The Australian Securities & Investments Commission is the latest regulator to issue a warning against the OneCoin Ponzi scheme. As per ASIC’s investment fraud warning, the regulator warns OneCoin could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. ASIC goes on to state that OneCoin Limited […]
OneCoin investment fraud warning issued in Australia Read More »
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
Synovus Bank’s threat to delay MOBE clawback litigation quashed Read More »
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
New Zeek Rewards Receiver provides final distribution roadmap Read More »
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
Pinkston dodges contempt, agrees to final judgment fraud penalties Read More »
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
SEC sues iPro Network, claims $26 million dollar pyramid scheme Read More »
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
FTC sues Allied Wallet for assisting scams with stealing $110 million Read More »
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
FX Trading Corp investment fraud warning issued in Brazil Read More »
AdvoCare has announced that it is dumping it’s MLM opportunity. The decision was made following “confidential talks” with the FTC. As of yet no details about an FTC investigation into AdvoCare have been made public. According to AdvoCare, talks with the FTC focused on “how (the company) compensates its distributors”. As a result of those
AdvoCare to dump MLM opportunity after FTC talks Read More »
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
Zeek Rewards net-winner scammers’ Fourth Circuit appeal denied Read More »
A second writ deadline extension has given Charles Scoville another month to delay Traffic Monsoon proceedings with. Following losses in district and appeals courts, Scoville is seeking to have his case heard in the Supreme Court. To that end he was granted leave to file a writ of certiorari back in February. This came with
Charles Scoville stalls again with second SCOTUS writ extenstion Read More »
