Austrian Public Prosecutor launches OneCoin criminal investigation

May 13, 2017 0

Early last year Austria’s Federal Ministry of Labour, Social Affairs and Consumer Protection issued a warning against OneCoin.Some point after it appears the Austrian Financial Market Authority (FMA) opened their own investigation, the conclusion of which has now prompted a criminal investigation.The FMA is Austria’s top financial regulator and has the power to impose administrative penalties of up to 10 million euro, or 15% of a company’s total net turnover.Upon investigating OneCoin, the FMA found OneCoin marketing videos that advise affiliates torecruit mainly from their circle of friends and acquaintances, which pays large commissions.This suspiciously sounds like a pyramid scheme.One of the top…

FirstCoin Club Review: Manipulating “public” trading for private profit

May 13, 2017 0

FirstCoin Club provide no information on their website about who owns or runs the business.The FirstCoin Club website domain (“firstcoin.club”) was privately registered on July 15th, 2016.The FirstCoin Club website cites “Dynamic Global Marketing Ltd” but provides no information about the relationship between the two companies.An address in Dubai is provided, however further research reveals this address belongs to Freemont Group.Freemont Group provide business formation services in Dubai, suggesting FirstCoin Club (and Dynamic Global Marketing LTD) exist in Dubai in name only.As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard…

OneCoin twists arm of blockchain whitepaper author?

May 13, 2017 0

Reeling from the realization among affiliates that OneCoin currently doesn’t have blockchain, newly appointed CEO Pierre Arens has rushed out a press-release.The May 10th publication seeks to reassure affiliates that he is “wholly satisfied” with OneCoin’s current SQL database “blockchain”.Addressing why the need for an actual OneCoin blockchain then, Arens wrote;In our fast-moving digital environment, you must look constantly to the future.We therefore decided to prepare for that future with the introductionof a next-generation blockchain capability that will support our growth and diversification well into the future.To do this, we engaged the services of a highly qualified specialist consultancy, who were…

Indian OneCoin scammers siphon $11.6 million out of bank accounts

May 12, 2017 0

Efforts to recover funds stolen by Indian OneCoin affiliates have hit a roadblock, following the revelation that 75 crore ($11.6 million USD) has been withdrawn from bank accounts used to accept invested funds.Indian police arrested eighteen OneCoin affiliates in late April. The accused have since been remanded to police custody, which gives the Mumbai EOW access to interrogate as they continue their investigation.To date $6.6 million USD has been seized from bank accounts connected to OneCoin. Before police froze the accounts however, it seems much more was withdrawn by the account holders.DCP (crime) Tushar Doshi said, “We are probing if Rs 75 crore…

Police and Market Inspectorate investigating OneCoin in Slovenia

May 12, 2017 0

Following regulatory bans in Germany and India, the latest country to confirm an investigation into OneCoin is now Slovenia.Having observed regulatory investigations into OneCoin in other European countries, the website Cekin wondered if any such investigations were taking place in Slovenia.Upon contacting the Market Inspectorate, the regulator responsible for consumer protection in Slovenia, Cekin were told an investigation is already underway.When the publication pressed for details, a representative of the Market Inspectorate stated because the investigation is in progress, they were unable to provide specifics until it was concluded.What Cekin was able to learn is that the Market Inspectorate are working with…

Worldwide Solutionz under criminal investigation in South Africa

May 12, 2017 0

Worldwide Solutionz was a Ponzi scheme that popped up BehindMLM’s radar back in 2014.Under the guise of helping the poor, Worldwide Solutionz affiliates invested $25 on the promise of a $40 ROI. This ROI was funded by subsequent affiliate investment.With a $15 liability generated per $25 investment made, in early 2015 the scheme began experiences cashflow problems. In April, 2015 Worldwide Solutionz collapsed, which founder Marelize Van Niekerk-Venter blamed on a “lack of support” from affiliates.In early 2016 Van Niekerk-Venter suggested a Worldwide Solutionz reboot was on the cards, however to date this failed to materialize.Now authorities in South Africa have revealed a criminal…

Controversy dogs OneCoin’s blockchain whitepaper

May 8, 2017 0

The problem with OneCoin affiliates getting excited about their blockchain whitepaper reveal earlier today, is it suggests that OneCoin are only now using a blockchain.Despite evidence to the contrary, OneCoin has maintained its Ponzi points have operated as a legitimate cryptocurrency since day one.At a training event earlier today it OneCoin’s whitepaper was revealed… sort of.Nobody was given a copy, nor were they told what the contents are – other than the whitepaper itself being ten pages in length.The author of the document was revealed to be Marcelo Garcia Casil, CEO of DXMarkets.As per their website;DXMarkets integrates blockchain technology into enterprise-based…

Gold Rush Cash Review: $100 in, $5700 out 2×2 matrix Ponzi cycler

May 8, 2017 0

Gold Rush Cash provide no information on their website about who owns or runs the business.The Gold Rush Cash website domain (“goldrushcash.net”) was privately registered on April 5th, 2017.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.Gold Rush Cash ProductsGold Rush Cash has no retailable products or services, with affiliates only able to market Gold Rush Cash affiliate membership itself.The Gold Rush Cash Compensation PlanGold Rush Cash affiliates purchase positions in a four-tier 2×2 matrix cycler.A 2×2 matrix places a Gold Rush…

Macau police fail to prevent OneCoin event, Gerlach Report fake news?

May 8, 2017 0

With affiliates unable to withdraw their Ponzi points, the stakes for OneCoin have never been higher. The 2018 date for going public has bought the company some time but alone isn’t enough to placate affiliates who’s invested and lost money.Enter the glitzy global event in Macau, which serve as a distraction from the predicament OneCoin affiliates find themselves in.On April 27th the German website Gerlach Report published an article titled “OneCoin: Meeting in Macau prohibited by China” (auto translate).This was followed up on May 1st with another article titled, “OneCoin: Macau police want to arrest leadership”.I covered the initial report here on BehindMLM….

Collective Finance Review: 40% monthly ROI MMM Global clone

May 7, 2017 0

Collective Finance provide no information on their website about who owns or runs the business.The Collective Finance website domain (“collectivefinance.com”) was registered on the 14th of March, 2017. Fedor Nikolov is listed as the owner, with an address in Saratov Oblast, Russia also provided.Possibly due to language-barriers, I was unable to find any additional information on Nikolov.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.Collective Finance ProductsCollective Finance has no retailable products or services, with affiliates only able to market Collective Finance affiliate membership…