Category: MLM Schemes

Fraud trial against MLM scheme OnPassive scheduled for June 2025U
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October 12, 2023

U.S. Trial Against MLM Scheme OnPassive Set For June 2025!

In August 2023, the U.S. Securities and Exchange Commission (SEC) announced charges against Ashraf Mufareh and his company, OnPassive LLC, for orchestrating a fraudulent and unregistered offering. OnPassive claimed to be in the process of developing a range of computer applications powered by artificial intelligence and reportedly lured investors into an MLM scheme. These investors were promised passive income derived from subscription fees paid by subsequent investors.
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G999 of Josip Heit is blacklistedI
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October 12, 2023

Interesting: GSPartners And Josip Heit Threatens To Sue FinTelegram Over Blacklisting!

FinTelegram has received another letter from the law firm of Josip Heit. The latter is (among others) the beneficial owner of GSB Gold Standard Corporation AG and operates the multi-level marketing (MLM) scheme GSPartners a/k/a Swiss Valorem Bank and the cash system G999. There are warnings against this scheme from financial regulators. Therefore, we have included it in our black compliance list. For this, FinTelegram is now threatened with lawsuits by Heit's German law firm.
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Sebatian Greenwood with Ruja IgantovaO
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September 13, 2023

OneCoin Co-Founder Sebastian Greenwood Sentenced To 20 Years Prison Time!

Karl Sebastian Greenwood and "Cryptoqueen" Ruja Ignatov were the co-founders of the MLM scheme OneCoin. He has been sentenced to a 20-year incarceration for his pivotal role in the extensive OneCoin fraudulent operations. OneCoin, initiated in 2014 with its headquarters in Sofia, Bulgaria, propagated and retailed a counterfeit cryptocurrency under the same moniker via an expansive global multi-level marketing (MLM) framework.
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MLM artist Josip Heit and his legal battlesL
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August 29, 2023

Legal Opinion: Josip Heit, MLM Leader, Declared a Person of Public Interest!

Josip Heit, domiciled in Germany, is notably engaged in multi-level marketing endeavors. Legal representations made by his Berlin-based legal counsel, Irle Moser, as documented in court filings, attest to this. Mr. Heit holds authoritative positions in several corporate entities spanning jurisdictions, including the UK, Germany, Kazakhstan, Switzerland, and Mohéli. One might pose the legal question: Does he qualify as a person of public interest?
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Whistleblower request for UNBANXX schemeW
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August 11, 2023

Whistleblower Request: Crypto Payment Operator UBANKXX And Its MLM Fraud Schemes!

Earlier today, we warned against the crypto-based investment platform Passivo. After further research, our team discovered that Passivo appears connected to other fraudulent multi-level marketing (MLM) schemes such as PrivaFund or ChainXworld. UBANKXX Ltd, which is registered in Comoros and acts as a crypto payment processor registered with M.I.S.A. in Mwali, also plays a role. We would like to know more.
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G999 crypto payment scheme reviews by FinTelegramB
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January 2, 2023

Be Very Cautious: The G999 Blockchain-Based Cash System Of Josip Heit!

In its whitepaper, G999 claims to be a blockchain-based system for fast payments with high transaction capacity. G999 is part of the group of the GSPartners Group of Josip Heit. It is operated by GSB Gold Standard Pay Ltd, registered as a financial services and crypto services provider in Kazakhstan. The G999 crypto storage services are provided by GSB Gold Standard Pay KB, Stockholm, Sweden. However, the very same website states that it does not offer financial services. Strange, indeed. Here is our first review:
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Dutch FIUD raided Success Factory offices in DagCoin investigationsC
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November 6, 2022

Crypto Ponzi Scheme DagCoing: Dutch Office Raids & More Names Of The Arrested Revealed!

A few weeks ago, FinTelegram reported that the Estonian police arrested four executives of DagCoin, a sort of successor scheme to OneCoin. The arrested are DagCoin founder Nils Grossberg and Kris Ress (aka Kristjan Ress). behindMLM reports that the other two men are Gustav Poola and Gilbert Pardla.The men are charged with the operation of the crypto Ponzi scheme DagCoins. The Dutch FIOD raided offices of Success Factory, part of the DagCoin scheme, in Amsterdam.
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SEC LogoU
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November 6, 2022

U.S. SEC Filed Charges Against $295 Crypto Ponzi Scheme Trade Coin Club!

The U.S. Securities and Exchange Commission (SEC) announced charges against Douver Torres Braga, Joff Paradise, Keleionalani Akana Taylor, and Jonathan Tetreault for their roles in Trade Coin Club. This fraudulent crypto Ponzi scheme raised more than 82,000 bitcoin, valued at $295 million at the time, from more than 100,000 investors worldwide. Like all MLM Ponzi schemes, Trade Coin Club only enriched its owners and top promoters.
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DagCoin founders arrested in EstoniaE
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October 21, 2022

Estonian Police Arrested Founders Of The DagCoin Ponzi Scheme.

Estonian police arrested four DagCoin executives, including OneCoin alumni and DagCoin founder Nils Grossberg and Kris Ress (aka Kristjan Ress). The men are charged with having provided false information to sell DagCoins thereby making nearly €8 million, the Estonian police said in an announcement. Essentially, the DagCoin scheme was designed like the infamous OneCoin of crypto queen Ruja Ignatova and was sold through a multi-level marketing system.
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Investor warning against Cortona WorldW
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September 18, 2022

Warning Against MLM & AI Trading Platform Scheme Cortana World!

The Austrian Financial Market Authority (FMA) warned against the Cortana World broker scam, operated through CortanaWorldBroker LLC in St. Vincent & The Grenadines. On its website and social media accounts, Cortana World claims to be an AI-based trading platform that can make you a lot of money quickly and safely. On Instagram, the Austrian operators around Justin Dadamo portray themselves as the get-rich-quick winners with fast cars and cool locations. Please do not fall for this scam!
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Investor Alert MIrror Trading International crypto forex MLM schemeI
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October 11, 2020

Investor Warning – Crypto-based forex scheme Mirror Trading International

The much criticized Bitcoin-based forex trading MLM scheme Mirror Trading International ("MTI") was established in April 2019 in South Africa by MLM veteran Johann Steynberg. In July 2020 the Texas Financial Services Authority (FSSB) issued a cease-and-desist order against MTI and in August 2020 the South African FSCA issued an investor warning. Allegedly the MTI scheme has more than 140,000 members holding some 17,000 BTC in their trading accounts.
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Crowd1 scheme and legal entitiesR
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October 3, 2020

Request 4 Information – MLM Scheme Crowd1, Billionaires Club, and its regulatory issues

In recent months, the MLM scheme Crowd1 has apparently become the focus of the attention of various financial market supervisory authorities. Especially the regulators in Africa, Asia, and the Pacific region have issued warnings against the alleged Ponzi scheme, which is active in the gaming and financial services. The Scheme is allegedly operated by entities in Sweden, Spain, and Dubai. There is currently no reliable information about the beneficial owners.
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