Wall Street Journal article, published 2014-DEC-03 specifically named T. LeMont Silver, a Zeek "net winner" (i.e. he got more than he put in while others lost money), and serial Ponzi participant, as someone who admits he's an idiot, yet blames everybody except himself.
In the WSJ article SEC on Lookout for Web-Based Pyramid Schemes by Jean Eaglesham, it specifically named GoFunPlaces (and its parent eAdGear) as a scam shut down by the SEC.
At the end, Mr. T. LeMont Silver Sr. was mentioned by name, where the author wrote:
"Mr. Silver said he is a marketer with little knowledge of the business operations of the companies he promotes"
Yet he wants you to join him in making money.
Tsk, tsk, tsk...
a blog about Skepticism, MLM, Scams, and Critical Thinking
Friday, December 5, 2014
Thursday, December 4, 2014
BREAKING NEWS: Indian police arrested "YOBSN" heads (3 Indians, 1 non-Indian) for International Pyramid Scheme
First reported by PatrickPretty.com
The scam that was referred to "International MLM Fraud" is YOBSN, aka "Smart Media Technologies" (but also known as Social Media Technologies, Automatic Geek, and so on.)
Quoting from the BangalaruCityPolice's Facebook account:
CCB, Bengaluru City @CCBBangalore Busts INTERNATIONAL MLM Fraud which collected millions of $s and arrested New... http://t.co/J0g2LwHJK0
— BengaluruCityPolice (@BlrCityPolice) December 4, 2014
The scam that was referred to "International MLM Fraud" is YOBSN, aka "Smart Media Technologies" (but also known as Social Media Technologies, Automatic Geek, and so on.)
Quoting from the BangalaruCityPolice's Facebook account:
On Dec. 3, “acting on a complaint received at the office of DCP Crime, CCB F&M squad raided Room No 225 of Hotel Capital, Raj Bhavan Road, where 4 accused persons were explaining, advertising & collecting enrollment fee from new victims of YOBSN SOCIAL MEDIA NETWORK MLM fraud web based company ( hosted from US ) and run through a website www.socialmediatechnologies.com . . .New members are lured with promise of big money in USD $s by pushing the ‘CREATING YOUR OWN SOCIAL NETWORK’ tagline and encouraging members to bring in more members & growing their pyramid on the LEFT & RIGHT side.They advertise by saying that when a company like Facebook etc is making billions of $s from social network, why can’t you make money.This company runs a Web site called Smart Media Technologies. Any person can become a member by paying 8000 to 25000 INR as per their capacity. Then the person has to introduce Two persons (Left & Right member) to invest for which he would get 25% BONUS each as commission. As the pyramid grows, he would get more bonus. Each member is given a username/password and the commission earned & number of members introduced is meticulously accounted in the login itself. In fact, each user can see his pyramid and the amount of commission earned by it.
Friday, October 24, 2014
BREAKING NEWS: GetEasy under police investigation in Portugal
RPT "Friday at 9" News reported that GetEasy, an alleged Ponzi scheme, is under Judicial Police investigation in Portugal.
http://behindmlm.com/companies/geteasy-under-police-investigation-in-portugal
Full video report is available at
http://www.rtp.pt/play/p1047/e170084/sexta-as-9-ii
http://behindmlm.com/companies/geteasy-under-police-investigation-in-portugal
Full video report is available at
http://www.rtp.pt/play/p1047/e170084/sexta-as-9-ii
BREAKING NEWS: Fed Grand Jury Indicts Paul Burks of Zeek Reward Ponzi Scheme
Star Tribune (North Carolina) has reported that Federal grand jury has indicted Paul Burks, head of Rex Venture Group, parent company of Zeekler and ZeekRewards ponzi scheme, of wire and mail fraud, conspiracy, and tax fraud.
http://www.startribune.com/business/280347122.html
http://www.startribune.com/business/280347122.html
BREAKING NEWS: Massachusetts filed civil fraud charges against Emgoldex "Team USA"
Massachusetts securities division (MSD) has filed civil fraud charges against "Emgoldex Team USA" and its four members of selling unregistered securities, pyramid scheme, and general public fraud. The lawsuit can be viewed here:
http://www.sec.state.ma.us/sct/current/sctemgoldex/EmGoldex-et-al-Complaint-Docket-No-2014-0056.pdf
If you promote an alleged scam, you can be targeted by your local regulators, regardless of whether you "own" the scam or not. "Emgoldex Team USA" and the four members are certainly not owners, but if that's what local authorities can get their hands on, then the local authorities will do so.
Thanks to BehindMLM and PatrickPretty for the headsup.
http://www.sec.state.ma.us/sct/current/sctemgoldex/EmGoldex-et-al-Complaint-Docket-No-2014-0056.pdf
If you promote an alleged scam, you can be targeted by your local regulators, regardless of whether you "own" the scam or not. "Emgoldex Team USA" and the four members are certainly not owners, but if that's what local authorities can get their hands on, then the local authorities will do so.
Thanks to BehindMLM and PatrickPretty for the headsup.
BREAKING NEWS: Moolah goes bust, CEO missing with 1.5M worth of DogeCoins; other cryptocoin scams shut
According to _The Guardian_, Moolah, a cryptocurrency exchange that specialized in Dogecoin (and even sponsored a car in NASCAR racing series), headed by "Alex Green", had apparently gone bust and all the customer funds (believed to be 1.4 to 1.5 million pounds?) are gone.
Alex Green allegedly told everybody that he was previously named "Ryan Kennedy" after running several business into the ground, including Flirble (a web hosting service that ran only 2 months) and Lemon (a bitcoin mining firm that shut down in 2013), according to _The Guardian_. And because this company is also done, he's taking the money and he's gonna run.
In July 2014 "Green" and his company Moolah bought a competitor "Mintpal" after Mintpal was hacked and lost $2M worth of bitcoins. However, nobody had even apparently saw "Green" in person outside of Moolah's offices.
Alex Green allegedly told everybody that he was previously named "Ryan Kennedy" after running several business into the ground, including Flirble (a web hosting service that ran only 2 months) and Lemon (a bitcoin mining firm that shut down in 2013), according to _The Guardian_. And because this company is also done, he's taking the money and he's gonna run.
In July 2014 "Green" and his company Moolah bought a competitor "Mintpal" after Mintpal was hacked and lost $2M worth of bitcoins. However, nobody had even apparently saw "Green" in person outside of Moolah's offices.
Tuesday, September 30, 2014
BREAKING NEWS: Massachussetts calls iFreeX "rebranded TelexFree fraud"
According to Massachusetts Securities Division, the first agency to pound on TelexFree fraud, iFreeX is a reload scam targeting TelexFree victims. It even has the same ponzi pimp: Sann Rodrigues (who's actually "Sanderley Rodrigues de Vasconcelos") People who have verifiable information are urged to call MSD at 1-800-269-5428 to assist in the investigation.
http://patrickpretty.com/2014/09/30/urgent-bulletin-moving-massachusetts-issues-warning-on-ifreex-scheme-ifreex-appears-to-be-nothing-more-than-a-rebranded-telexfree-fraud-for-mobile-phones/
http://patrickpretty.com/2014/09/30/urgent-bulletin-moving-massachusetts-issues-warning-on-ifreex-scheme-ifreex-appears-to-be-nothing-more-than-a-rebranded-telexfree-fraud-for-mobile-phones/
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