Simon Stepsys, a infamous Ponzi scammer from the UK, has pled responsible to tax fraud.
As per a case introduced by the UK’s Insolvency Service, Stepsys’ tax fraud associated to Simon Stepsys Success Worldwide.
Stepsys arrange Simon Stepsys Success Worldwide to launder cash by means of in 2013.
Circa 2013 Stepsys was selling the Banners Dealer Ponzi scheme.
As per BusinessForHome’s “High Earners Corridor of Fame“, by January 2013 Stepsys had already stolen ~$2.4 million by means of Banners Dealer.
In 2015 Canadian authorities shut down Banners Dealer, confirming it was a $93 million greenback Ponzi scheme.
As per a court-appointed Receiver, Simon Stepsys Success Worldwide
Within the years between 2016 and 2019 there have been no accounts stored so when the corporate started to be wound up there have been no accounts for the Official Receiver to cope with.
Mr Stepsys was invited to provide his accounts however he was unable to take action.
Mr Stepsys was interviewed. Through the interview he stated he had didn’t preserve his accounts.
He stated he was not superb at preserving paperwork. He admitted he had no paperwork.
As at June 2016, £199,000 was the official stability recorded in Simon Stepsys Success Worldwide’s checking account.
When requested the place the cash went, Stepsys claimed
he had spent that cash on dwelling prices for himself and his spouse.
He stated he needed to cooperate with the official receiver however stated he was not in the very best place.
Stepsys went on to confess he had didn’t “fulfill his duties as director of” Simon Stepsys Success Worldwide.
He stated he had no thought how a lot he owed HMRC. He seems to have prioritised paying cash to himself fairly than HMRC.
HMRC stands for HM Income & Customs, primarily the UK’s IRS equal.
After Banners Dealer collapsed Stepsys went on to promote MyAdvertisingPays, or MAP for brief.
Stepsys’ solicitor represented that, by means of MAP, that Stepsys offered
promoting on-line and his revenue was primarily based on a click on or click on by means of remuneration.
In actuality, like Banners Dealer, MyAdvertisingPays was a Ponzi scheme.
MyAdvertisingPays first collapsed in late 2015. A reboot, which excluded US buyers, collapsed once more in September 2016.
A second reboot was launched in November however lasted lower than a month. In December a 3rd reboot was launched as The Advert Platform.
I consider The Advert Platform collapsed in 2017. Simon Stepsys promoted the entire MAP reboots.
Stepsys’ solicitor claims that, following MAP’s 4 collapses;
Stepsys had gone right into a ‘spiral of despair and sick well being’ and acquired on-line blame for the collapse of the corporate which he stated was not his fault.
It ought to be famous that Stepsys, because the Ponzi scheme’s prime promoter, was very a lot the face of My Promoting Pays.
In handing down Stepsys’ sentence, District Decide Jack McGarva acknowledged;
Restricted legal responsibility in an organization s a privilege which brings with it tasks. There’s a sturdy public curiosity in guaranteeing these tasks are met
On this case your failure to maintain data made it not possible for the official receiver to finish his duties inflicting a big loss to the general public purse consequently.
Although I’m making it clear I’m sentencing for failing to maintain data fairly than concealing of property.
Stepsys was handed down a 16 week suspended jail sentence. He’s additionally required to undertake 200 hours of group service and pay £3,990 in court docket prices.
Stepsys’ regulatory issues date again to 1998, whereby the Workplace of Honest Buying and selling
accused Stepsys of ‘preying on the weak’ with home-working schemes that promised profitable returns.
In 1999 the UK’s Excessive Court docket banned Stepsys from “selling the ‘get wealthy’ fast schemes.
Banners Dealer launched in 2012. And we’re now developing on a decade of Simon Stepsys “selling the ‘get wealthy” fast schemes”.
Apart from tax fraud, UK authorities have taken no motion in opposition to Stepsys defrauding customers out of thousands and thousands.
Stepsys’ newest rip-off was the Russian Ponzi scheme Meme Membership.
Launched on or round Might 2022, Meme Membership collapsed earlier this month.
Our readers have been asking why UK authorities haven’t investigated Stepsys since at the very least 2016:
Stepsys is a good instance of why BehindMLM has and continues to be extremely vital of the UK’s failure to guard customers from blatant “out within the open” monetary fraud.