Category: MLM Reviews

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

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…

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

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…

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

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…

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

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…

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Elamant Review: Saivian receipt rebate Ponzi clone

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…

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251 Coins Review: 3×5 matrix cryptocurrency gifting scheme

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…

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Eyeline Trading Review: 0.66% daily ROI bitcoin investment fraud

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…

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JDE Jewels: Custom-made knockoff jewelry with pyramid recruitment

JDE Jewels claim they ‘started customizing fine jewelry pieces in 1998‘.The JDE Jewels website domain meanwhile was only registered in 2016.
Other than incorporation in the Philippines in 2014, to what extent JDE Jewels existed prior to 2016 is unclear.
Whatever operations might have existed though don’t seem to resemble JDE Jewels’ current MLM business model.
Daisy Seterra Estrada (right) is named as founder of the company on the JDE Jewels website. A corporate address in Quezon City, Philippines is also provided.
As per Estrada’s corporate bio, she’s
a graduate from DLSU with a Biology major and from the Ateneo Graduate School of Business with a Master’s…

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Velimon Review: $5 six-tier 4×1 matrix Ponzi cycler

Velimon provides no information on its website about who owns or runs the business.The Velimon website domain (“velimon.racing”) was privately registered on March 25th, 2018.
A marketing video on the Velimon website features a man with a distinct African accent, suggesting whoever is behind Velimon likely also has ties to Africa.
At the time of publication, Alexa estimates that the US is the largest source of traffic to the Velimon website (30%).
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. Velimon Products
Velimon has no…

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BitConnect FBI investigation update, Director’s wife missing

BehindMLM first reported on an FBI investigation into BitConnect back in March, following confirmation from top-investor Trevon James.Following the disappearance of BitConnect Director John Bigatton’s wife, authorities have confirmed the FBI investigation is ongoing.
John Bigatton is listed as a Director of BitConnect International PLC, a shell company made up of BitConnect executives and top investors.
How much money Bigatton stole from BitConnect victims is unclear.
Last November at a BitConnect event in Thailand, Bigatton was awarded a $50,000 bonus for his promotional efforts.
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He also boasted about being able to purchase a new BMW last December.
Following BitConnect’s collapse in January, Bigatton and his…