regulation

$48 million clawback lawsuit filed against Traffic Monsoon scammers

Frauds, regulation, Traffic Monsoon

The Site visitors Monsoon Receiver has filed a class-action clawback criticism, concentrating on high net-winners within the $175 million greenback Ponzi scheme. The Site visitors Monsoon clawback lawsuit was filed on April twenty second, following court docket approval in late March. The Receiver’s bold clawback lawsuit targets 4819 net-winners, every of whom withdrew a internet […]

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Faith Sloan settles TelexFree Ponzi fraud with Trustee

Frauds, regulation, TelexFree

Along with being pursued by the SEC, TelexFree net-winner Religion Sloan additionally confronted clawback litigation from the Trustee. In keeping with the Trustee, Sloan stole $710,319 from TelexFree victims. Earlier this month we reported Sloan had reached a settlement with the SEC. In gentle of that but to be authorised settlement, the Trustee and Sloan

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Poland offers to file charges against OneCoin scammer, seeks victims

Frauds, OneCoin, regulation

For those who’re a OneCoin sufferer in Poland, you may be capable of recuperate your losses through felony proceedings. The Szczecin District Prosecutors Workplace has provided to go after OneCoin scammers. They simply want victims to talk up. The Szczecin Prosecutors Workplace made their supply on April nineteenth, beneath Article 131, Part 2 of the

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Why TelexFree victim distribution payments are taking so long

Frauds, regulation, TelexFree

There’s in all probability no group extra salty in MLM  proper now than TelexFree victims with accepted claims. The TelexFree declare portal went reside again in mid 2016. Nearly three years later, not one distribution fee has been made. Now, a Standing Report filed by the Trustee on April twelfth, supplies perception into why. Not

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Tonga issues WorldVentures pyramid scheme warning

Frauds, regulation, World Ventures

The Nationwide Reserve Financial institution of Tonga has issued a warning towards participation in WorldVentures. WorldVentures’ enterprise mannequin sees the corporate promote journey associated providers to retail prospects on the front-end. On the back-end, the place many of the gross sales income is generated, WorldVentures associates are paid to recruit. The Reserve Financial institution of

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LEO a Ponzi scheme in Pakistan, SEC shuts down shell company

companies, Frauds, LEO, regulation

A number of weeks again I got here throughout information that the Pakistan SEC had shut down ‘at the very least 9 corporations dealing in cryptocurrencies and providing Ponzi/MLM, referral advertising and marketing, pyramid enterprise/schemes‘. Though this was MLM associated information, I didn’t acknowledge any of the corporate names and so left it at that.

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GTI-Net Ponzi confirmed, reboots as Global Technology Innovation

choosing a business, companies, Frauds, regulation

GTI-Internet misplaced its enchantment in opposition to an funding fraud warning issued by Belgium’s Monetary Companies and Markets Authority (FSMA). The corporate responded by “shutting down”, solely to reboot itself with a brand new identify and web site. The FSMA issued its warning in November 2017. Within the warning the regulator made two main factors;

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Faith Sloan settles SEC’s $1.2 million TelexFree fraud case

Frauds, regulation, TelexFree

With the clocking ticking down in direction of her TelexFree trial, now information that Religion Sloan has reached a settlement with the SEC. In an April third joint submitting, the SEC moved for a continuance of Sloan’s Could thirteenth trial date. The regulator claims it has ‘arrived at a settlement in precept to settle the

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OneCoin promoters arrested in Singapore, regulatory warning

Frauds, OneCoin, regulation

Two OneCoin promoters have been arrested in Singapore, on the fees associated to “pyramid promoting”. In accordance with a report by Rachel Mui from the Enterprise Occasions, the arrests are the primary of their variety in Singapore. The Business Affairs Division has said that OneCoin is a “fraudulent cryptocurrency”. Native residents participated within the scheme

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