan has no retailable products or services, with affiliates only able to market PowerLoan affiliate membership itself.The PowerLoan Compensation PlanPowerLoan affiliates acquire pre-generated POWL points from the company’s anonymous owners.POWL points are sold to PowerLoan affiliates for…

Du It Bitcoin Network Review: 500% ROI “crypto e-training” scheme

April 29, 2018 0

Du It Bitcoin Network operate in the MLM cryptocurrency niche. The company names Dwayne Golden as founder and CEO.A corporate address in Medellín, Colombia is provided on the Du It Bitcoin Network website.According to Golden’s Facebook page he’s based out of Pennsylvania in the US, so it appears Du It Bitcoin Network exists in Colombia in name only.Dwayne Golden first appeared on BehindMLM as one of the admins behind Blue Bird Bids.Blue Bird Bids launched in 2012 as a clone of the Zeek Rewards Ponzi scheme.In 2014 Golden re-emerged as CEO of Ingreso Cybernetico, a recruitment-based pyramid scheme.Golden went on to launch 1×2…

Fireflies Review: Really confusing discount travel packages

April 28, 2018 0

Fireflies provide no information on their website about who owns or runs the business.The Fireflies website domain (“fireflies.com”) was first registered on January 27th, 1999. The registration details were last updated on December 17th, 2017.Gergo Hegedus of Swiss Halley AG is listed as the owner, through an address in Zurich, Switzerland.Other than claiming copyright of the Fireflies website, the corporate relationship between Fireflies and Swiss Halley AG is not disclosed.On his LinkedIn profile, Gergo Hegedus cites himself as Director of Operations at Swiss Halley from May 2011 to May 2015.From June 2015 he cites himself as co-owner and General Manager of…

Nui claim Kala altcoin has “stability and protection with the SEC”

April 28, 2018 0

As part of continued efforts to mislead potential investors on MLM cryptocurrency offerings and US securities law, in an April 23rd blog article Nui claim its Kala altcoin has “increased stability and protection with the SEC”.In a nutshell, Nui’s entry into the cryptocurrency MLM niche spans Symatri, Kala and Mintage Mining.Nui runs Symatri, which is essentially a task-driven social network.Two components of Symatri are Core and Reach, through which Kala tokens can be earned by Nui affiliates.Here’s how Nui described the relationship in a December 13th blog post last year;Kala is a utility token designed specifically for the Symatri Ecosystem. Unlike other cryptocurrencies, Kala…

Agreed preliminary injunction entered against Eric Pinkston

April 28, 2018 0

The FTC and Eric Pinkston have reached a preliminary injunction agreement, resulting in an agreed injunction granted on April 20th.Last month the FTC sued Pinkston for promoting and profiting off of the Bitcoin Funding Team and My7Network scams.As per the agreement, the court acknowledges that the FTC has an “ultimate likelihood of success”.The FTC has shown a likelihood that it will ultimately succeed on the merits.Based upon the audio and video recordings, website screen shots, website captures, consumer declarations, investigator declarations, an expert declaration, and other evidence submitted by the FTC, there is good cause to believe that Defendant Eric Pinkston…

Game Loot Network Review v3: Token scheme adds LOOT altcoin

April 27, 2018 0

Game Loot Network launched in 2015 as a token-based mobile gaming platform.The company was founded by Lance Baker, who also serves as Loot Gaming Network’s President.A whitepaper on the Game Loot Network website claims the company is headquartered in the US state of Missouri.During its first year in business, Game Loot Network went through numerous compensation plan revisions.BehindMLM published an updated Game Loot Network review in June, 2016.The updated compensation plan required Game Loot Network affiliates to generate “Premium Gamers”.Premium Gamers were retail customers who paid $10 a month to access Game Loot Network’s platform.Given the dominance of the “free to…

Payza co-founder Ferhan Patel wants release, brother still at large

April 27, 2018 0

Despite initially consenting to detention, Payza co-founder Ferhan Patel wants out.In a Motion to Revoke Detention Order filed on April 19th, Patel has asked the court to either outright release him, or in the alternative allow him to stay with his brother-in-law in New York.In justification of his release, Patel’s attorney claims he’sa fully employed Canadian citizen with no prior criminal record or history of failures to appear.He has no alcohol or substance abuse issues.Mr. Patel has been married since 2005, and he has a nine-year old son and five-year old girl from that union.He holds an MBA from a university…