Category: Alleged Ponzi Schemes
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RIPPLING NIGHTMARE: Has TelexFree Been Dwarfed By Another MLM Ponzi Scheme? Better Living Global Marketing Reportedly Says It Has Taken In $3.3 BILLION — And Is Experiencing ‘Cash Flow Problem’
EDITOR’S NOTE: In a story dated today, BehindMLM.com has broken down claims made in a recent video in which Better-Living Global Marketing (BLGM) figure Luke Teng appears. The potential criminality at BLGM, purportedly based in Hong Kong, not only is alarming, it is stunning. Even more disconcerting is the level of disconnect surrounding the scheme,…
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Judicial Panel Of United States Moves TelexFree-Related Lawsuits To Massachusetts
The United States Judicial Panel on Multidistrict Litigation has moved TelexFree-related litigation pending in federal courts in other states to Massachusetts. A directive ordering the transfers for the sake of judicial efficiency was issued on Oct. 21. Some plaintiffs from outside of Massachusetts sued TelexFree and other defendants in federal courts in Florida, Georgia and…
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Some Zeek Claimants From Outside The United States Unable To Deposit Distribution Checks; Receiver Provides Guidance
Kenneth D. Bell, the Zeek Rewards receiver, published an announcement last night that certain Zeek claimants from outside the United States who received a distribution check were unable to deposit it. Here is the announcement, dated Oct. 30, 2014 (italics/bolding added). ANNOUNCEMENT FROM THE RECEIVER – October 30, 2014 Various foreign claimants have reported that…
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BULLETIN: Receiver Sues Zeek ‘Winners’ In Canada
BULLETIN: New court filings today in the Western District of North Carolina show that the court-appointed receiver in the Zeek Rewards Ponzi- and pyramid-scheme case has sued 26 alleged “net winners” in Canada. Each of the defendants allegedly received at least $50,000, according to filings by receiver Kenneth D. Bell. More . . .
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SEC Official Speaks On TelexFree Case At ‘Fraud Affects Every Community’ Event At FTC, Announces ‘Pyramid-Scheme Task Force’ And Tells Audience That ‘Program’ Consumed Entire $50,000 Retirement Account Of Trusting Mom
“We know of at least one victim who borrowed, I think, $50,000 from his mother and gave it all to [TelexFree]. And it was her entire retirement.” — Melissa Armstrong, assistant chief litigation counsel, U.S. Securities and Exchange Commission, Oct. 29, 2014 UPDATED 12:19 P.M. EDT OCT. 30 U.S.A. Affinity fraud was one of the…
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Nevada Isssues Warning On Wings Network MLM ‘Program’; Says It Is Being Sold ‘Door-To-Door’ And Is Targeting Spanish And Portuguese
As the PP Blog reported on May 15, Massachusetts Commonwealth Secretary William Galvin sued the Wings Network MLM “program” and some of its promoters, alleging securities violations and a “thinly veiled pyramid scheme” targeting minority communities. Now, Nevada Secretary of State Ross Miller has published a warning on Wings Network, saying the online “program” even…
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TelexFree Probe Continues; ‘Substantial Amount’ Of YouTube Video Content Sought In Search Warrant Served Oct. 16
The TelexFree probe continues in the United States, with prosecutors revealing today that federal agents served a search warrant on Google on Oct. 16 that sought a “substantial amount” of content on YouTube. Precisely what content prosecutors are seeking was not immediately clear. Google told agents that “compliance will take several weeks,” according to the…
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REPORTS: Chinese Man Arrested In Thailand Faces Charges He Swindled $277 Million In Cross-Border Pyramid Scheme
Reports in Thai media say Song Migui, a Chinese man and purported philanthropist, was arrested in Bangkok and will be transported to Phuket to answer charges he and others swindled 9 billion baht and allegedly operated a cross-border fraud empire. The sum is the equivalent of about $277 million. PhuketWan, which says its is a…
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URGENT >> BULLETIN >> MOVING: Zeek’s Paul Burks Indicted
URGENT >> BULLETIN >> MOVING: (3rd update 9:15 p.m. EDT U.S.A.) Alleged Zeek Rewards operator Paul R. Burks has been indicted by a federal grand jury in Charlotte, N.C., on charges of wire and mail fraud, wire- and mail-fraud conspiracy and tax-fraud conspiracy. Burks, 67, of Lexington, N.C., is the third Zeek figure to be…