IPro Sued by SEC as Alleged Pyramid Scheme

Back in July 2017, I had serious reservations about the amount of PR crap put out by IPro supporters, who claimed everything from ex-Shark Tank guy endorsements to the typical "we have a lawyer so it's not a scam" retorts.

Guess what: SEC says IPro is a 26 million dollar scam, and is suing its owner, not even two years later.

I know it's cliche, but...

I TOLD YOU SO!!!!!!!!

USFIA Update: "bank accounts show apparently NO revenue" (since 2013), and more

Official SEC press release: SEC Halts $32 Million Scheme That Promised Riches From Amber Mining



LATimes is a day late in reporting the Fed raid and shutdown of USFIA/Gemcoin, but apparently they actually read the SEC filing against USFIA, and they got a few extra details than anyone else thus far.

Here's the relevant parts:

USFIA has raised about $32 million from investors since 2013, according to the complaint. Nearly $19 million of that came from foreign investors, with $5.7 million coming from checks mostly issued by domestic investors, it said. 

The company’s bank accounts show no apparent revenue over that period, the complaint said. Instead, recorded transactions show large withdrawals to purchase luxury automobiles, entertainment and travel, as well as several transactions with various companies controlled by Chen.

and earlier in the article, Steve Chen apparently knew the gig's up, because...

Earlier this month, according to the filing, Chen attempted to wire $7.5 million out of USFIA’s account at Bank of America to a Chinese bank after he was interviewed by the Arcadia Police Department about a separate case involving alleged death threats against disgruntled Gemcoin investors. 

And it seems the politicians have nothing else to say.

Is a Scam Targeting Veterans "to end poverty" citing a FAKE JAG lawyer?

A potential scam called SVM Global is soliciting participants that promises "100K to 1M in 90 days"

SVM Global promises 100K to 1 Million in 90 days, WTF?!

So what the heck is this thing? It's ran by a "Sheila V. Tabarsi". SVM, of course.

This is from her Pinterest Profile:

Sheila Tabarsi, via Pinterest profile

And this is from her Google+ profile:

Sheila Tabarsi, via Google+ profile

Let us be absolutely clear... There are NO LEGITIMATE PROGRAMS that can turn 100K into 1M in a year, much less 90 days. This can't be legal, period. Money doesn't grow on trees, or multiply like bread and fish in the hands of Jesus.

BehindMLM came to the same conclusion: it is a ponzi scheme. And apparently grandmas are pawning jewelry, and single parent with 3 kids and trouble making rent are still fronting up $900 to join. WTF?!?!

But that's not the really WTF part... that would be that she may be referring to a FAKE lawyer.