MLM Detective POSTS

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Multisure Review: Legal and funeral insurance with pyramid recruitment

Multisure claim to be a ‘dynamic 100% South African “born and bred” company started in the year 2000.‘Denton Goodford is the Managing Director of Multisure, and credited as the company’s “face, head and heart”.According to Goodford’s Multisure corporate bio, he’s anex State Prosecutor and practising Advocate of the High Court of SA.Denton started MultiSure in 2000, seeing the need in South African for legal cover with a difference.His vision is to empower others and so he decided to create Multisure as a network marketing business to allow many people to benefit from the business and work towards their own financial freedom.Goodford…

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Yota Review: Daily Ponzi ROIs of up to 3.5%

Yota provide no information on their website about who owns or runs the business.The Yota website domain (“yota.biz”) was privately registered on November 22nd, 2016.The domain registration was last updated on July 22nd, 2017, which is likely when the current owner took possession of it.Despite this, Yota claim thestory of Yota starts in 2013 when we were one of the first ones to use our work experience in financial markets in country.Years of working in financial market turned us into advanced, fast-developing and innovative investment company.Naturally no evidence of Yota existing before July, 2017 is provided.All signs meanwhile point to Yota…

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GladiaCoin 2 Review: Lose money in a bitcoin doubler, invest again?

GladiaCoin was (as far as I know) the first bitcoin doubler Ponzi to surface.Launched earlier this year in March, GladiaCoin promised gullible affiliates a 200% ROI in 90 days.Naturally GladiaCoin collapsed before even the initial 90 day maturity period was up, resulting in widespread investor losses.Nonetheless GladiaCoin spawned a slew of clone bitcoin doubler scams, pretty much all of which have since collapsed.Today the GladiaCoin website domain produces a “403 Forbidden” HTTP error.Now someone is trying to resurrect the GladiaCoin scam as “GladiaCoin 2”.As with the first iteration, no details about who is running the company are provided on the GladiaCoin…

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Five OneCoin affiliates arrested in Korea, crackdown continues

Whereas we’re usually pretty on top of OneCoin affiliate arrests globally, this one from back in June slipped through the cracks.Since the start of this year, Korea’s Financial Supervisory Service hasopened 27 investigations into cases of suspected infractions of the Act on the Regulation of Conducting Fund-Raising Business Without Permission this year.One of those investigations was into OneCoin, which eventually lead to the arrest of five affiliates.Specifics of the arrests are unclear. What we do know is that five OneCoin affiliates were arrested shortly after a police investigation began in late May.The investigation was initiated at the behest of the Illegal…

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OneCoin CEO Pierre Arens quits, Ruja Ignatova not seen for months

When Pierre Arens failed to appear at a recent OneCoin event in Portugal, host Kari Wahlroos claimed it was because he had a cold.Far more likely is the fact that Arens was well underway with plans to abandon his position as OneCoin CEO.Arens was appointed CEO of OneCoin back in May, shortly after the disappearance of OneLife CEO, Pablo Munoz.At the time of his appointment, Arens claimed he’d “studied OneCoin carefully for almost four months”.Arens brushed off concerns OneCoin was a Ponzi scheme and claimedOneCoin/OneLife was just a victim of an extensive and massive smear campaign, very well prepared and organized…

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TelexFree Trustee proposes plan to resolve 112,471 disallowed claims

Although it has likely been eclipsed by some of the scams currently doing the rounds, the SEC’s 2014 bust of TelexFree was at the time easily the biggest ever seen.With three billion dollars purportedly pumped into the scheme by over a million affiliates, the size of TelexFree alone meant piecing together the fraud from a forensic standpoint post significant challenges.Not helping was the fact that 80% of TelexFree investors were based outside of the US, and that many of them didn’t speak English.Also not helping was a popular “scam within a scam” ruse run by top investors, wherein they’d directly solicit…

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Cool Trader Pro collapses, Cool Trader Inc files for bankruptcy

MLM companies attached to robotic trading software make little sense.If you owned robotic trading software capable of generating legitimate and consistent returns year in year out, why would you share it?The normal thing to do would be to feed it seed money, let it do its thing and reap the profits.Opening your golden goose to the public in such a competitive environment makes little sense.A good example of this is the collapsed MLM opportunity Cool Trader Pro.BehindMLM reviewed Cool Trader Pro in January, 2013 as the marketing division of Cool Trade Inc.Both companies are owned by Edward Barsano (right), who also…

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TelexFree mattress money mule pleads guilty

Back in January Cleber Rocha, an accomplice of TelexFree owner Carlos Wanzeler, was caught trying to launder over twenty million dollars in stolen investor funds.An indictment on two counts of money laundering followed in March, which Rocha initially plead not guilty to.As of June Rocha was still contesting the indictment, however earlier this month it was revealed Rocha intended to change his plea.On October 19th a hearing was held, during which Rocha officially plead guilty to two counts of money laundering.Rocha’s guilty plea begs the question what went down between him and the DOJ since June. Wanzeler trusting Rocha with over $20…

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Lyoness asked to stop lying about Norway investigation, new deadline

Back in July it was revealed the Norwegian Gaming Board had reopened its pyramid scheme investigation into Lyoness.The investigation was reopened following a continued stream of complaints from the public, which prompted the Gaming Board to contact Lyoness in April.The Gaming Board sought to have Lyoness address concerns it was running a pyramid scheme in Norway.Lyoness’ response was filed in late May but failed to satisfy the regulator.In July the Gaming Board requested “further information” from Lyoness, and that’s when we became aware of the renewed investigation.In a letter dated October 6th, the Gaming Board has provided updates on their investigation since…

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USFIA Receiver seeks $5.3 million clawback from Steve Chen’s ex-wife

While gullible USFIA investors were lead to believe they were investing in GemCoin points backed by valuable amber, on the back-end Steve Chen was siphoning off millions of dollars to enrich himself and his family.One recipient of stolen USFIA investor funds was Wei He, Chen’s ex-wife.The USFIA Receiver alleges He received over five million dollars of invested USFIA funds is seeking full recovery.In an October 17th motion seeking authority to pursue claims against He, the Receiver alleges He, her Wei He Trust and companies Ahomeland Inc. and Golden Ark Inc., received at least $5.3 million dollars of USFIA investor funds.Forensic accounting has…