Korean authorities announce crackdown on MLM cryptocurrency scams

September 10, 2017 0

Over the past year I’ve noticed South Korea placing on an increasing number of MLM underbelly scams.I suspect due to language barriers, the people pushing these scams and much of South Korea’s MLM underbelly community remains a mystery outside of Korea itself.A large number of South Korean MLM activity has coincided with an increase in cryptocurrency fraud (Ponzi points or altcoin pump and dump scams), which hasn’t escaped the attention of local authorities.On September 7th ten South Korean government departments held a meeting to discuss the matter.Among the government agencies looking to tackle the rise of MLM cryptocurrency fraud in South…

Authorities to target banks helping to facilitate MMM Nigeria Ponzi scheme

September 10, 2017 0

I don’t know what it is about Nigeria and the MMM Global Ponzi scheme, but for some reason locally scam refuses to die out.Despite having collapsed three times beginning last December and resulting in an estimated $57 million dollars in losses, MMM Nigeria continues.Criminal action has been taken against at least one MMM Nigeria affiliate, however ringleader(s) have long since fled the country.The current iteration of MMM Nigeria bills itself as “MMM Federal Republic of Nigeria”.There’s even a Google Play approved app MMM Nigeria participants can use to track how much money they’re stealing.The MMM Federal Republic of Nigeria website meanwhile is…

35 Chinese OneCoin affiliates arrested, jailed & fined

September 8, 2017 0

Early last year Chinese authorities in Guandong arrested three top Chinese OneCoin affiliates.The arrests eventually lead to the recovery of $45.7 million dollars in stolen funds.In what appears to be a related investigation north of Guandong in Hunan province, thirty-five OneCoin affiliates were recently arrested.The arrested affiliates were accused of soliciting investment into OneCoin, recognized as an illegal Ponzi scheme the world over.Following the arrests Chinese authorities filed criminal charges, with the case coming up for trial in the Zhuzhou City People’s Court on September 8th.The court acknowledged that OneCoin was operated out of Bulgaria and, based on its business model, concluded…

Five Winds: Questra World & AGAM launch new Ponzi scam

September 8, 2017 0

When traffic to an online Ponzi scheme stalls, so too do newly invested funds.Such is currently the case with Questra World and Atlantic Global Asset Management:Both Ponzi schemes are run by the same group of scammers, predominantly based out of Russia but aided and abetted by puppet management in Spain.In the wake of regulatory warnings against Questra World from Austria, Poland, Italy and Slovakia, continuing to the run the scam has likely proven problematic.In an attempt to address this, last month Five Winds Asset Management was announced.Five Winds provide no information on their website about who owns or runs the business.The…

OneCoin affiliates claim IPO dropped, ICO to take place in Oct, 2018

September 8, 2017 0

In the wake of declining affiliate recruitment and continued silence from OneCoin management, Muhammad Zafar and his troop of top UK OneCoin investors descended on Sofia, Bulgaria for answers.OneCoin founder Ruja Ignatova wasn’t there to meet them. Upon learning top investors were coming to Bulgaria to demand answers, Ignatova fled the country.Explains Zafar;We had a head-office meeting today. Initially it was planned with Dr. Ruja.For some reason she couldn’t travel back to Sofia. She was out of (the) country.Zafar’s troop were instead greeted by puppet CEO Pierre Arens, who revealed the much-hyped OneCoin IPO has been dropped.For months now OneCoin management…

OneCoin to exclude Chinese investors from ICO, no refunds?

September 7, 2017 0

Earlier this week the Chinese government announced it was banning Initial Coin Offerings (ICOs).The move is understandable as, while some might be legit, by and large cryptocurrency ICOs were and continue to be a front for financial fraud.Those running them make promises based on nothing and gullible investors hand over their money (pumping the ICO).What ultimately happens is those running the ICO cut and run with invested funds, or they launch a worthless altcoin which then proceeds to immediately crash (and then run away with invested funds).OneCoin is a good example of this, with the Chinese government’s announcement having a significant…

iMarketsLive Review v2.0: Retail addressed, securities still a problem

September 7, 2017 0

International Markets Live, more commonly known as iMarketsLive, was first reviewed on BehindMLM back in 2013.What I found was an MLM opportunity offering investment trading advice with zero retail. The company was so out of compliance it was comical.As per an August 6th Facebook post, in mid 2016 CEO Christopher Terry told Alex Morton that ‘he had been through hell and back and his company at the time was barely surviving.‘Having split with Vemma just before the FTC shut it down, Morton had been promoting Jeunesse for about a year or so at the time.Morton claims Terry (right) told himhe knew…

New Life Sciences Review: New age nutrition with retail non-compliance

September 6, 2017 0

New Life Sciences appear to be based out of Japan and operate in the weight loss and nutritional supplement MLM niches.The company website lists product return addresses for the US and Europe (Germany), however Saitama, Japan is the only physical address provided.New Life Science’s Terms and Conditions meanwhile suggest the company is actually based out of Texas:The State of Texas is the place of the origin of this Contract and is where the Company accepted the offer of the Applicant to become a Distributor and where the Distributor entered into the Contract with the Company.Why New Life Sciences don’t provide a…

Ponzi lawyer Steven Scudder liable for full $425,030 restitution amount

September 5, 2017 0

For his efforts in assisting William Apostelos defraud investors out of millions of dollars, attorney Steven Scudder was sentenced to fourteen months prison back in June.How much Scudder would pay in restitution was deferred, pending legal arguments from both Scudder and the DOJ.In his response brief, Scudder argued that he ‘should not be held accountable for restitution in this case‘.This was an objection to a Presentence Investigation Report finding Scudder liable to pay restitution, ‘after he filed a notice that he was no longer the Trustee of WMA Land Trust‘.Mr. Scudder objects to the conclusion that the loss created due to…

Trevo Review: $59.99 a liter super juice with 127 ingredients

September 4, 2017 0

Trevo launched in 2010 and operate in the nutritional supplement MLM niche.The company operates out of Oklahoma in the US and is headed up by founders Mark (President and CEO) and Holli Stevens (Director of Finance).Mark Steven’s Trevo corporate bio claims he’s a ‘well-known as a successful business owner, entrepreneur, leader, motivational speaker, best-selling author and humanitarian.‘While still in high school Mark discovered his entrepreneurial spirit and passion for excellence as he became the owner of a soon-to-be nationally recognized music company.Mark went on to build several successful corporations.He has successfully built multi-million dollar companies as well as successful network marketing organizations…