MLM Schemes | FinTelegram News

Category: MLM Schemes

March 18, 2025

Urgent Warning: Beware of Suki Chen and the Streakk/Earn World Crypto MLM Schemes!

FinTelegram’s investigations, alongside whistleblower reports, reveal that Suki Chen (aka Sukijami Chendrawan) is the alleged founder of Streakk and successor scheme Earn.World. Both schemes are suspected to be pyramid or snowball schemes (MLM schemes) that have been promoting their own STKK token. These operations have been flagged as fraudulent and are under scrutiny for securities fraud and Ponzi-like activities.

October 12, 2024

Breaking: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

MLM Schemes

October 6, 2024

Latest Arrests in $4 Billion Forex AI Fraud Scheme OmegaPro and the Austrian Connection!

FinTelegram has reported on the fraudulent crypto MLM schemes OMNIA Tech and OmegaPro several times in the past. This week, various media outlets have reported the arrest of Robert Velghe in Turkey, who has played a crucial role in both scams. The OmegaPro MLM scam is believed to have stolen around $4 billion from victims worldwide. Here is our update with a request for additional information from whistleblowers.

October 6, 2024

Crypto MLM Scam: David Carmona Sentenced to 121 Months for IcomTech Crypto Ponzi Scheme!

iComTech was one of the numerous fraudulent MLM schemes that used cryptocurrencies as a means of fraud in parallel with the crypto hype of 2017/18. David Carmora started IcomTech in approximately 2018 with other co-conspirators as a purported cryptocurrency mining and trading company. The scheme promised to earn its victims high profits and guaranteed daily returns that would double their money within six months.

August 19, 2024

Report: The Highly Effective Deployment of Cryptocurrencies in MLM- and Ponzi Schemes!

Recently, the arrest of an Indian victim of the global crypto Ponzi scheme BitConnect has attracted attention. The victim, Shailesh Babulal Bhatt, had lost money in BitConnect and subsequently Bhatt kidnapped two employees of BitConnect founder Satish Kumbhani and successfully extorted $148 million worth of Bitcoins. Especially in the aftermath of the second Bitcoin Halving in 2016, crypto Ponzi schemes defrauded millions of naïve investors out of billions. Here is our report.

August 12, 2024

SEC Files Charges Against NovaTech and Its Leaders in $650 Million Crypto Fraud Case!

The U.S. SEC has filed charges against NovaTech, a multi-level marketing (MLM) company, and its principals, Cynthia Petition and Eddy Petion, for orchestrating a fraudulent scheme that defrauded more than 200,000 investors globally and raised over $650 million in crypto assets. The SEC's complaint also targets several top promoters of the scheme, including Martin Zizi, Dapilinu Dunbar, James Corbett, Corrie Sampson, John Garofano, and Marsha Hadley.

May 27, 2024

Ponzi Warning: BehingMLM Review Qualifies Top GPT as a Ponzi Scheme in Disguise!

According to a recent review by BehindMLM, a leading MLM review platform, Top GPT has been identified as a "click a button" Ponzi scheme. The platform raises significant red flags, including a lack of transparency about its ownership and executive team, dubious claims of legitimacy, and misleading information. Given their reputation, investors should pay attention to BehindMLM reviews and warnings.

MLM Schemes

May 26, 2024

Urgent Warning: SI Group’s Crypto Trading Scheme Exposed as MLM Ponzi

It is no secret that MLM schemes have been increasingly relying on cryptocurrencies for years to implement their questionable to illegal business models. FinTelegram issues a critical warning about SI Group, also known as System Investments Group. BehindMLM investigations reveal troubling signs of an MLM Ponzi scheme, with the company failing to provide transparent ownership or executive information on its website.

May 2, 2024

Black Compliance: The SEC-Registered Investview, its MLM-Scheme iGenius!

Investview, registered in Nevada, is a OTCQB-listed and SEC-registered FinTech and crypto company that distributes its various online trading and crypto products via its MLM structure with changing names and legal entities. Currently, iGenius is the MLM scheme responsible for distribution. On social media, iGenius is called a pyramid or Ponzi scheme. Financial regulators have warned against it. Following our review, we have placed the Investview Group on our black compliance list.

May 1, 2024

Social Media-Powered Ponzi Schemes: The iGenius Case Exposed on TikTok!

The digital age has reshaped how we communicate and how scammers operate. Gone are the days when multi-level marketing (MLM) schemes were predominantly spread in hotel conference rooms and large events. Today, social media platforms like Instagram and TikTok have become the new arenas for these fraudulent operations. One such scheme recently spotlighted is iGenius, formerly known as Kuvera and Kuvera Global, which has been identified as a Ponzi scheme.

April 18, 2024

The Arrest and Charges Against the USI Tech Co-Founder Horst Jicha!

In December 2023, Horst Jicha, the 64-year-old German national and co-founder of the notorious crypto-MLM venture USI Tech, was arrested as he attempted to enter the U.S. for a vacation in Miami, Florida. This arrest follows years of warnings and negative reviews issued by FinTelegram regarding USI Tech, headquartered in Dubai but founded in Germany by Mike Kiefer, Ralf Gold, and the now-arrested Horst Jicha.

February 15, 2024

Legal Superpower: The New “Most Feared” U.S. Law Firm Of Josip Heit And GSPartners!

As reported by FinTelegram, the U.S. authorities have taken massive action against Josip Heit and his crypto MLM scheme around GSPartners and Swiss Valorem Bank in recent weeks. A total of 12 U.S. states have issued warnings and cease and desist orders. According to BehindMLM, further investigations by U.S. authorities are also ongoing. Heit has mandated the U.S. law firm Quinn Emanuel Urquhart & Sullivan, LLP to get him out of his U.S. problems.

DeFi Decoded: Smart Contracts – The Code Behind the DeFi Revolution

Smart contracts are the invisible architects of decentralized finance. These self-executing lines of code run everything from token swaps to lending platforms without middlemen. But while they offer autonomy, they also introduce new risks—bugs, exploits, and irreversible mistakes. In this fourth installment of our FinTelegram DeFi Series, we explain what smart contracts are.

CFTC

Despite New Crypto Friendlyness: No Settlement Between U.S. CFTC And KuCoin?

A planned settlement between the U.S.CFTC and crypto exchange KuCoin is now in limbo due to a reported policy shift within the CFTC. This change is attributed to the Trump administration’s new approach, which deprioritizes enforcement actions against crypto companies. As a result, a CFTC attorney said that it is "unlikely that such authorization will be granted in the near term" regarding the settlement approval.

SEC’s New Era: Paul Atkins Sworn In—Will Crypto Finally Get the Regulatory Clarity It Deserves?

The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.

Crypto Mogul Changpeng Zhao – Fallen, Rich, and Rising Again?

As spring 2025 blooms and Easter’s themes of rebirth fill the air, Changpeng Zhao emerges as one of the most controversial figures of startup mythology: a man who fell spectacularly, paid a price—then rose again, wealthier and louder than ever. Once the almighty architect of Binance, CZ now resides in Dubai with a net worth that Forbes estimates at $63 billion.

Prison Update: Sam Bankman-Fried Transferred to Low-Security Federal Prison in Los Angeles!

Sam Bankman-Fried (SBF), the founder of the now-defunct cryptocurrency exchange FTX, has been transferred to the Federal Correctional Institution (FCI) Terminal Island in Los Angeles, California. This low-security facility is known for housing non-violent offenders and has previously held notable inmates such as Ramesh "Sunny" Balwani, former COO of Theranos.