Magellan International confirms securities fraud by pulling out of US

September 22, 2018 0

In recent communication sent out to its investors, Magellan International Alliances has announced it is pulling out of the US.The announcement also serves as confirmation Magellan are engaged in securities fraud.
Magellan International Alliances began as CGI Limited on around February 2018.
The company initially planned to illegally offer crypto gambling services in the US through its BetChip altcoin and Coinsinos casino.
By April Coinsinos had been dropped and CGI Limited renamed to CGI Global.
Magellan International Alliances surfaced in August, as a new vehicle for CGI Global to push its BetChip altcoin through.
On the corporate side of things Magellan International is set up as…

Trevon James gagged by SEC on BitConnect subpoena appearance

September 22, 2018 0

Since his September 14th appearance before the SEC, Trevon James has been awfully quiet on social media.In his first YouTube video since the appearance, James has confirmed the SEC has gagged him from talking publicly about what was discussed.
In the weeks leading up to his appearance James, who is believed to have stolen well over a million dollars through BitConnect, had been posting on social media daily.
Regarding his appearance before the SEC, in a September 21st video titled “After My SEC Testimony” James states;
[8:07] Yeah I went but I’m not – they said I can’t talk about it.
I really want to…

Mark S. Scott’s $2.5 million OneCoin money laundering bond details

September 22, 2018 0

Mark S. Scott, the US-based lawyer who allegedly assisted OneCoin with laundering $400 million in stolen funds, has had his $2.5 million bond signed off on and paid.According to a September 19th filed bond agreement, Scott’s secured bond has been set at $2.5 million, $750,000 of which has been deposited as cash.
As I understand it, if Scott fails to adhere to the bond agreement, he’ll be liable for the full $2.5 million amount.
Co-signers on the bond agreement are Tony Selimi of Ohio and Edward Feenane of Florida. Their relationship to Scott is unclear.
While released under monitored home-detention, Scott

is prohibited from violating…

$169 million awarded in Zeek Rewards net-winner judgments

September 20, 2018 0

In the recently filed Status Report for the Second Quarter of 2018, the Zeek Receiver has revealed $169 million has been awarded in net-winner judgments.The judgments were awarded against Zeek Rewards net-winners who refused to settle.
Rather than collect judgments individually from net-winners, instead the Zeek Receivership is preparing to sell them to debt collectors.
Throughout the second quarter of 2018, some 2508 net-winners settled with the Receiver for $18 million. As of June 30th, $12 million has been collected with $4.2 million outstanding.
Some of Zeek’s top net-winners are still fighting clawback, having taken their case to the Fourth Circuit appeals court.
As per the Receiver’s report;
During the…

Myanmar bans MLM outright, affiliates face prison time

September 20, 2018 0

Myanmar, a nation is south-east Asia, has banned multilevel marketing completely.On September 18th the Ministry of Commerce issued notification 46/2018, which prohibits operation and promotion of MLM companies in Myanmar.
Any MLM companies found operating in Myanmar after September 18th risk further action. Individuals running or promoting MLM companies risk a six month to three-year prison sentence and a fine of up to K500,000 ($315 USD).
Speaking to local media, Zayar Swe, Deputy Director of the Consumer Affairs Department, stated;
The department has received many complaints about the MLM. We could do nothing as we received no order to deal with these complaints.
Now the…

Mary Dee files expenses opposition, FTC responds to both objections

September 20, 2018 0

Mary Dee has filed an opposition to the FTC’s request to modify the Digital Altitude preliminary injunction.The FTC has requested the court cut off Force and Dee from victim-funds, which under the current injunction sees them collecting a monthly living expense.
As stated we’ve previously covered Michael Force’s opposition filing. Mary Dee filed her opposition later the same day, however the case docket hadn’t updated when we wrote our September 15th article.
For clarification, Mary Dee filed her opposition on September 14th. The FTC filed their reply to both oppositions on September 18th.
Among other things, Dee’s opposition takes aim at the FTC Act….

CFTC confirms iMarketsLive & Wealth Generators operated illegally

September 16, 2018 0

The CFTC has issued a press-release confirming iMarketsLive and Wealth Generators were ‘illegally offering forex and binary options to retail investors in the United States‘.According to the CFTC, both MLM companies failed to register their respective offering, making the businesses illegal.
Both the CFTC orders against iMarketsLive and Wealth Generators were issued on September 14th.
With respect to iMarketsLive, the CFTC took issue with the company’s FX Signals Live product.
Through FX Signals Live, iMarketsLive affiliates were able to receive an automated ROI through forex trading.
The individual customers did not take any actions to make the forex trades occur and did not exercise any…

SEC takes Zeek Receivership to task over excessive billing

September 15, 2018 0

In an attempt to dismiss their victims, a cliché trotted out whenever the government steps in and shuts down a scam is that said government will keep most of the money.What scammers don’t realize is that there are checks and balances in place to ensure this doesn’t happen, as evidenced by a recent SEC filing.
Before we get into it I want to preface by stating that to date, the Receivership estimates around 80% to 85% loss recovery for Zeek Rewards victims with a valid claim.
Actual recovery is presently sitting somewhere between 70% and 80%.
In a world of never-ending scams causing incalculable…

Force demands continued access to frozen funds, blames lawyers

September 14, 2018 0

As of September 7th, Michael Force and Mary Dee have been paid combined living and medical expenses of $42,367 and $48,504 respectively.Citing “significant changed circumstances”, the FTC now want to stop these monthly payments – and Michael Force isn’t too happy about it.
In their August 31st motion, the FTC argues that while Force and Dee’s access to frozen funds might have initially been justified, “that access is not unlimited”.
Initially, Force and Dee were granted access to frozen funds to ‘ensure (they) and their families’ health and safety were not adversely affected‘.
As the FTC point out, that was six months ago.
(Force and…

OneCoin scammer indicted on $400 million money laundering charge

September 14, 2018 0

After seemingly little no progress on the regulatory front for some time, a key OneCoin insider has been indicted on a money laundering charge in the US.Mark Scott was indicted by  federal grand jury on August 21st, on money laundering charges related to the OneCoin Ponzi scheme.
On the same day Scott was indicted, a warrant was also issued for his arrest. Authorities apprehended Scott on September 5th.
Scott’s indictment follows a joint FBI and DOJ investigation. According to a filed affidavit in support of his arrest, Scott has been charged with Conspiracy to commit money laundering.
Mark Scott is a licensed attorney in…