Scam Alerts

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

Frauds, payment processors, regulation

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 […]

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

companies, Frauds

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

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FX Trading Corp investment fraud warning issued in Brazil

companies, Frauds, regulation

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

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Cloud Token to continue securities fraud with ASIC’s help

Cloud Token, companies, Frauds

In a bid to continue to entice investment into their illegal unregistered securities investment scheme, Cloud Token has registered itself with the Australian Securities and Investments Commission (ASIC). Cloud Token has no physical business operations in Australia. Nor is Australia a significant source of investment revenue for the company (Alexa). Rather Cloud Token is run

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Zeek Rewards net-winner scammers’ Fourth Circuit appeal denied

Frauds, regulation, Zeek Rewards

In an announcement published earlier this month, the Zeek Rewards Receiver has provided some updates on final distribution payments. We’re a bit late on the Receiver’s May 6th announcement. Nonetheless in the Receiver’s latest announcement he reveals a Fourt Circuit appeal loss for certain Zeek Rewards’ net-winners. Said net-winners objected to being ordered to return funds

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