MLM Detective POSTS

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OneCoin warning issued by Central Bank of Curaçao and Sint Maarten

The latest regulator to issue a warning against investing in OneCoin is the Central Bank of Curaçao and Sint Maarten.The warning, issued on May 23rd, applies to OneCoin, OneLife and the “OneLife Banking System” (believed to be the closed xCoinx exchange).The bank warns that neither OneCoin or OneLife are “supervised by the CBCS”, and that ‘consumers are not protected when using virtual currencies and may be at a higher risk of losing their money.‘Curaçao and Sint Maarten are island constituent countries belonging to the Kingdom of the Netherlands. Both are situated off the northern South American coast and have estimated populations of 159,000 and 8,100 respectively.OneCoin and…

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Pando Mission Review: Pando Crown Ponzi points

Pando Mission operate out of Denmark and cite Peter Alexander (Full name: Peter Alexander Lexander) as founder of the company.In 2010 Lexander (right) founded Botanoo, a carbon credit based MLM opportunity.Botanoo affiliates invested in “units”, which were traded on an internal exchange. Boanoo set the price of units, with affiliates also paid to recruit new investors.By 2012 the scheme had collapsed. According to the Danish publication Finans, Botanoo investors, primarily from Hungary and Romania, lost hundreds of millions of kroner in the collapse.Read on for a full review of the Pando Mission MLM opportunity.Pando Mission ProductsPando Mission has no retailable products or services,…

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Chang Cheng IFA Review: Historical govt bonds = 200% ROI?

Other than a rosy story about “Chinese families”, Chang Cheng International Finance Alliance provide no information on their website about who owns or runs the business.The alliance Chang Cheng began its way as a family business.Of course, then it wasn’t any international alliance – there existed a few Asian families, connected by longtime friendship, which had long-standing traditions in several areas – trading in securities, legal support of business transactions, banking sphere.In this format Chang Cheng worked for more than 15 years.Since 2013 one of the founders’ sons has taken over the management of the company – he is a young…

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Kimball Parker fined $1.2 million for trading fraud

In 2013 Timothy Baggett and Kimball Parker launched Changed Worldwide. Initially a revenue-sharing Ponzi scheme, in 2014 the company name changed to Changes Trading.Through Changes Trading, Baggett and Parker marketed a trading system pegged to an MLM compensation plan.An investigation by the CFTC found that Baggett and Parker (right) marketed Changes Trading viafraudulent misrepresentations and omissions designed to mislead customers and prospective customers into believing that the trading system was profitable and effective.Upon being interviewed by the CFTC, Parkeradmitted that the results on the spreadsheets-and indeed all of the trading results touted in Defendants’ promotional materials-were hypothetical and simulated.The CFTC filed legal…

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Sener Trader Review: Eagle Gates Group reboot Ponzi

Sener Trader claim they were ‘founded on February 2007 in the United States‘ and are ‘now one of the world’s leading index futures investment and asset management company‘ [sic].A corporate address in New York is provided on the Sener Trader website. Research reveals this address actually belongs to Servcorp, who sell virtual office space.One would also assume a legal “investment and asset management company” would be registered with the SEC, yet a search of the Edgar database turns up nothing for “Sener” or any company name derivatives.Meanwhile the Sener Trader website domain (“sntrader.com”) was initially registered on December 19th, 2006, however…

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ReferABit Review: Bitcoin Banking reload Ponzi scheme

ReferABit provide no information on their website about who owns or runs the company.The ReferABit website domain (“referabit.com”) was privately registered on May 20th, 2017.Copy on the ReferABit website is copy and pasted from Bitcoin Banking, with both websites also sharing the same design template:The Bitcoin Banking website domain (“bitcoinbanking.us”) was registered with bogus details on March 23rd, 2017.Bitcoin Banking solicit bitcoin investment and offer daily ROIs of up to 10% for 90 days.New affiliate investment is the only verifiable source of revenue entering Bitcoin Banking, which strongly suggests it is a Ponzi scheme.The Bitcoin Banking website domain was registered through…

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Herbalife’s top Chinese executive quits, new compensation plan?

In addition to the $200 million dollar fine Herbalife copped for running a pyramid scheme last year, the company was given ten months to introduce a new compensation plan.Among other things, Herbalife’s new plan must accurately track genuine retail sales activity and cease paying affiliates solely on recruitment of new affiliates who purchase Herbalife products.The settlement order was signed on July 15th, 2016. Ten months onward was a week ago on May 15th.A visit to the Herbalife website today reveals nothing about a new compensation plan. Any links pointing to existing compensation plans on Herbalife websites all return 404 “not found”…

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FM World Review: Buy and get paid to recruit affiliates who buy

FM World provide no information on their website about who owns or runs the business.According to the company’s Polish Wikipedia page, FM World is a Polish company that began as “FM Group”.FM Group was founded in 2004 by Artura Trawińskiego (Artur Trawinski).Trawinski (right) is the listed owner of the FM World website domain (“fmworld.com”), first registered in December, 2002.Why this information is not provided on the FM World website is unclear.Possibly due to language-barriers (most of the literature available on Trawinskiego is in Polish), I was unable to ascertain Trawinskiego’s MLM history prior to founding FM Group.Read on for a full review of…

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My Advertising Pays processor lawsuit dismissed

Last December the My Advertising Pays sued payment processor VX Gateway for $59.6 million dollars.The Ponzi scheme alleged VX Gateway was wrongfully withholding investor funds and sought recovery.VX Gateway opposed legal action in Texas and sought to the have the lawsuit dismissed in favor of arbitration in Panama.A decision was made on the dismissal  motion on May 15th, with ruling made in favor of VX Gateway.The decision was made based on a merchant agreement between My Advertising Pays and VX Gateway.VX-Panama and MAP entered into a Merchant Service Agreement (the“Agreement” referred to in the First Amended Complaint).The Agreement provides that it…

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BitPayProfits Review: Reselling royalty-free music?

BitPayProfits provide no information on their website about who owns or runs the business.The BitPayProfits website domain (“bitpayprofits.com”) was registered on February 1st, 2017. Byron McCorriston is listed as the owner, with a residential address in the US state of Hawaii also provided.Recently McCorriston (right) was promoting the Billion Coin Ponzi scheme (non-MLM). Late last year McCorriston was promoting the Easy 1up gifting scheme and in 2015 he was an affiliate of the TVC Matrix pyramid scheme.Whether McCorriston still owns BitPayProfits is unclear. The domain registration hasn’t been updated since it was created in February.Less than a week ago, serial MLM underbelly…