Krista L. Freitag

PP Blog Tag archives on references to "Krista L. Freitag."

WCM777 Receiver Proposes To Disallow Huge Percentage Of Claims; Some ‘Leaders’ Allegedly ‘Perpetrated Their Own Side Scheme’

WCM777 Receiver Proposes To Disallow Huge Percentage Of Claims; Some 'Leaders' Allegedly 'Perpetrated Their Own Side Scheme'

Because we’re writing about the uber-bizarre HYIP wing of MLM/direct sales, we’ll emphasize at the beginning of this story that the WCM777’s receiver’s recommendation to a federal judge to disallow nearly 85 percent of filed claims DOES NOT MEAN she gets to pocket the money from the disallowed claims. HYIP hucksters are infamous for recklessly […]

11,900 Claims Received In WCM777 Ponzi/Pyramid Case; Time To File Is Running Out

11,900 Claims Received In WCM777 Ponzi/Pyramid Case; Time To File Is Running Out

In the bizarre WCM777 Ponzi- and pyramid scheme, investors may not know what has become of Ming Xu and how much the equally bizarre Joseph Global Institute reportedly once operated by Xu and a former Mafia member continues to contribute to the vomitous madness. What is known is that about 11,900 claimants have come forward. The number is […]

U.S. Marshals Service Allegedly Seizes Gun From Accused USFIA Pyramid-Schemer

U.S. Marshals Service Allegedly Seizes Gun From Accused USFIA Pyramid-Schemer

“Initially, Defendant Steve Chen aka Li Chen (“Chen”) was not present at the Company Offices. Shortly after the Receiver arrived and the U.S. Marshals secured the Company Offices, Chen arrived. He was wearing a security guard uniform and carried a loaded gun, which was not concealed. The U.S. Marshals seized the weapon and also found […]

SPECIAL REPORT: Accused WCM777 Ponzi Schemer Ming Xu Expressed Concern About Being Harmed, Says He Was Cooperating With Government; Purported Texas University Claims It Has Absorbed The Bizarre ‘Joseph Global Institute,’ Raising New Questions; WCM777 Claims Deadline Extended To Dec. 24

SPECIAL REPORT: Accused WCM777 Ponzi Schemer Ming Xu Expressed Concern About Being Harmed, Says He Was Cooperating With Government; Purported Texas University Claims It Has Absorbed The Bizarre 'Joseph Global Institute,' Raising New Questions; WCM777 Claims Deadline Extended To Dec. 24

EDITOR’S NOTE: The story about Phil Ming Xu’s asserted cooperation with the government appears below the subhead. We’ll lead with the news of extension of the claims deadline for WCM777 victims. If you’re a victim of the World Capital Market/WCM777 Ponzi- and pyramid scam shut down by the SEC last year, you now have until […]

REMINDER: Claims-Filing Deadline In WCM777 Ponzi- And Pyramid Case Is Nov. 9

REMINDER: Claims-Filing Deadline In WCM777 Ponzi- And Pyramid Case Is Nov. 9

Take note: Victims of the WCM777 MLM “program” must file a claim by Monday, Nov. 9, a little more than three weeks from today. The website of WCM777 receiver Krista L. Freitag now includes a countdown timer to the filing deadline. At the time of this post, only 23 days remain to file claims. This is the […]

WCM777 Claims Process Proposed: RECEIVER

WCM777 Claims Process Proposed: RECEIVER

WCM777 claims will be accepted in the not-too-distant future, under a proposal by Krista L. Freitag, the court-appointed receiver in the SEC’s pyramid- and Ponzi-scheme case. The proposal, which includes time guidelines but no specific date upon which claims will be accepted, was submitted to U.S. District Judge John F. Walter of the Central District […]

Was An Unlicensed Money-Services Business In The United States Gathering Funds For The Alleged UFunClub/UToken Ponzi Scheme In Thailand?

Was An Unlicensed Money-Services Business In The United States Gathering Funds For The Alleged UFunClub/UToken Ponzi Scheme In Thailand?

In March 2015, as part of its coverage of the WCM777 cross-border scam operating out of the United States, the PP Blog reported that court-appointed receiver Krista L. Freitag said this in a Feb. 27 court filing (italics added): “Many investors gave cash to the company and to their leaders (or upline sponsors) who then […]

WCM777: More Theft And Money Laundering MLM-Style

WCM777: More Theft And Money Laundering MLM-Style

“Many investors gave cash to the company and to their leaders (or upline sponsors) who then deposited the cash along with other investor funds.” — Krista L. Freitag, court-appointed receiver in the WCM777 pyramid- and Ponzi case, Feb. 27, 2015 EDITOR’S NOTE: Tens of millions of dollars allegedly flowed through WCM777 and related entities. At […]

BULLETIN: Judge Freezes Property Owned By Mother Of WCM777 Ponzi Figure Ming Xu

BULLETIN: Judge Freezes Property Owned By Mother Of WCM777 Ponzi Figure Ming Xu

BULLETIN: A federal judge has frozen real estate in California owned by the mother of accused WCM777 MLM Ponzi schemer Ming Xu. U.S. District Judge John F. Walter of the Central District of California took the action today after court-appointed receiver Krista. L. Freitag alleged Friday that the $730,000 used to purchase the San Gabriel […]

UPDATE: Another Bizarre Turn In WCM777 Ponzi Probe

UPDATE: Another Bizarre Turn In WCM777 Ponzi Probe

With a storyline that has included claims that $14,000 would turn into $500,000 in a year, a declaration of love to the Peruvians it had fleeced and additional claims that all would become clear when “4 blood moons” appeared in the sky in April, the WCM777 “cloud computing” MLM scam has served up a symphony […]

UPDATE: Federal Judge Orders Properties Linked To Alleged WCM777 MLM Scam Listed For Sale

UPDATE: Federal Judge Orders Properties Linked To Alleged WCM777 MLM Scam Listed For Sale

UPDATE: A federal judge has ordered the receiver in the WCM777 case to list for sale three properties linked to the alleged MLM pyramid scheme. U.S. District Judge Christina A. Snyder is presiding over the SEC’s civil case filed in March. Receiver Krista L. Freitag asked for the authority to sell the properties last month. […]