Category: MLM Reviews

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Ultimate Business World linked to notorious Norwegian scammer

When I first reviewed Ultimate Business World late last year, it struck me as odd that the company’s public Chairman, Paal Aschjem, had no MLM history.Surely he wasn’t working alone, however the question of who was really behind Ultimate Business World was left unanswered.Following an investigation by Norwegian and Estonian journalists, turns out UBW was conceived by a notorious Norwegian scammer.Jim Wolden (right) founded The 5 Percent Community (T5PC) in 2000. Through T5PC, Wolden solicited share investment from about 50,000 Norwegian affiliates.In 2004 T5PC collapsed, resulting in $160 million dollars worth of losses. T5PC management were sent to prison.Five months after setting…

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CoinSpace an illegal investment opportunity in Italy, KYC

CONSOB, Italy’s SEC equivalent, has determined CoinSpace’s cryptocurrency offering to be a “financial product”.Seeing as CoinSpace are not registered to promote financial products in Italy, CONSOB has effectively issued a ban on promotion of the company.BehindMLM reviewed CoinSpace back in February, 2016. CoinSpace affiliates invest in S-Coin Ponzi points, with ROIs through an internal exchange paid out of subsequently invested funds.CONSOB’s investigation reached a similar conclusion, finding ROIs of up to 50% per month as well as daily ROIs advertised.CONSOB’s investigation focused on “coinspace1.com”, which markets CoinSpace in Italian.The conclusion reached by CONSOB was to suspend promotion of CoinSpace in Italy for…

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Bitcoin Funding Team Review:

Bitcoin Funding Team provide no information on their website regarding who owns or runs the business.The Bitcoin Funding Team website domain (“bitcoingfundingteam.com”) was privately registered on February 3rd, 2017.Bitcoin Funding Team is hosted on a private server that hosts the domain “2forsuccess.com”.2ForSuccess launched in late 2016 and offered some type of “blog mastery” course. The company flopped, with a visit to the 2ForSuccess website today revealing the domain is parked.Research into 2ForSuccess reveals those promoting it are now promoting Bitcoin Funding Team. These affiliates name Thomas Dluca as Bitcoin Funding Team’s founder.Dluca seems to have a history of promoting MLM underbelly scams.In…

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DOJ wants James Merrill behind bars for ten years

Any notion that James Merril might get off lightly for cooperating with authorities has been dashed, following the filing of a ten-year recommended prison sentence.And that’s with full consideration of his cooperation.As per a sentencing memorandum filed last Thursday;Merrill paid himself $4.5 million, even, as prosecutors alleged, when he knew the risks and the flaws of the TelexFree system. But prosecutors spared him a stiffer sentence in the plea deal, they said, because Wanzeler played a “greater role” in the scheme.The contents of Merrill’s plea deal are sealed and to date we don’t know any specifics. I think it goes without saying…

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Multi-Buy World Review: €50 EUR adcredit Ponzi with e-commerce

Multibuy World provide no information on their website about who owns or runs the company.On its website Multibuy World claims it was initially launched in Italy as Promo Italia.Multibuy Srl was founded 23 years ago in Italy under the name PromoIitalia and was renamed to Multibuy srl in 2014.Today, Multi-Buy is a very successful Travel/E-Commerce Company in Italy!This appears to be porky pies for a number of reasons:I couldn’t find any information about Promo Italia within the MLM spacethe Multibuy World website domain (“multibuyworld.com”) was only registered on October 31st, 2016Multibuy World claims to be “very successful” with 150,000 customers, yet Alexa…

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Stella & Dot Review: Fashionable jewelry, bags and accessories

Stella & Dot launched back in 2003 and operate in the fashion and jewelry MLM niche.The company was founded by Jessica Herrin and originally began life as Luxe Jewels.According to an interview with The Everygirl, Herrin came up with the idea for Luxe Jewels in an elevator at a Mary Kay convention.it wasn’t until Jessica met fellow Stanford grad, Blythe Harris, at an alumni event that they realized with Jessica’s original vision and Blythe’s creativity that they could re-launch this social-selling model under a new name, Stella & Dot (named after their grandmothers).Herrin (right) serves as Stella & Dot’s CEO, Harris…

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Big Profit System Review: Oldschool postcard cash gifting

Big Profit System provide no information on their website about who owns or runs the business.The Big Profit System website domain (“bigprofitsystem.com”) was initially registered on June 17th, 2012. The registration was last updated on June 3rd, 2016.The Big Profit System domain was registered privately, so it provides no information on who owns it.As per the Big Profit System terms and conditions, the company feeds signups into a third-party business.The Company referenced in the BPS videos is an independent entity and BPS simply provides a marketing system for that company’s Independent agents to use to assist them in producing sales.The name of…

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WelFunding Review: 4×7 matrix bitcoin cash gifting

WelFunding provide no information on their website about who owns or runs the business.The WelFunding website domain (“welfunding.com”) was first registered on the 5th of March, 2016. The registration was recently updated on the 13th of March, 2017.The WelFunding domain has been registered privately and doesn’t provide any information on who owns it.At the time of publication Alexa estimate the top two sources of traffic to the WelFunding website are Japan (69%) and Germany (14%).It is highly likely that whoever is running WelFunding is also based out of Japan and/or Germany.As always, if an MLM company is not openly upfront about who…

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USFIA civil fraud charges settled for $200 million dollars

Back in January a proposed $145.4 million dollar settlement between Steve Chen and the SEC was filed.On March 13th Judge Klausner approved the settlement proposal and ordered Final Judgement against Chen.As per Judge Klausner’s March 13th order, Steve Chen is “permanently restrained and enjoined” from further violating the Securities and Exchange Act.On the money side of things Chen along with entity companies he previously owned were also held liable for a $51.2 million dollar disgorgement payment plus a $16.7 million civil fine.$3.7 million dollars in interest in prejudgment interest was also awarded.Chen has fourteen days from the order date (March 13th) to…

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Zeek Rewards victims recover up to 75% of losses

Remember when Zeek Rewards’ net-winner affiliates were running around telling the people they scammed the US government and Receiver were just looking to keep invested funds for themselves?In a March 15th press-release, the Zeek Receiver has announced that, following a third distribution, Zeek victims have now received back up to 75% of their losses.The Receiver’s third distribution saw 122,335 checks totaling $67.5 million sent out to victims.If you previously have received a distribution payment from the Receivership, you will receive another payment in this distribution.If you had recovered more than 60% from ZeekRewards prior to its shutdown, but less than 75%…