RECOMMENDED READING: Jordan Maglich In Forbes On Green-Lighting Of SEC Lawsuit In Alleged Ponzi Scheme Involving Bitcoin — And Why Zeekers Should Pay Attention
A federal judge in Texas has ruled that investments in the alleged Bitcoin Savings and Trust HYIP Ponzi scheme met all three prongs of the Howey Test and constituted an “investment contract” under federal securities laws. The ruling by U.S. Magistrate Judge Amos L. Mazzant of the Eastern District of Texas means that a lawsuit […]
URGENT >> BULLETIN >> MOVING: Legisi HYIP Operator Gregory McKnight Sentenced To More Than 15 Years In Federal Prison
URGENT >> BULLETIN >> MOVING: Gregory N. McKnight, the operator of the $72 million Legisi HYIP Ponzi scheme popularized in part on the TalkGold and MoneyMakerGroup forums, has been sentenced to 188 months in federal prison for wire fraud and ordered to pay more than $48.9 million in restitution. McKnight also was ordered to serve […]
Series Of News Releases From Purported MLM Trainer Plants Seed That Federal Trade Commission Has Given Green Light To Several Opportunities, Including Herbalife
EDITOR’S NOTE: The PP Blog called the Federal Trade Commission to get its take on these news releases, which use the agency’s name and imply that the FTC recently has given several MLM “opportunities” a clean bill of health. The agency did not immediately respond. What would you think if you read a headline on […]
EDITORIAL: Want To Build Your U.S. TelexFree Downline While An Active Pyramid-Scheme Investigation Is Under Way In Brazil? Ignore Or Downplay The Probe And Tell A ‘Carlos Danger’ Joke
EDITOR’S NOTE: TelexFree has two executives named Carlos — Carlos N. Wanzeler, and Carlos Costa. Neither of them is “Carlos Danger.” TelexFree, an MLM “opportunity,” has been under investigation in multiple states in Brazil since at least late June. There have been reports of death threats against a judge and a prosecutor — and there […]
HAWAII REPORTER: Man Indicted In Investment Scheme Allegedly Claimed To Be A ‘United Nations Ambassador’
The Hawaii Reporter and other media outlets are reporting that Curtis Wayne Ross of Honolulu has been indicted on wire-fraud charges in an investment scheme in which he allegedly claimed to be a well-connected multimillionaire and a “United Nations ambassador” with special tax privileges. From the Reporter (italics added): “Ross was neither a UN ambassador […]
United States Issues Travel Alert; State Department Cites Potential For Terrorist Attacks Carried Out By al-Qa’ida And Affiliated Organizations In Middle East And North Africa; Some Embassies Will Be Closed On Sunday
From the U.S. Department of State, dated Aug. 2, 2013: “The Department of State alerts U.S. citizens to the continued potential for terrorist attacks, particularly in the Middle East and North Africa, and possibly occurring in or emanating from the Arabian Peninsula. Current information suggests that al-Qa’ida and affiliated organizations continue to plan terrorist attacks […]
FEDS: Florida Scammer Who Swindled Investment Clients And Tried To Arrange Murders Of Witness And Business Partners Sentenced To 30 Years In Federal Prison
A 60-year-old Florida man who swindled retirees and ran a “sham investment firm” known as Yorkshire Financial Services with his now-deceased brother has been sentenced to 30 years in federal prison. Paul S. Kruse of Jacksonville plotted at least three murders after the scam was exposed, including the murder of a personal assistant who’d observed […]