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Category: Alleged Ponzi Schemes

BULLETIN: George Theodule, HYIP Ponzi Huckster Identified In 2008 By SEC, Arrested On Criminal Charges

George Louis Theodule, identified by the SEC in a 2008 civil case as a multimillion-dollar Ponzi huckster and affinity fraudster largely targeting the Haitian community through so-called “investment clubs,” now has been arrested on criminal charges, federal prosecutors in the Southern District of Florida said. Investors were duped into believing Theodule’s HYIP “program” through entities…

Aug 26, 2013
Only 2 Weeks Left To File Zeek Claim; Deadline Is Sept. 5, 2013

As of today, there are only two weeks left to file a claim in the Zeek Rewards Ponzi scheme case. The deadline to file is 11:59 p.m. (prevailing Eastern time) on Sept. 5, 2013. Kenneth D. Bell is the court-appointed receiver in the Zeek case. The Zeek receivership website is here. The claims portal is…

Aug 22, 2013
REPORTS: Ice Cream Flavor Named After TelexFree, An Alleged Pyramid Scheme; Separately, TelexFree Affiliates May Be Crossing National Borders To Keep The Money Flowing — Even As Purported Opportunity Turns To New Payment Method

The HYIP world is known for promoters’ bids to change the storyline, but this one may take the cake — or at least be a sweet complement. There are reports in Brazilian media that a promoter of the TelexFree MLM scheme — alleged to be a massive pyramid — has named an ice cream after…

Aug 21, 2013
TelexFree, MLM Firm That Is Subject Of Pyramid Probe, Says It Will Offer ‘At Sea’ Event

TelexFree, an MLM “opportunity” under investigation in Brazil amid allegations it is orchestrating a massive pyramid scheme, says on its website that it is conducting an “at sea” event Dec. 15-18. Perhaps accidentally providing an awkward hint of dire portent, the promo shows the TelexFree logo superimposed on the side of a luxury ocean liner…

Aug 16, 2013
REPORT: TelexFree Has No License To Offer VOIP Services In Brazil; Claim Reminiscent Of U.S. Government Assertion Against AdSurfDaily Ponzi Schemer Last Year

UPDATED 12:29 P.M. EDT (U.S.A.) TelexFree, which operates through Ympactus Comercial Ltd. and is under investigation amid allegations in Brazil it is running a massive pyramid scheme, has no license with Brazil’s telecommunications regulator to offer VOIP services, according to this report in Brazilian media. The regulatory agency is known as Anatel. Here is a…

Aug 14, 2013
URGENT >> BULLETIN >> MOVING: 2 Connecticut Cash-Gifting Pyramid Schemers Sentenced To Combined 10.5 Years In Federal Prison; Probe ‘Ongoing,’ Feds Say

URGENT >> BULLETIN >> MOVING: UPDATED 10:18 P.M. EDT (U.S.A.) Two Connecticut women convicted of wire fraud and filing false tax returns in a multimillion-dollar cash gifting scam have been sentenced to a combined 10.5 years in federal prison, federal prosecutors announced tonight. Donna Bello, 57, was sentenced to six years. Jill Platt, 65, was…

Aug 13, 2013
Full Statement Of SEC On Criminal Conviction, Prison Sentence, Restitution Order And Civil Liability Of Legisi HYIP Ponzi Operator Gregory N. McKnight

EDITOR’S NOTE: As the PP Blog reported on Aug. 6, Legisi HYIP Ponzi-scheme operator Gregory N. McKnight was sentenced to 188 months in federal prison. McKnight is 53. He was ordered taken into custody immediately after sentencing last week and is listed as “in transit” to an unspecified detention facility. Legisi was promoted in part…

Aug 13, 2013
**[UNCONFIRMED]** Report In Brazil Says Prosecutors Have Asked U.S. Court To Block TelexFree Accounts, New Signups **[UNCONFIRMED]**

**[UNCONFIRMED]** A report in Brazilian media translated by Google Translate from Portuguese to English says that prosecutors in Brazil have asked a U.S. court to prevent new members from joining TelexFree and to block the accounts of TelexFree figures Carlos Wanzeler, James Merrill, Carlos Costa and Lyvia Wanzeler. The PP Blog could not immediately confirm…

Aug 12, 2013
How Bizarre Will MLM Get? YouTube Video That Drives Traffic To Empower Network Feeds On Name Of ‘CashCropCycler’ And Trades On Images Of White House, Obama And Biden

EDITOR’S NOTE: Our thanks to reader “Tony” for pointing out the video described below. UPDATED 9:26 A.M. EDT (SEPT. 10, U.S.A.): How bizarre will MLM get? Well, there may be no ceiling: A 2:47 video animation playing on YouTube depicts U.S. Vice President Joe Biden as a recent enrollee in the CashCropCycler HYIP “program” who…

Aug 12, 2013
UPDATE: After Claiming It Was Interested In ‘Building A Network That Ticks,’ ‘CashCropCycler’ Appears to Be DOA; ‘NEOMutual’ Also Appears To Have Gone Missing After ‘Crowdfunding’ Claims

Touted on the MoneyMakerGroup Ponzi forum by former Zeek Rewards pitchman “mmgcjm,” a bizarre “program” known as CashCropCycler appears to have tanked. Joining CashCropCycler in the recent HYIP DOA lineup was NEOMutual, a purported “crowdfunding” opportunity that claimed it used bitcoin and a series of offshore payment processors to provide daily interest rates of 1.4…

Aug 11, 2013
SEC: Utah Ponzi Schemer With ‘Loans’ Program Ripped Off Church Associates, Family Members, Friends, Seniors — And Some Of The Money Went To ‘Multilevel Marketing And Web-Based Advertising Business Opportunities’; Separately, Newspaper Reports Allegations Of Cash Handoffs To Investors In Parking Lots

In the latest affinity-fraud scheme detected in Utah, an Orem man conducted a $4 million offering fraud and Ponzi scheme aimed at church associates, family members and friends, including senior citizens and the “recent widow of a church associate” whom he volunteered to help with finances after she lost her husband, the SEC said. Some…

Aug 9, 2013