Alleged Ponzi Schemes

No Immediate Comment From Federal Reserve On Claims Related To Emerging BitClub Network ‘Program’

No Immediate Comment From Federal Reserve On Claims Related To Emerging BitClub Network 'Program'

The PP Blog today contacted the Board of Governors of the Federal Reserve System, owing to claims concerning the emerging BitClub Network “program” that is being pitched by certain members of the $850 million Zeek Rewards Ponzi- and pyramid scheme. Known in shorthand as the Fed, the Federal Reserve is the central bank of the […]

British Women Convicted For Roles In Cash-Gifting Pyramid Scheme With Bridal Theme

British Women Convicted For Roles In Cash-Gifting Pyramid Scheme With Bridal Theme

In May 2012, three American women and alleged “leaders” of a cash-gifting pyramid scheme were arrested in Connecticut for their roles in the purported “opportunity,” a pyramid that featured so-called “Women’s Gifting Tables” and had a food theme. Two of the woman later were sentenced to prison. The third woman was placed on three years’ […]

BULLETIN: MLM Attorney Jeffrey Babener Told TelexFree It Was Operating Pyramid Scheme Months Before Collapse, But MLM ‘Program’ Continued To Collect Money, Bankruptcy Trustee Says

BULLETIN: MLM Attorney Jeffrey Babener Told TelexFree It Was Operating Pyramid Scheme Months Before Collapse, But MLM 'Program' Continued To Collect Money, Bankruptcy Trustee Says

BULLETIN: (2nd Update 5:26 p.m. EDT Sept. 16 U.S.A.) The court-appointed trustee in the TelexFree bankruptcy case says in court filings that MLM attorney Jeffrey Babener advised TelexFree in August 2013 that it was operating a pyramid scheme. TelexFree nevertheless continued to collect money, Trustee Stephen B. Darr said. Just two months earlier — in […]

BULLETIN: Government Of Colombia Investigates TelexFree, Ties

BULLETIN: Government Of Colombia Investigates TelexFree, Ties

BULLETIN: The government of Colombia appears to be seizing assets linked to four Colombians with alleged ties to TelexFree, which authorities in the United States have described as a massive cross-border pyramid- and Ponzi scheme. La Superintendencia de Sociedades, Colombia’s Superintendency of Companies, has published notices of the action. (See link to document (Spanish) below.) […]

UPDATE: BitClub Network Launch Reportedly Delayed — Again

UPDATE: BitClub Network Launch Reportedly Delayed -- Again

UPDATE: There are reports on Twitter that the launch of the murky BitClub Network “program” has been delayed. This would be the third postponement. A purported “enormous opportunity in Bitcoin Mining,” according to veteran HYIP huckster and alleged Zeek Rewards Ponzi “winner” T. LeMont Silver,  BitClub Network advertised a Sept. 1 launch date. Promoters of […]

T. LeMont Silver In Furious Name-Dropping Spree For BitClub Network; Veteran MLM Huckster Still Trails WCM777 Scam In Unofficial Record Book

T. LeMont Silver In Furious Name-Dropping Spree For BitClub Network; Veteran MLM Huckster Still Trails WCM777 Scam In Unofficial Record Book

3RD UPDATE 11:45 A.M. EDT U.S.A. Zeek Rewards clawback defendant T. LeMont Silver promised “training” to recruits of the emerging BitClub Network “program” — and the veteran HYIP huckster delivered by training his listeners to drop names. Lots and lots of names. Regardless, Silver might have to dial up his efforts if he hopes to […]

‘BitClub Network’ Now Reportedly Set To Launch On Sept. 10, Eve Of Anniversary Of 9/11 Attacks

'BitClub Network' Now Reportedly Set To Launch On Sept. 10, Eve Of Anniversary Of 9/11 Attacks

The BitClub Network “program” — originally set to launch Sept 1, the 75th anniversary of the beginning of World War II — reportedly now will launch on Sept. 10. That’s the eve of the 13th anniversary of the 9/11 terrorist attacks. The Sept. 10 launch time is pegged for “2pm EST,” which possibly means the […]

TelexFree Figure Carlos Costa Suffers Heart Attack

TelexFree Figure Carlos Costa Suffers Heart Attack

EDITOR’S NOTE: On Sept. 4, a PP Blog reader who understands Portuguese posted a link to a Globo.com story that confirms from a medical source that Carlos Costa suffered a heart attack on Sept. 2 and is being treated at Meridional Hospital in Cariacica in the state of Espírito Santo. Here is a link in […]

DEVELOPING STORY: Zeek Receiver Seeks Temporary Restraining Order ‘Necessary To Prevent Further Dissipation And Waste Of The Assets At Issue’

DEVELOPING STORY: (Updated 9:44 a.m. EDT Sept 3, U.S.A.) The court-appointed receiver in the Zeek Rewards Ponzi- and pyramid case has asked a federal judge for a Temporary Restraining Order he says is necessary to prevent “further dissipation and waste” of certain assets. Receiver Kenneth D. Bell asked that the motion be filed under seal. […]

ZEEK RECEIVER: ‘No Comment’ On BitClub Network Story

ZEEK RECEIVER: 'No Comment' On BitClub Network Story

Zeek receiver Kenneth D. Bell had “no comment” this morning on an Aug. 30, PP Blog story that reported Zeek figure T. LeMont Silver now was pushing a murky “program” called “BitClub Network.” Bell has raised concerns that Silver is a serial promoter of Zeek-like schemes to defraud. As the PP Blog noted yesterday, Silver […]

UPDATE: BitClub Network Launch Said To Be Delayed; ‘Founders’ Positions Reportedly Sell For $3,599; Pitches Directed At ‘Leaders'; Prospects Asked To Wire Money; Purported ‘Opportunity’ May Have TelexFree-Like Cash-Transfer System

UPDATE: BitClub Network Launch Said To Be Delayed; 'Founders' Positions Reportedly Sell For $3,599; Pitches Directed At 'Leaders'; Prospects Asked To Wire Money; Purported 'Opportunity' May Have TelexFree-Like Cash-Transfer System

“These participants received uncontrolled cash deposits outside of the TelexFree system,” — Massachusetts Securities Division, Ponzi- and pyramid complaint against TelexFree, April 15, 2014. EDITOR’S NOTE: For our earliest background on BitClub Network, see Aug. 30 report that references serial HYIP promoter T. LeMont Silver. Are you really sure you want to promote bitcoin-themed HYIPs […]