Lots of little news this week... Remember folks, don't accept random news items without attribution. I link to my sources, and you should click through to make sure I didn't lie to you (unlike others)
PlanB4You Ponzi Busted in Europe
PlanB4You was reportedly busted by local police (Google Translate of refdag.nl article) when a seizure order was issued and bank account containing 2.5 million (?) have been frozen and multiple locations raided. Several luxury cars were apparently seized. And challenges to court have been denied.
PlanB4You (review by BehindMLM) is a virtually exact copy of Ad Surf Daily ponzi busted in the US in 2008, with 25% ROI in 25 days.
Zhunrize reaches Plea Deal with SEC, may go into receivership
Previously we reported that Zhunrize has been closed by SEC as a ponzi scheme, and at least one shill or troll claimed it was not true, and they had reopened. Seems every Ponzi scheme claimed this at one time or another, as there are reports this also happened with PlanB4You reported above.
Any way, to nail that rumor shut... (reported by BehindMLM) Zhunrize and owner Pan have reached separate deals with SEC to pay fines and disgorgement of ill-gotten gains. The judge has yet to sign the deal but is expected to.
There may be criminal cases pending later. Receivership will be appointed if the deal is accepted and that's the end of that.
a blog about Skepticism, MLM, Scams, and Critical Thinking
Friday, December 19, 2014
Tuesday, December 16, 2014
NEWS UPDATE: TelexFree may be the widest Ponzi scheme ever, surpassing ZeekRewards
Previously the Ponzi scheme with the widest reach is believed to be Zeek Rewards at 1 million victims and almost nine hundred million dollars. It was shut down in 2012 by SEC and other US agencies.
The bankruptcy trustee in charge of shutting down TelexFree after it tried to declare bankruptcy revealed that TelexFree fraud may be even bigger... with possibly up to 2.1 million victims and OVER a billion dollars.
There are 60000 victims in SOUTH AFRICA... the opposite side of the globe.
Boston Globe reported that some unscrupulous lawyers are encouraging victims to flood Darr's office with paper claims (i.e. physical documents). He is NOT, repeat NOT taking paper claims because it cost too much to process. Soon claimants will be able to go to a website (much like Zeek Rewards Receivership) to file claims, and they will process the claims online.
Read the full article at http://www.bostonglobe.com/business/2014/12/16/telexfree-trustee-stephen-darr-may-have-toughest-job-boston/Wkk5JzcPtjfyar6c9QD1sI/story.html#
The bankruptcy trustee in charge of shutting down TelexFree after it tried to declare bankruptcy revealed that TelexFree fraud may be even bigger... with possibly up to 2.1 million victims and OVER a billion dollars.
There are 60000 victims in SOUTH AFRICA... the opposite side of the globe.
Boston Globe reported that some unscrupulous lawyers are encouraging victims to flood Darr's office with paper claims (i.e. physical documents). He is NOT, repeat NOT taking paper claims because it cost too much to process. Soon claimants will be able to go to a website (much like Zeek Rewards Receivership) to file claims, and they will process the claims online.
Read the full article at http://www.bostonglobe.com/business/2014/12/16/telexfree-trustee-stephen-darr-may-have-toughest-job-boston/Wkk5JzcPtjfyar6c9QD1sI/story.html#
NEWS UPDATE: WCM777 Ponzi leader Phil Ming Xu used Ponzi money to fund House and Fashion Shop
The receiver attempting to recover assets from WCM777 Ponzi scheme operated by "Phil" Ming Xu has found more money laundered by Ming Xu.
When SEC caught up with Ming Xu and his ponzi scheme in March 2014, Xu signed a plea deal and a receiver was appointed to track down all the assets for eventual return to the victims. And the receiver, Krita L. Freitag, was sure finding a lot.
Xu had at least 54 different bank accounts under a dozen different company names at different banks, alleged the SEC in its restraining order back in March 2014. And the receiver was discovering even more assets that had been distributed to what appeared to be other companies, but are actually family members and friends. One attorney and friend of Xu got a 5 million loan from Xu days before restraining order. The same attorney also claimed to have lost a 200000 (two hundred thousand dollar) cashier's check that belongs to the receiver. In yet another case, unknown people were observed removing furniture and other property from assets frozen by court order and law enforcement had to be contacted to compel return of said assets.
Then there's the story of the missing million...
When SEC caught up with Ming Xu and his ponzi scheme in March 2014, Xu signed a plea deal and a receiver was appointed to track down all the assets for eventual return to the victims. And the receiver, Krita L. Freitag, was sure finding a lot.
Xu had at least 54 different bank accounts under a dozen different company names at different banks, alleged the SEC in its restraining order back in March 2014. And the receiver was discovering even more assets that had been distributed to what appeared to be other companies, but are actually family members and friends. One attorney and friend of Xu got a 5 million loan from Xu days before restraining order. The same attorney also claimed to have lost a 200000 (two hundred thousand dollar) cashier's check that belongs to the receiver. In yet another case, unknown people were observed removing furniture and other property from assets frozen by court order and law enforcement had to be contacted to compel return of said assets.
Then there's the story of the missing million...
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