MLM Detective POSTS

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Bitcoiin securities fraud cease and desist issued by New Jersey

New Jersey is the latest state to enter the cryptocurrency cease and desist fray.On March 7th the New Jersey Bureau of Securities slapped Bitcoiin with a securities fraud cease and desist.Bitcoiin bills itself as ‘a superior or more advanced version of Original Bitcoin‘.Bitcoiin 2Gen, will in fact address current issues that are slowing down the Bitcoin eco-system and the limited opportunity for the enthusiasts to be able to earn by mining either with 1 machine or 1000.BehindMLM reviewed Bitcoiin in early February and concluded it was just another MLM pump and dump altcoin.According to the New Jersey Bureau of Securities, Bitcoiin…

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US regulatory investigation into USI-Tech confirmed

Yesterday we reported on USI-Tech admitting it was using newly invested funds to pay off existing investors.Today we can confirm a US regulatory investigation into the company is underway.Confirmation of a US regulatory investigation comes from USI-Tech affiliate Mike Klingler.Klingler is based out of Oregon and in a post to the Facebook group “USI Discussions”, yesterday announced he’d been subpoenaed by the Washington State Division of Securities.Accordingly Kilingler claims he’s ‘been submitting a number of requested documents to comply‘.They are investigating USI and its promoters.The subpoena had nothing to do with anything specific I had done other than, I think, one…

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USI-Tech confirm BTC Package 2.0 Ponzi scheme

Despite it being pretty obvious USI-Tech has operated as a Ponzi scheme since BTC Packages were released last year, the company maintains it isn’t.Amid an ongoing ROI revenue crisis that has seen daily ROI rates plummet, someone at USI-Tech has inadvertently confirmed it’s a scam.In an update sent out to USI-Tech affiliates sometime over the last 24 hours, the company has revealed its “repayment plan for BTC Pack 1.0”.As per the official company announcement;The income from the direct sale of a BTC 2.0 Package sales is split as follows:– 35% to commissions for the referring upline– 15% for company expenses– ​50%…

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Digital Altitude preliminary injunction granted

Following day two of the Digital Altitude preliminary injunction hearing, the case docket has been updated to reflect the an injunction was granted.Most of the defendants named in the FTC’s Digital Altitude lawsuit have already consented to a preliminary injunction.Holding out was Digital Altitude, owner Michael Force and Mary Dee.As per a March 6th order, the court granted a preliminary injunction against all three defendants.The case docket records states the injunction was granted ‘with modifications as stated on the record‘.A separate and more detailed order will be issued.As at the time of publication the detailed order has yet to surface. Stay…

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William Apostelos’ victims file civil clawback lawsuit

William Apostelos and his wife Connie orchestrated the WMI Enterprises $70 million Ponzi schemeAttached to this was Genesis Acquisitions, a company that attracted our attention in October, 2014.Following an indictment in October, 2015, Apostelos (who also goes by Bill), was sentenced to fifteen years in prison last year.Unfortunately for Apostelos’ victims, the FBI stated there was “no chance of recovering invested funds”.Determined to hold those who stole their money responsible, nineteen victims have taken matters into their own hands.I don’t have specifics of the lawsuit but from a local media report by Dayton Daily News, Apostelos’ victims have filed a complaint…

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Digital Altitude cannot operate lawfully and profitably, says Receiver

Upon being appointed one of the first tasks the Digital Altitude Receiver undertakes is to determine whether the business can continue legally and profitably.As per BehindMLM’s Digital Altitude review, the company’s business model consists of getting people to hand over increasing amounts of money.Those recruited and convinced to pay thousands of dollars in fees earn commissions by recruiting others who do the same.Or as the Receiver puts it;The primary enticement and benefit offered to consumers in exchange for them doing business with the Receivership Entities is the representation that they may make $100,000 or more in 90 days.Once consumers are enticed…

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OneCoin Italian ban & fine suspended, AGCM investigation continues

Following an ongoing investigation into OneCoin by the Antitrust and Consumer Protection Authority, promotion of OneCoin across Italy was banned in late 2016.OneCoin’s response to the injunction saw the company claim one OneCoin shell company was not related to another, despite being owned and operated in tandem by the same people.The AGCM concluded their investigation into OneCoin in mid 2017.The regulator formally banned OneCoin, declared it a “deceitful Ponzi scheme” and issued a 2.5 million EUR fine.Once again OneCoin tried to get out of it by again asserting its use of shell companies protected it from regulation.While OneCoin’s public response to…

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Todd Hirsch on the run from terrorist charges, arrested in Panama

Serial scammer Todd Hirsch has been arrested in Panama.According to a local news report, Hirsch was charged and found guilty of fleeing/attempting to elude, DUI, reckless driving and six counts of terroristic threats.The terroristic threats charges stemmed from Hirsch threatening to harm or kill law enforcement officers during his pursuit and subsequent arrest.After being charged, Hirsch was sentenced to rehabilitation.He “left the facility” last November but failed to “return to jail”.After going on the run,Hirsch in believed to have flown to the Dominican Republic, but he returned Feb. 22 to Panama City, Panama. From there, he planned to travel to Medellin,…

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Coins of Change Review: Two-tier 3×5 matrix bitcoin gifting scheme

Coins of Change provide no information on their website about who owns or runs the business.The Coins of Change website domain (“coinsofchange.org”) was privately registered on July 20th, 2017.Of note is the Coins of Change website domain uses the name-servers of “bitcoinsetupsite.com”.If you visit that site you’ll see it’s a clone of the Coins of Change website.The owner of the Bitcoin Setup Site is Mike Hollen, through an address in the US state of Iowa.The registration details of the email address domain Hollen used to register the Bitcoin Setup Site suggest he works for “Pronto Web Services”, who seem to be…

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HitStake Review: HITS points ICO lending Ponzi scheme

HitStake provide no information on their website about who owns or runs the business.The HitStake website domain (“hitstake.com”) was privately registered on February 13th, 2018.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.HitStake ProductsHitStake has no retailable products or services, with affiliates only able to market HitStake affiliate membership itself.The HitStake Compensation PlanHitStake affiliates acquire pre-generated HITS points from the company’s anonymous owners.HITS are sold to HitStake affiliates for 60 cents to $1.20 each.Once acquired, HITS points are “lent” back to HitStake…