Tagged: companies

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Jeff Long announces Luvv token unregistered securities

A few months ago we reviewed Jeff Long’s Luvv opportunity.Initial reception appears to have been lukewarm. Alexa statistics for the Luvv website show a brief spike in interest followed by a steady decline.
Now Long is marketing what he’s calling his “inner circle”, through which he’s announced Luvv tokens.
From the sounds of it the Luvv token is going to be a cookie-cutter ERC20 token.
Long (right) states its intended use will be through the “Luvv ecosystem”, although as I understand it none of that is up and running yet.
In the meantime Long is asking for $100/$200 a month or $1000 a year in…

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KashhCoin founder Asif Malkani arrested after a year on the run

Following the collapse of KashhCoin in late 2017, founder Asif Ashraf Malkani withdrew what he’d stolen and went into hiding.Complaints from KashhCoin investors after the collapse prompted an investigation by Indian authorities.
That investigation lead to the arrest of one of Malkani’s accomplices.
Malkani however remained at large, until his recent arrest in New Delhi.
Following stints in Goa, Chennai, Kolkata, Kanpur and Pune, last month Malkani (right) fled to Uttar Pradesh.
Not satisfied with scamming people through just one cryptocurrency, Malkani was gearing up to launch a new MLM shitcoin.
Malkani’s new scam was going to be called V-Tube, some sort of video streaming service tied…

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Organo Gold claims Vietnamese Ponzi used counterfeit product

Our research into Nguyen The Anh’s $13.7 million dollar Ponzi scheme left us with some serious questions.Primarily, to what extent was Organo Gold aware its products were being used to promote financial fraud?
Shortly after publication we were contacted by one of Organo Gold’s Canadian attorneys.
According to Patrick Miranda, the Organo Gold coffee used to promote The Anh’s Ponzi scheme was counterfeit.
Phuc Gia Bao Investment & Trading JSC solicited investment between $540 to $1570, on the promise of a monthly ROI.
In addition to the ROI, investors were also given boxes of Organo Gold coffee. Vouchers, redeemable for Organo Gold branded coffee, were…

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Organo Gold caught up in $13.7 million Vietnamese Ponzi scheme?

Authorities in Vietnam are looking to prosecute Nguyen The Anh (note that’s his name, not the word “the”), for orchestrating a $13.7 million dollar Ponzi scheme.Supposedly Anh ran his own MLM company, Phuc Gia Bao Investment Joint Stock Company (more commonly known at “68 company”), which relied heavily on convincing others it was part of Organo Gold.
The company launched a multi-level marketing scheme for the Organo Gold coffee brand.
This venture did not do well, so The Anh called for business co-operation for marketing the Lingzhi Red Lucerne coffee.
The second reiteration of Anh’s company, named Phuc Gia Bao Investment & Trading JSC (“868…

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Net Leaders & DasCoin under criminal investigation in Poland

The District Public Prosecutor’s Office in Warsaw has confirmed a criminal investigation into the DasCoin Ponzi scheme.The announcement was made following a tip from consumer advocacy group Trading Jam, who alerted the Prosecutors to possible violations of Poland’s Criminal Code.
The letter received by Trading Jam from the Prosecutor’s Office reads (auto-translated);
The district prosecutor in Warsaw on September 21, 2018 has been investigating under the reference number PO III DS 176.2018 regarding bringing in from September 2016.
Throughout the country, a number of people are disadvantaged by the sale of goods via sales through a website (netleaders).
License for the purchase of a number…

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Uganda struggling with MLM cryptocurrency fraud

It’s no secret that Africa is a hotbed of MLM cryptocurrency fraud.Perpetrators, primarily from the US and Europe, have no scruples when it comes to targeting and exploiting uneducated (and often poor) investors in Africa.
On an almost daily basis BehindMLM receives emails from people with distinctly African names. More often than not they’re begging for access to their account in whatever MLM crypto scam of the day has done a runner on them.
Naturally I can’t help these people and so their emails go unanswered.
One African nation, Uganda, is struggling to cope with the current MLM cryptocurrency crime wave.
Concerned that youth and…

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Munafa Networking Marketing losses pegged at $86.8 million

Since our last update on Munafa Network Marketing in May, Pakistani authorities have arrested an addition thirty-four suspects.As of May 2018, authorities had arrested five suspects. Further investigation has revealed Munafa Network Marketing was spearheaded by over 271 primary promoters.
Since shutting down the Ponzi cycler, over 11,000 Munafa Network Marketing victims have filed claims for losses of over $138 million USD.
After going through the claims, the National Accountability Bureau pegged actual investor losses at $86.8 million.
Even the reduced amount however is nowhere near the $6.8 million authorities have been able to freeze.
Of the thirty-nine arrested suspects ten have opted for a…

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Munafa Network Marketing losses pegged at $86.8 million

Since our last update on Munafa Network Marketing in May, Pakistani authorities have arrested an addition thirty-four suspects.As of May 2018, authorities had arrested five suspects. Further investigation has revealed Munafa Network Marketing was spearheaded by over 271 primary promoters.
Since shutting down the Ponzi cycler, over 11,000 Munafa Network Marketing victims have filed claims for losses of over $138 million USD.
After going through the claims, the National Accountability Bureau pegged actual investor losses at $86.8 million.
Even the reduced amount however is nowhere near the $6.8 million authorities have been able to freeze.
Of the thirty-nine arrested suspects ten have opted for a…