MLM Schemes | FinTelegram News

Category: MLM Schemes

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.

February 15, 2024

The Global Crackdown On Crypto MLM Scheme GSPartners (Now GSPro) Continues!

The drama continues. The crypto MLM scheme previously known as GSPartners, under the leadership of Josip Heit, has undergone a rebranding to GSPro towards the end of 2023. This move came in the wake of a series of fraud warnings and cease and desist orders issued by various U.S. and Canadian financial regulatory bodies. Most recently, BehindMLM reported that the accounts of GSPro investors in the U.S. and Canada are no longer accessible.

January 30, 2024

Finally! U.S. DOJ And SEC Filed Charges Against Crypto Fraud Scheme HyperFund

The U.S. Securities and Exchange Commission (SEC) is continuing its enforcement actions in the crypto sector. The agency announced charges against Xue Lee (also known as Sam Lee), an Australian citizen who lives in Dubai, who is accused of co-founding crypto MLM scheme HyperFund, as well as two promoters, Rodney Burton of Miami, and Brenda Chunga of Severna Park, Maryland. The U.S. Department of Justice (DOJ) announced criminal charges against these three individuals.

US Treasury Forgives Ukraine Looters!

On 26 September 2024, the United States Treasury’s Financial Crimes Enforcement Network ‘FinCEN’ made the astonishing decision to drop sanctions against ABLV Bank of Latvia. ABLV was sanctioned in 2018 for a list of reasons, including helping Ukrainian President Viktor Yanukovich’s bagman, Serhiy Kurchenko, steal billions of dollars from Ukraine.

Gurbir Grewal’s Departure from the SEC: His New Position and Potential Impact on Crypto Regulation!

Gurbir S. Grewal, the former Director of the Division of Enforcement at the U.S. Securities and Exchange Commission (SEC), has left his position to join Milbank LLP, one of the most innovative and prestigious law firms globally. This transition from his high-profile regulatory role to private practice is likely to have lasting implications, particularly on the SEC’s enforcement strategy in the crypto sector.

Warning Against The Imminent Danger of Pig Butchering For The Dawning Cyber Society!

Pig butchering scams are a devastating form of cybercrime that blend romance and investment fraud, leaving victims emotionally and financially shattered. These sophisticated operations, run by organized crime syndicates, often exploit human trafficking victims as unwilling scammers. The perpetrators meticulously cultivate trust over months, luring targets into fraudulent cryptocurrency investments through fake platforms.

MLM Schemes