Category: MLM Reviews

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Peru issues Pay Diamond, OneCoin, CoinSpace & MMM Global warning

Peru has grouped some of the top MLM Ponzi schemes doing the rounds and issued a collective consumer warning.The warning was issued on September 9th by Superintendencia De Banca, Seguros & AFP (SBS), Peru’s top financial regulator.MLM companies named in SBS’ warning include Pay Diamond, OneCoin, CoinSpace and MMM Global (MMM Peru).The business models of the four companies see them each solicit investment and use newly invested funds to pay off existing investors.The business models also reward affiliate investors for recruiting new investors, combining both pyramid and Ponzi fraud.Pay Diamond affiliates invest up to $36,000 on the promise of weekly ROI…

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Crowdbridge Global Review: CBG Coin altcoin with pyramid recruitment

Two days ago BehindMLM published a firstlook of the Crowdbridge Global MLM opportunity.The company appears to be based out of Europe and is run by co-founders Hans Pasveer and Harald Ekker.For Pasveer and Ekker’s respective MLM histories, please refer to our published Crowdbridge Global firstlook.One key component missing from our firstlook was the CrowdBridge Global compensation plan, which I’ve since learnt has been made public.After going over it I concluded I had enough to publish a full review of Crowdbridge Global.The source material is Hungarian, which I’m not a native speaker of. Still, some of the presentation slides were in English and…

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WCM777 Receiver confirms ~$14.9 million returned to affiliate victims

Last we checked in approximately $21 million was scheduled to be returned to WCM777 victims in February.In the Receiver’s Fourteenth Interim Report, filed September 7th, we finally got confirmation payments went out as planned.WCM777 affiliates with valid claims received 3912 checks and 462 PayPal payments.For various reasons, over 25% of the total approved claim amount was not cashed by receiving affiliates.As of June 30, 2017, 1,252 checks totaling $5,861,030 of the manual check payments remained outstanding or unclaimed.And as of June 30, 2017, approximately 78 PayPal payments totaling $239,921 were ultimately rejected, unclaimed or denied.Reasons cited for the large percentage by…

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Third Chinese OneCoin affiliate arrests uncovered, $1.2 million in losses

Up until recently BehindMLM was aware of and reported on two separate arrests of Chinese OneCoin affiliates.The first arrests took place in April, 2016, around the time OneCoin intended to hold a “grand ceremony” event in Harbin (north China).The event was quietly dropped following a raid on a OneCoin promotional event in Guandong and arrest of three affiliates in March.The bust appeared to be of one of the larger Chinese OneCoin affiliate groups, with authorities in Guandong eventually recovering $45.7 million dollars.Earlier this month news broke of another round of arrests, this time thirty-five OneCoin affiliates arrested, jailed and fined in Zhuzhou…

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OneCoin pyramid scheme warning issued by Polish regulator

A year ago Poland’s Ministry of Justice received a public enquiry regarding OneCoin.The enquiry sought to establish whether OneCoin was potentially beaching Polish banking laws.A subsequent investigation into OneCoin by the National Prosecutor’s Office uncovered potential breaches of “unfair market practices”.The investigation findings were forwarded to the Office of Competition and Consumer Protection (UOKiK), who today announced the conclusion of their own investigation.After a year of investigating OneCoin, UOKiK has concluded it’s a pyramid scheme.Mark Niechiala, President of UOKiK, described OneCoin’s business model in a September 12th consumer warning as follows:Every consumer who persuades other people to buy educational packages is rewarded appropriately…

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Howard Kaplan denied Receiver deposition, trial date set (Zeek Rewards)

One of the last insider holdouts of the Zeek Rewards Ponzi scheme is Howard Kaplan.Whereas pretty much everyone else who profited from the operation of Zeek Rewards has settled and been stripped of the fraudulently obtained funds they were paid, Kaplan is challenging the Receiver and heading to trial.Kenneth Bell, the Zeek Receiver, sued Kaplan back in 2014 and alleges the tax attorney “gave bad legal advice” to the $850 million dollar Ponzi scheme.Kaplan (right) disagrees and as part of his defense, wished to depose the Receiver in his capacity as the court-appointed representative of Zeek’s parent company, Rex Venture Group.The…

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SEC obtain Final Judgment against James Merrill & Joe Craft (TelexFree)

Last we checked in the SEC were seeking Final Judgment against TelexFree cofounder and President, James Merrill.In a parallel criminal case Merrill was sentenced to six years prison back in March.According to a filing by the Trustee in July, the SEC had also reached a stipulated settlement agreement with TelexFree’s CFO, Joseph Craft.In a September 12th press-release, the SEC have confirm approval for both settlements.As per their respective settlements, both Merrill and Craft are prohibited from committing further securities fraud violations.Merrill is also permanently prohibited from being an officer or director of a public company. Craft received the same ban for…

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Crowdbridge Global Firstlook: CBG Coins Ponzi points?

Crowdbridge Global first popped up on my radar a few months ago. At the time little to no information was available on the company, so I put a closer look on the backburner.Since then some more information has surfaced. Not enough for a full Crowdbridge Global review, but enough for us to get a sense of the direction the company is headed.Currently the Crowdbridge Global website is little more than a signup page with the following marketing pitch:Now, you too can enjoy a career that’s built around your life and comfort.Our system gives you the ability to earn a part-time income…

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Solis Review: Precious stone trading = 31% monthly ROI?

Solis name Richard Eddison as CEO of the company and even provide a photo.Beyond that however no specifics on Eddison or the company are provided.The Solis “about” page is a bunch of vague marketing statements;Our experts work in many countries: USA, South Africa, Belgium, Australia, India, etc. For decades, we have accumulated the production, purchase and sales channels.We have the best gemologists and cutters that from untreated sapphires, rubies, emeralds, diamonds are creating something worthy of the crown and scepter of the rulers.Our jewelry stones are worthy competitors to the stones from the exchanges Ramat Gan, Tel Aviv, London, Antwerp, Hong…

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OneCoin registered with the Pakistani SEC?

In what appears to be a response to the State Bank of Pakistan and Federal Investigation Agency announcing a crackdown on OneCoin, affiliates in Pakistan are claiming OneCoin has registered with the Pakistani SEC.Just one small problem though… it hasn’t.In a Facebook post dated August 27th, three days after the crackdown was announced, OneCoin Pakistan Team wroteCongratulations to all Onelife Community Members, Onelife Network is Now Officially Recognized by Security Exchange Commission of Pakistan, we Got NOC From SECP AND WORK Permit, Registered from Direct Selling Association.Accompanying the post are several photos:an SEC certificate of incorporation for Famous Associates PVT LTD,…