Investview (Kuvera Global) fined $150,000 by CFTC

June 30, 2018 0

In an Form 10-K annual report published a few hours ago, Investview has revealed a $150,000 fine by the CFTC.Specific details are sketchy, other than the company ‘received a subpoena from the United States Commodity Futures Trading Commission‘ in February 2018.
Rather than fight the matter and clear their name, Investview settled for a $150,000 fine. The company also agreed to ‘not to act as an unregistered Commodities Trading Advisor in the future‘.
I was hoping for more specific details from the CFTC, however as at the time of publication the proposed settlement still appears to be pending approval.
As such there’s no formal…

Jamberry Nails collapses, partially acquired by M.Network

June 30, 2018 0

In a textbook example of how to completely screw up communication with your affiliates, Jamberry Nails has finally broken its silence.Without so much as an explanation to affiliates, Jamberry Nails ceased paying affiliates and shipping products.
Jamberry executives even stopped showing up to work and other than rumors of a proposed merger with M.Network, nobody outside of corporate seemed to know what was going on.
Now in an email sent out to Jamberry Nails affiliates, apparently the proposed merger has fallen through. Well, sort of.
For reasons they’re keeping to themselves, Jamberry Nails’ announcement leaves the question of a merger open-ended;
To secure a future…

MaVie overturns WorldVentures’ Temporary Restraining Order

June 29, 2018 0

On June 4th WorldVentures filed a lawsuit against rival MLM companies Ariix and MaVie.In their lawsuit, WorldVentures accused Ariix and MaVie of unfair competition. Based on evidence submitted at the time, WorldVentures’ secured an ex-parte Temporary Restraining Order against both companies.
On June 26th a hearing was held, to determine whether or not WorldVentures’ granted TRO should be converted into a preliminary injunction.
The hearing spanned June 26th and 27th, with an order published a few hours ago.
In response to the granted TRO, defendants MaVie, Advanced Wellness Solutions and Abdelwadoud Barakat filed an emergency motion seeking to dissolve it.
Based on evidence submitted by…

USFIA Receiver files second clawback suit against Li Zhao (~$370,000)

June 29, 2018 0

The second individual subject to clawback litigation in the USFIA case, is Steve Chen’s wife, Li Zhao (aka Jennifer Zhao).Through a number of shell companies, Zhao received and/or benefited from millions of dollars in stolen investor funds.
The primary company used to launder investor funds for the benefit of Zhao was Ally Investors LLC.
Despite opposition from Zhao, the Receiver has so far managed to recover over $3 million from a frozen Ally account in 2015.
In late 2017 Zhao was also stripped of a $2.3 million dollar San Marino, California mansion, paid for entirely with USFIA investor funds.
Now the Receiver is pursuing additional clawback…

Kuvera Global Review: Investview still flaunting securities in front of SEC

June 28, 2018 0

On March 1st, 2018, parent company Investview announced Wealth Generators was changing its name to Kuvera.Wealth Generators began as a stock investment advice opportunity. In late 2017 the company began offering cryptocurrency mining contracts.
Wealth Generators affiliates invested up to $4999 in individual mining contracts, on the promise of an advertised 1200 day ROI.
Investview and Wealth Generators differed from your usual MLM unregistered securities offering, in that Investview is actually registered with the SEC.
Analysis of the company’s required regulatory filings as of December 2017 however, revealed no mention of Wealth Generators’ passive ROI crypto mining offering.
This lead me to conclude that, despite…

MOBE processor cries croc tears, claims TRO will render it insolvent

June 27, 2018 0

Whenever we see a major regulatory bust, there’s always at least one individual or entity that believes the rules don’t apply to them.For whatever reason, the concept of “funds obtained through illegitimate business activities don’t belong to you” doesn’t ring home.
Following the recent FTC shutdown of MOBE, Qualpay have stepped up and demanded an exemption from the TRO currently in place.
Qualpay, a California-based processor, claims it offers ‘a better way to offer and manage payments with our modern payments platform‘.
With respect to processing MOBE payments, Qualpay appears to have used Synovus Bank.
Owing to the risky clients Qualpay took on, Synovus Bank…

Receiver: Digital Altitude cannot operate “in a lawful and profitable manner”

June 27, 2018 0

Hopes that Digital Altitude may be able to continue its business operations have been dashed, following a declaration by the court-appointed Receiver.In his Second Interim Report, the Receiver bluntly states he
has not resumed operations, and has no plans to do so, as he has not determined a feasible means of resuming operations in a lawful and profitable manner.
This implies that Digital Altitude not operating as a pyramid scheme is not viable, strengthening the FTC’s case against the company.
The Receiver’s conclusion is based on collected evidence, most of which he claims is digital.
The Receivership Entities are believed to have conducted their enterprise…

Elamant Review: Saivian receipt rebate Ponzi clone

June 26, 2018 0

Elamant launched in late 2017 and appear to operate out of Singapore through “Elamant PTE LTD”.Elamant PTE LTD was incorporated in October 2017. A search of the Singapore address used for incorporation reveals multiple businesses using the same address.
This suggests Elamant might be using a virtual office service and thus exists in Singapore in name only.
Heading up Elamant is President and CEO, Ryan Evans.
Evans is based out of California in the US, which is likely where Elamant is actually being operated from.
Prior to Elamant Evans (right) was Operations Director for the Saivian Ponzi scheme.
Saivian affiliates invested $125 a month on the…

251 Coins Review: 3×5 matrix cryptocurrency gifting scheme

June 25, 2018 0

251 Coins provides no information on its website about who owns or runs the business.The 251 Coins website domain (“251coins.com”) was privately registered on May 16th, 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.
251 Coins Products
251 Coins has no retailable products or services, with affiliates only able to market 251 Coins affiliate membership itself.
The 251 Coins Compensation Plan
251 Coins affiliates sign up and gift cryptocurrency to an existing affiliate.
This gifting payment in turn qualifies the affiliate to receive gifting payments from…

Eyeline Trading Review: 0.66% daily ROI bitcoin investment fraud

June 25, 2018 0

Eyeline Trading claims Jean Paul Ramirez is the founder of Eyeline Business & Development.Apparently Ramirez ‘has been a leader in the financial industry for many years’.
Eyeline Trading provide a bunch of financial positions Ramirez has purportedly held, culminating in his getting started ‘in the Crypto industry in late 2015‘.
Eyeline Trading claims Ramirez
now has a cutting edge mining facility, research center, wallet, exchange, peer to peer exchange, debit cards, trading platform, and a coin working on alternative power.
None of this is publicly verifiable, leaving a question mark on whether Ramirez even exists.
In a marketing video presented on the Eyeline Trading website, the…