MLM Detective POSTS

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USI-Tech investor alert issued in Manitoba, Canada

Following an investigation by the Manatoba Securities Commission, USI-Tech has been compared to that of Ponzi and pyramid schemes.According to a December 22nd Manitoba Securities Commission investor warning, a resident of Winnipeg contacted the regulator after investing $20,000 into USI-Tech.A Winnipeg man learned about USI-TECH while working in Abu Dhabi, UAE, and personally invested $20,000 USD.He then began promoting it to local investors on his return. The Manitoba investors were told to buy Bitcoin from Coinbase—a San Francisco-based digital currency exchange—and then provide Coinbase information to transfer the Bitcoin to USI-TECH.USI-TECH that allegedly invests in an arbitrage trading strategy that purports to pay…

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Mining Max $250 million Ponzi scheme shut down, arrests in Korea

Mining Max launched its cryptocurrency MLM opportunity back in June.Mining Max affiliates who invested $3200 were promised a two year ROI, purportedly generated via mining of ethereum.As is the case with pretty much every cryptocurrency MLM opportunity, turns out that was a load of baloney.An investigation into Mining Max by Korean authorities revealed the company haddeveloped software that could trick investors into believing virtual currency was being mined even if none was.Mining Max had invested 75 billion won ($69.6 million USD) on operating mining rigs, however output was nowhere near enough to cover affiliate ROIs.As per BehindMLM’s Mining Max Review, by…

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SEC makes it clear cryptocurrency not exempt from securities laws

If one was to sum up the MLM industry in 2017, there is no doubt it is the year cryptocurrency opportunities took off.Sadly I’ve yet to see one that’s even remotely legitimate, with the vast majority simply fiat Ponzi schemes swapped out with a cryptocurrency (be it bitcoin, an ICO, or non-publicly tradeable points).Here at BehindMLM we observed the marriage between cryptocurrency and MLM emerge during 2014.Over 2015 and 2016 the MLM cryptocurrency niche grew rapidly, mostly due to the ruthless targeting of those new to cryptocurrency. What might have started out as genuine attempts to spread cryptocurrency awareness, soon saw…

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Start Options Review: A crypto mining & trading billion dollar company?

Start Options provide no information on their website about who owns or runs the business.The Start Options website domain (“startoptions.com”) was initially registered in December, 2005. The domain registration details were recently updated on December 18th, 2017.A residential condo address in Manilla, Philippines is provided on the Start Options website.An official Start Options business presentation provides a corporate address in Auckland, New Zealand.Further research however reveals this address actually belongs to a cafe.As far as I can tell Start Options has no physical presence in either the Philippines or New Zealand.The Start Options support email address contains the name “William Adelbert”.No…

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DavorCoin Review: Daily variable ROI altcoin lending Ponzi

DavorCoin provide no information about who owns or runs the company on their website.The DavorCoin website domain (“davor.io”) was privately registered on October 18th, 2017.French and English are the primary languages used on the DavorCoin website, suggesting whoever is running the company is based out of Europe.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.DavorCoin ProductsDavorCoin has no retailable products or services, with affiliates only able to market DavorCoin affiliate membership itself.The DavorCoin Compensation PlanDavorCoin affiliates invest funds on the promise of…

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USI-Tech investor alert issued in Nova Scotia, Canada

Another day, another regulatory condemnation of USI-Tech’s Ponzi scheme.The latest warning is from the Canadian province of Novia Scotia.On December 21st Novia Scotia’s Securities Commission published a warning cautioning investment in USI-Tech.Nova Scotia identify USI-Tech as ‘an online forex and bitcoin trading platform provider, located in Dubai.‘As with most jurisdictions, the offering of a passive investment opportunity constitutes a security.The Commission has become aware that Canadians have been targeted recently through online advertisements and social media.As is the case globally, USI-Tech has not registered their BTC Pack investment opportunity with Nova Scotia’s Securities Commission.Offering unregistered securities to Nova Scotia residents is…

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USI-Tech fraud alert issued in New Brunswick, Canada

USI-Tech can’t seem to catch a break this week, following its third run in with securities regulators in as many days.Hot on the heels of a similar warning issued by the British Columbia Securities Commission on December 18th, today New Brunswick’s Financial Consumer Services Commission issued their own USI-Tech investor warning.Published as a fraud alert dated December 21st, the FCSC identifies USI-Tech asan online Forex and Bitcoin trading platform provider, located in Dubai, United Arab Emirates.USI-Tech claims to provide automated trading software that allows smaller investors to trade in FOREX and purchase Bitcoin investment packages.It advertises high rates of return and…

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TelexFree mattress money mule sentencing delayed to February, 2018

Cleber Rene Rizerio Rocha, better known as the TelexFree mattress money mule, was busted earlier this year trying to launder $20 million in stolen Ponzi funds.Following a guilty plea in October, Rocha was scheduled to be sentenced on December 20th.On December 18th Rocha filed a motion requesting his sentencing hearing be continued. The motion was denied.On December 19th Rocha filed a supplemental motion in support of his original motion, which was granted on December 20th.Rocha’s supplemental motion claims his attorneys needmore time to address questions and concerns raised by Mr. Rocha and members of his family in Brazil.Given the language and…

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USI-Tech securities fraud emergency cease and desist issued in Texas

The Texas Securities Board see USI-Tech as a “bitcoin promoter” offering an investment opportunity.Following an internal investigation into USI-Tech and two US promoters, the board presented gathered evidence of securities fraud to the Securities Commissioner.In an attempt to stop promotion of the USI-Tech Ponzi scheme throughout Texas, the Securities Commissioner issued an emergency cease and desist on December 20th.The emergency cease and desist targets two US USI-Tech promoters, Clifford Thomas and Michael Rivera (right).I wasn’t able to find much on Thomas, but on YouTube Rivera goes by the alias “Michael Crypto”.In addition to USI-Tech, Rivera is also promoting the BitConnect Ponzi…

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World Mining Review: Daily ROI cryptocurrency mining Ponzi

The World Mining website domain (“world-mining.net”) was privately registered on October 23rd, 2017.World Mining claims to be “a British company”, which is based on the October 25th incorporation of “World Mining LTD”.The London address used to incorporate World Mining actually belongs to UK Packaging, an unrelated business.Philip Johnson is listed as the sole Director of World Mining LTD. On the World Mining website he’s credited as the company’s CEO.The name is suitably generic and no information about Johnson in connection to World Mining outside of the incorporation is available.This raises the strong possibility that World Mining’s “Philip Johnson” doesn’t exist.Images used…