Visalus Amazon retail racket exposed in top earner lawsuit

July 26, 2017 0

Michael Gehart joined Visalus in February, 2010.Visalus is a weight loss MLM company founded in 2005 by Blake Mallen and Nick Sarnicola.Gehart had no prior MLM experience when he signed up as a Visalus affiliate.He was recruited byVito Torriciano, a part-owner of the company, (at a) meeting with Nick Sarnicola, and with a few other ViSalus distributors.In addition to co-founding Visalus, Nick Sarnicola was an employee and top earner between 2010 and 2016.This position purportedly saw Sarnicola sit atop ‘several massive “downlines” of distributors and customers‘.Gehart (right) claims he joined Visalus on the representationhe could purchase ViSalus product at a so-called “wholesale” price…

Questra World warning issued by National Bank of Slovakia

July 26, 2017 0

Questra World are triggering regulatory alarm bells all across Europe, with the latest seeing the Bank of Slovakia issuing a warning.In a July 24th notice to the public, the National Bank of Slovakia warns Questra World and Atlantic Global Asset Managementoffer investment products without fulfilling the legal obligations of the Slovak Republic and does not have any license to operate.Questra World is a Ponzi scheme launched late last year. Although fronted in Spain, through Atlantic Global Asset Management the company is tied to Russian scammers and African banking channels.The National Bank of Slovakia state that neither Questra World or Atlantic Global Asset…

Fabio Wanzeler claims properties not purchased with TelexFree funds

July 26, 2017 0

As part of ongoing efforts to secure ill-gotten assets obtained by TelexFree co-owner Carlos Wanzeler, the DOJ sought to secure Boynton Beach and Coconut Creek properties in Florida.The property in question is held in the name of Carlos Wanzeler’s brother Fabio and his wife Claudia.The DOJ’s motion is part of a superseding indictment filed late last year.In it, the DOJ alleged millions of dollars of stolen TelexFree investor funds were laundered through the company Nova Title Company.Nova Title Company then purchased the Boynton Beach property in question, with ownership later transferred to Fabio Wanzeler and his wife.There was no mention of the…

TelexFree victims’ allowed claims between $500 to $700 million

July 26, 2017 0

As part of a filing pertaining to James Merrill’s restitution, the TelexFree Trustee has revealedthat the current estimate of the aggregate amount of allowed fraud victim claims is between $500 million and $700 million.Unfortunately Merrill’s restitution order doesn’t name a specific amount, but rather consolidates his restitution with that of the Trustee’s efforts.Through the Bankruptcy Case, with the authorization of the Bankruptcy Court, the Trustee will distribute the assets of the TelexFree bankruptcy estates to their creditors, including victims of the fraud charged in this criminal action.Merrill was arrested in May, 2014 and charged with wire fraud. Following an indictment in…

Crypto 7 Continents Review: Global Trading Club clone Ponzi

July 25, 2017 0

Crypto 7 Continents provide no information about who owns or runs the company on their website.Marketing copy on the company’s “about us” section on their website appears to be copy and pasted from the Global Trading Club website:Further analysis reveals the Crypto 7 Continents website to practically be a clone of Global Trading Club’s website.Global Trading Club is a Ponzi scheme that launched in late 2016.Global Trading Club affiliates invest $250 to $31,000 on the promise of a daily ROI for up to 475 days.Reports of a collapse from Global Trading Club affiliates first surfaced in early May.The Crypto 7 Continents…

50 Cent Freedom Review: 50 cent four-tier matrix cash gifting

July 25, 2017 0

50 Cent Freedom provide no information on their website about who owns or runs the business.The 50 Cent Freedom website domain (“50centfreedom.us”) was registered on July 10th, 2017. Sheri Vine is listed as the owner, with an address in Thailand also provided.The admin email used to register the 50 Cent Freedom website uses the domain of “Horizon Homestay”.Horizon Homestay offered rentable apartments in Malacca City, Malaysia.The Facebook link on the Horizon Homestay website points to a Facebook profile by the name of “John Williams”.John Williams claims to be from the UK but currently living in Malacca City itself.MLM underbelly scams promoted by…

Questra World warning issued by Italian regulator

July 25, 2017 0

On July 20th the Commissione Nazionale per le Società e la Borsa (CONSOB), Italy’s top financial regulator, issued a warning against Questra World and Atlantic Global Asset Management.Questra World is a Ponzi scheme fronted by Spanish management, with strong ties to Russian operated Atlantic Global Asset Management.Citing Resolution 20075, CONSOB advisesThe National Commission for Companies and the Stock Exchange has imposed a cautionary suspension, for a period of 90 days, pursuant to article 101, paragraph 4, letter b), of the Consolidated Law on Finance (TUF), on the advertising activity carried out through the Facebook page “facebook.com/QuestraWorldIItaliaAffiliati” related to the offer to…

OneCoin sued in Germany, fail to obtain injunction

July 24, 2017 0

Hire a law firm to send out some extortion threats, tell your investors and sit back and watch them flood social media with claims websites all over the world are getting sued.Turns out in the real world, a Ponzi scheme wishing to silence reporting of financial fraud is a little more complicated.Back in April OneCoin sent German blog Coinspondent an extortion demand of €1440.40 EUR.In addition to handing over the money, OneCoin also wanted Coinspondent to remove and stop covering the regulatory ban of OneCoin in Germany.Through the law firm Lampmann, Haberkamm & Rosenbaum, OneCoin claimed that merely reporting on the ban was “unlawful”.Coinspondent…

Master Coin Plus Review: 120 day bitcoin investment ROI scheme

July 24, 2017 0

Master Coin Plus operate in the cryptocurrency MLM niche and name Thomas Armour as CEO of the company.Armour is based out of Florida in the US. On his LinkedIn profile, Armour cites himself as an “internationally recognized keynote speaker, author, coach, sales trainer, and educator.”Prior to Master Coin Plus Armour (right) was the President of YoCoin.YoCoin is a pump and dump MLM altcoin launched just over a year ago.Affiliates invested up to $2000 in YoCoin. After reaching a pump high of 33.9 cents in early July, 2016, today YoCoin’s dump value is just 0.3 cents.On the affiliate side of things Armour…

USI-Tech Review 2.0: Forex auto-trading dropped for bitcoin Ponzi

July 23, 2017 0

USI-Tech’s original business model saw the company charge affiliates €600 EUR for access to an automated forex trading platform.USI-Tech claimed their bot had made ROIs of up to 150% annually in the past, but provided no proof of past or present trading taking place.The problem with USI-Tech’s original model, at least as far as scamming people goes, is that euro is easily traceable.This prompted USI-Tech’s anonymous owner(s) to relaunch as a cryptocurrency opportunity.According to one USI-Tech affiliate, “Hardly anybody is interested in the forex side” of the business.In the interest of keeping up appearances and appeasing those who did hand over…