As per an order made last month, the SEC vs. Saivian trial has been scheduled for March 30th, 2021 (not a typo). Saivian was a Ponzi scheme launched in 2015. The SEC sued Saivian and owner Eric J. Dalius back in November 2018. A March 2021 trial date puts us at two years and four […]
SEC vs. Saivian trial scheduled for March 2021 Read More »
The Zhunrize Receiver has filed his sixteenth and final status report. A December 19th motion also seeks to close the Zhunrize Receivership and discharge the Receiver. The Zhunrize Receivership managed to recover $46.5 million. As of August 2018, $41.2 million had been returned to Zhunrize victims. After distribution to Zhunrize victims, fees expenses and estimated closing
Zhunrize Receivership winds down Read More »
As the DOJ’s investigation into BitClub Network continues, the company’s website has now gone offline. As at the time of publication, attempts to load BitClub Network’s website throw up a 522 HTTP error (connection timed out). At present we don’t have specifics as to what exactly lead to BitClub Network’s website going down, but it’s
BitClub Network website pulled offline Read More »
The unsealing of the BitClub Network case docket confirms that, as of December 20th, co-founder Russ Medlin is still on the run from authorities. We first learned of the DOJ’s $722 million dollar Ponzi fraud case against BitClub Network on December 11th. At the time three defendants were named, Matthew Goettsche, Jobadiah Weeks and Joseph
BitClub Network’s Russ Medlin still at large Read More »
The Traffic Monsoon Receiver’s proposed claims process has been approved. This means we now have a set cutoff date and procedural instructions for claim filing. The most important date to Traffic Monsoon victims is the April 10th, 2020 claims bar date. Any claims filed after this date will be disallowed. Claims are to be filed
Traffic Monsoon victim claims process approved Read More »
Russell Whitney’s estate has settled with the FTC. As part of the settlement, a $1,428,616 monetary judgement has been awarded. As part of the order, it is accepted as fact by the court that, through participation in MOBE, Russell Whitney (right) participated in deceptive acts that violated the FTC Act. The order requires Whitney’s estate
Russell Whitney’s estate settles MOBE fraud with FTC Read More »
Good news for those of you who keep asking when you’ll be able to file claims, the Traffic Monsoon Receiver has sought claims process approval. Last month we reported the claims process was moving forward, and the first step now is getting court approval. Unless there’s some extraordinary circumstances we’re not aware of, claims process
Traffic Monsoon claims process approval sought ($114 million) Read More »
After what feels like far too long, news today that TelexFree co-founders Carlos Wanzeler and Carlos Costa have been arrested in Brazil. Federal Police swooped in on Wanzeler and Costa in the early hours of Tuesday, December 16th. Wanzeler was apprehended on the way to the gym. Costa was arrested at his home in Vila
Carlos Wanzeler & Carlos Costa arrested in Brazil Read More »
In a stunning backflip, South Africa’s FSCA has given up on regulating Karatbars International. In response to the FSCA’s initial securities fraud warning last month, Karatbars informed the FSCA that it markets two products in South Africa, one being the sale of gold bullion and the second the sale of a crypto-asset to be launched
Karatbars lies to FSCA, regulator doesn’t care Read More »
The UK’s Financial Conduct Authority has issued a securities fraud warning against Cash FX Group. The FCA is the UK’s equivalent of the SEC. MLM companies need to be registered with the FCA to offer securities across the UK legally. Cash FX Group, who offer passive returns of up to 400%, are not registered with
Cash FX Group securities fraud warning issued in UK Read More »
