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BitConnect 2.0: A Ponzi for crypto’s most gullible morons

May 19, 2019, 5:21 pm
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I feel like BitConnect 2.0 isn’t something I should have to even cover, but here we are. Up until its latest repurposing, the BitConnect 2.0 website domain was used to promote fraudulent Tron DAPP Ponzi schemes (Tron3D being the last I believe). On or around May 17th the domain was repurposed with a BitConnect 2.0 [Continue reading...] Source: BitConnect 2.0: A Ponzi for crypto’s most gullible morons

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Visiber Review: Your birthdate + triangles = pyramid scheme

May 19, 2019, 10:08 pm
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Visiber operates in the numerology MLM niche and is based out of Malaysia. The company is headed up by co-founder “David” Choong Jeng Hew. Jeng goes by his first two names and styles himself as a “Dato David” on Facebook. Jeng (right) founded Visiber with Patrick Tan Boon Jin in 2005. The pair worked together [Continue reading...] Source: Visiber Review: Your birthdate + triangles = pyramid scheme

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FX Trading Corp investment fraud warning issued in Brazil

May 20, 2019, 6:08 pm
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Brazilian authorities have issued a FX Trading Corp investment fraud warning. According to the Brazilian Securities and Exchange Commission, FX Trading Corp is not licensed to offer securities in Brazil. Within the context of MLM, a security is any MLM company offering a passive investment opportunity. As per our FX Trading Corp review, the company [Continue reading...] Source: FX Trading Corp investment fraud warning issued in Brazil

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Stream Energy’s retail customers sold off for $300 million

May 21, 2019, 1:05 am
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Stream Energy and NRG Energy have entered into a $300 million acquisition agreement. The agreement will see NRG Energy acquire steam’s “retail electricity and natural gas businesses”. An MLM company selling off its retail customers? This can’t be good… The NRG Energy deal excludes Stream Energy’s MLM operations, which one would assume are practically worthless [Continue reading...] Source: Stream Energy’s retail customers sold off for $300 million

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Minerva Trading Bot Review: 240% annual ROI Telegram Ponzi bot

May 21, 2019, 2:29 am
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Minerva Trading Bot provides no information on who owns or runs the company on their website. The Minerva Trading Bot website domain (“minervatradingbot.com”) was privately registered on December 10th, 2018. Further research reveals a Minerva Trading Bot YouTube video featuring the company’s CEO. The individual in the video isn’t credited in the description. The video [Continue reading...] Source: Minerva Trading Bot Review: 240% annual ROI Telegram Ponzi bot

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FTC sues Allied Wallet for assisting scams with stealing $110 million

May 21, 2019, 6:35 pm
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Payment processor Allied Wallet has been sued by the FTC for violations of the FTC Act. The regulator alleges Allied Wallet assisted “business opportunity and coaching scams, pyramid schemes, and unlawful debt collection operations” with illegally charging over $110 million to consumer accounts. According to the FTC, since at least 2012 defendants Allied Wallet and [Continue reading...] Source: FTC sues Allied Wallet for assisting scams with stealing $110 million

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Onyx Lifestyle Review: LQD8 Block investment BTC securities fraud

May 21, 2019, 10:00 pm
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Onyx Lifestyle provides no information about who owns or runs the company on their website. The Onyx Lifestyle website (“onyxlifestyle.com”) was initially registered in 2016. Through the WayBack Machine, I was able to confirm that up until late 2018 at least, the Onyx Lifestyle domain was available for sale. The Onyx Lifestyle domain registration was [Continue reading...] Source: Onyx Lifestyle Review: LQD8 Block investment BTC securities fraud

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Mark and Tammy Smith granted Neora arbitration injunction

May 22, 2019, 6:20 pm
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Since the filing of Mark and Tammy Smith’s Californian lawsuit against Neora (then Nerium), the company has moved swiftly to have the matter resolved via arbitration in Texas. To that end Neora filed an arbitration demand in July 2018. Describing Neora’s response as “retaliatory and vexatious attempts to litigate against Plaintiffs in Texas”, the Smiths’ [Continue reading...] Source: Mark and Tammy Smith granted Neora arbitration injunction

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PM International files third sugar powder pyramid appeal

May 22, 2019, 7:24 pm
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PM International has provided us with the latest example of an MLM company unable to take a hint. As part of the company’s long running beef with TV2, PM International has filed a third appeal. PM International’s beef with TV2 dates back to late 2017. A segment on TV2’s Health Control program alleged, based on [Continue reading...] Source: PM International files third sugar powder pyramid appeal

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New DealShaker abandoned. Is this OneCoin’s final collapse?

May 23, 2019, 3:55 pm
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OneCoin’s New DealShaker platform has been abandoned. For die hard investors still backing OneCoin, New DealShaker was perhaps the only reason they hadn’t lost their minds over how much money they’ve lost. New DealShaker was supposedly being put together by Duncan Arthur (right). Arthur emerged as a prominent figure within OneCoin sometime after founder Ruja [Continue reading...] Source: New DealShaker abandoned. Is this OneCoin’s final collapse?

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SEC sues iPro Network, claims $26 million dollar pyramid scheme

May 23, 2019, 5:52 pm
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The SEC has filed suit against iPro Network, alleging the scam and founder Daniel Pacheco stole $26 million from investors. In addition to iPro Network and Daniel Pacheco (right), relief defendants named in the SEC’s May 22nd lawsuit include E Profit Systems; Matthew Lopez (cited as co-manager of Fintact Payment Solutions, Fintact Solutions Group and [Continue reading...] Source: SEC sues iPro Network, claims $26 million dollar pyramid scheme

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Pinkston dodges contempt, agrees to final judgment fraud penalties

May 23, 2019, 7:26 pm
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Following the FTC’s push towards contempt proceedings, Eric Pinkston has decided to fully cooperate with the regulator. To that end Pinkston and the FTC have agreed on final judgment penalties, which have been submitted to the Commission for approval. Details of Pinkston’s final judgement are yet to be made public. What we do know however [Continue reading...] Source: Pinkston dodges contempt, agrees to final judgment fraud penalties

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New Zeek Rewards Receiver provides final distribution roadmap

May 23, 2019, 9:02 pm
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Following Kenneth Bell’s appointment as a District Judge, Matthew Orso has taken over the Zeek Rewards Receivership. In a May 22nd announcement, Orso has provided a roadmap towards final distribution payments. In his announcement, Orso cites “two main areas of litigation” that need to be resolved before final distribution payments are made. First, we must [Continue reading...] Source: New Zeek Rewards Receiver provides final distribution roadmap

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LuLaRoe’s gastric band pressure group is next level creepy

May 23, 2019, 10:59 pm
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While I’m aware of the common association of cultish tendencies within MLM companies, it’s not something I tend to dwell on. Extreme fans can be found cheering anything on, so I think definitively drawing a line between fanaticism and a cult is pretty difficult. And it’s not made any easier by those inside or who [Continue reading...] Source: LuLaRoe’s gastric band pressure group is next level creepy

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Synovus Bank’s threat to delay MOBE clawback litigation quashed

May 24, 2019, 6:56 pm
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Following a fight over handing back funds fraudulently obtained via MOBE, the Receiver has discovered new potential clawback claims against Synovus Bank and QualPay. Talk about kicking an own goal… As processors attached to MOBE, Synovus Bank and QualPay handled $6.3 million in fraudulently obtained funds. Greed saw both companies refuse to return the money [Continue reading...] Source: Synovus Bank’s threat to delay MOBE clawback litigation quashed

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Lira Coin Club Review: LIC token lending Ponzi scheme

May 24, 2019, 9:10 pm
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Lira Coin Club provides no information on their website about who owns or runs the business. In fact at the time of publication, the Lira Coin Club website is nothing more than an affiliate login form. The Lira Coin Club website domain (“liracoin.club”) was initially registered in August 2017. The domain registration details were updated [Continue reading...] Source: Lira Coin Club Review: LIC token lending Ponzi scheme

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Torq Vita Review: Torqx Ponzi points + ecommerce

May 25, 2019, 12:00 am
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Torq Vita provides no information on its website about who owns or runs the business. The Torq Vita website domain was registered on November 12th, 2018. The domain registration does not specify an owner. On their website Torq Vita claim to be “headquartered in Great Britain”. To that end the company provides incorporation details for [Continue reading...] Source: Torq Vita Review: Torqx Ponzi points + ecommerce

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New Dealshaker dev team confirms OneCoin has no blockchain

May 25, 2019, 8:42 pm
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Yesterday evening I received a copy of the New DealShaker dev team report. This is the report I first became aware of back on May 21st, but at the time wasn’t able to verify its existence. Last night I had a social engagement I couldn’t get out of, and at the same time I didn’t [Continue reading...] Source: New Dealshaker dev team confirms OneCoin has no blockchain

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Dennis Windsor vs. Neora partial settlement reached

May 26, 2019, 6:24 pm
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Following on from our article last week regarding a Dennis Windsor v. Neora settlement, on May 23rd the parties advised the court a partial settlement has been reached. Nerium International co-founder Dennis Windsor (right) sued the company back in 2016. In his original lawsuit, Windsor sought $22 million over his termination as President of Nerium [Continue reading...] Source: Dennis Windsor vs. Neora partial settlement reached

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iGalen Review: Pay to play $79.95 onion powder?

May 26, 2019, 10:59 pm
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iGalen operates in the nutritional supplement MLM niche. The company launched in early 2017 and is headed up by co-founders Chan Heng Fai and Rajen Manicka. Both Fai and Manicka hold executives positions in Holista Colltech Limited. Fai (right) is Holista Colltech’s Director and Manicka is cited as Executive Chairman. An ASX announcement dated February [Continue reading...] Source: iGalen Review: Pay to play $79.95 onion powder?

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