Archive for April 2015

BULLETIN: SpotFN, ‘Binary Options’ Platform, Issued Cease-And-Desist Order In Missouri

BULLETIN: SpotFN, 'Binary Options' Platform, Issued Cease-And-Desist Order In Missouri

BULLETIN: (Updated 5:52 a.m. EDT April 8 U.S.A.) A “binary options” platform operating out of England allegedly plucked $82,742 from four Missouri investors, telling one of them that his money “had been stolen by former employees and could only be retrieved by paying a service fee and taxes to the companies’ supposed insurance company, Allianz […]

In Asking Court To Reject Proposed Herbalife Class-Action Settlement, Objectors Point To Clawback Actions Flowing From Zeek Case

In Asking Court To Reject Proposed Herbalife Class-Action Settlement, Objectors Point To Clawback Actions Flowing From Zeek Case

EDITOR’S NOTE:  Clients of attorney Douglas M. Brooks object to the proposed Herbalife-class-action settlement on a number of grounds. This story focuses on only one of them: one that cites “clawback” actions flowing from the Zeek Rewards’ Ponzi- and pyramid case. The Zeek clawback actions underscore the litigation dangers MLM distributors may encounter after harrumphing […]

Did Internal Ponzi Cause Bramer Bank Of Mauritius To Crumble?

Did Internal Ponzi Cause Bramer Bank Of Mauritius To Crumble?

EDITOR’S NOTE: On May 10, 2012, on the news site of Zeek Rewards, the Rex Venture Group-operated “program” based in Lexington, N.C., announced it was moving part of its customer-service operation to Mauritius. Mauritius is an Indian Ocean island nation with a population of about 1.3 million. Zeek did not identify the Mauritius outsourcing company. […]

COURTING TROUBLE: In Bogus Promo, Obama Shown As Pitchman For ‘MyAdvertisingPays’

COURTING TROUBLE: In Bogus Promo, Obama Shown As Pitchman For 'MyAdvertisingPays'

Depicting then-President George W. Bush as a fan of the AdSurfDaily MLM HYIP “program” backfired in spectacular fashion in 2008, drawing the attention of the U.S. Secret Service. Federal agents eventually seized more than $80 million in an asset-forfeiture case. ASD President Andy Bowdoin, accused of operating a cross-border Ponzi scheme, was indicted. He later […]

UPDATE: IntellaShares Now Under Scrutiny By Save The Children

UPDATE: IntellaShares Now Under Scrutiny By Save The Children

IntellaShares, a collapsed “program” with a presence on the Ponzi boards and purportedly prepping for “relaunch,” now is under scrutiny by Save the Children. Jeremy Soulliere, a spokesman for Save the Children USA, confirmed the inquiry to the PP Blog this morning. Save the Children USA is an arm of Save the Children Federation Inc., […]

British Columbia Bans U.S. Resident From Securities Market, Says She Was Pushing Fraud Schemes For Commissions

British Columbia Bans U.S. Resident From Securities Market, Says She Was Pushing Fraud Schemes For Commissions

The British Columbia Securities Commission, which regulates securities in the Canadian province, has banned a U.S. resident who allegedly promoted a series of schemes on commission. “Sharon Downing has admitted that she engaged in an illegal distribution of securities,” BCSC said. Downing, according to BCSC, promoted schemes for Thomas Arthur Williams and six entities engaged […]

SEC Declines Comment On ‘IntellaShares’ And Its Purported ‘BLACKLIST’; Ponzi-Board ‘Program’ Trades On Name Of Save The Children

SEC Declines Comment On 'IntellaShares' And Its Purported 'BLACKLIST'; Ponzi-Board 'Program' Trades On Name Of Save The Children

UPDATED 11:31 A.M. EDT U.S.A. In 2010, the Federal Trade Commission took action against an online venture known as iWorks. This allegation appeared on Page 7 of the FTC’s Dec. 21, 2010 complaint: “They have also attempted to drive down their chargeback rates by threatening to report consumers who seek chargebacks to an Internet consumer […]