OmegaPro executive Juan Carlos Reynoso has been arrested in Mexico. Mexican authorities detained Reynoso, a Peruvian national, as part of a wider investigation into cartel-linked Black Wall Street Capital. Black Wall Street Capital operates from Anzures in Mexico City. There, Reynoso and four accomplices were arrested on March 15th. Reynoso, Hernan Samper Richar, Juan Carlos …
OmegaPro’s Juan Carlos Reynoso arrested in Mexico Read More »
The SEC has secured judgment against Nasgo Ponzi defendant James Hardy. The SEC filed for judgment against Hardy on February 28th. The court granted the motion and ordered judgment on March 7th. As per Hardy’s Nasgo judgment, he’ll be required to “pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a civil penalty”. The exact …
SEC secures judgment against Nasgo’s James Hardy Read More »
Pablo Renato Rodriguez has pled guilty to an AirBit Club criminal charge. Rodriguez and partner in crime Gutemberg Dos Santos, were indicted in 2020 on criminal charges relating to AirBit Club. AirBit Club was a ~$20 million “bitcoin mining” MLM Ponzi Rodriguez and dos Santos launched in 2016. Rodriguez originally pled not guilty to the …
Renato Rodriguez pleads guilty to Airbit Club wire fraud Read More »
AutoTrade Golder founder and CEO Dinar Wahyu Saptian Dyfrig, better known as Wahyu Kenzo, has been arrested in Indonesia. Indonesian authorities allege AutoTrade Gold was a 9 trillion INR Ponzi scheme (~$582 million USD). An investigation into Kenzo was opened following complaints from AutoTrade Gold investors. That initial investigation revealed 141 local victims of the …
AutoTrade Gold founder Wahyu Kenzo arrested in Indonesia Read More »
Joshua David Nicholas has been ordered to pay $3.3 million in restitution. The order follows Nicholas pleading guilty to one count of conspiracy to commit wire fraud last September. That plea led to a 51 month prison sentence, handed down a few months later in November. As reviewed by BehindMLM in June 2021, EmpiresX was …
Joshua D. Nicholas to pay $3.3 million in EmpiresX restitution Read More »
The Mirror Trading International tax issue in South Africa is expected to drag into 2024. As part of ongoing liquidation proceedings, last July South Africa’s Revenue Service (SARS) signalled intent to bill MTI’s liquidators for $34.46 million. SARS eventually followed up through an intervention motion, filed in October 2022. The amount purportedly represents what MTI …
MTI tax issue in South Africa expected to drag into 2024 Read More »
Following dozens of complaints from consumers, the Norwegian Gambling Authority sent Be a warning letter last October. The letter advised that the Gambling Authority suspected Be was an illegal pyramid scheme. The Gambling Authority serves as Norway’s top financial regulator when it comes to MLM pyramid and Ponzi schemes. BehindMLM has not seen a copy …
A consented to preliminary order has pegged Gilbert Armenta’s OneCoin forfeiture at over $50 million dollars. Armenta’s preliminary forfeiture order follows Armenta receiving a five year prison sentence last month. Through his guilty plea, Armenta (right) consented to being held liable for $300 million jointly with co-conspirators Ruja Ignatova, Konstantin Ignatov and Karl Sebastian Greenwood; …
Gilbert Armenta’s OneCoin forfeiture tops $50 million Read More »
Financial Education Services’ Motion to Dismiss FTC proceedings against it has been denied. The FTC filed suit against FES last June, alleging FES was a $467 million pyramid scheme. As part of those proceedings, FES filed a Motion to Dismiss on July 25th. In its February 13th order denying FES’ motion, the court noted that …
Financial Education Services fails to dismiss FTC fraud case Read More »
NovaTech FX has received a securities fraud warning from Quebec’s Autorite des Marches Financiers. NovaTech LTD was added to the AMF’s investor warnings list on February 3rd, 2023. The AMF identifies NovaTech FX as a “high-risk platform” involving “crypto assets” and forex”. NovaTech LTD is not registered with the Autorité des marchés financiers (AMF) and …
5th NovaTech securities fraud warning from Canada (Quebec) Read More »