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Kingsley Ezeude and Chukwuka Obi have started a class action lawsuit against PayPal for over $5 million. PayPal was used by the owner of Traffic Monsoon Charles Scoville to collect millions from his victims. He had used PayPal before in one of his previous scams.
Wealth Partners Publishing was founded in 2009 with a single title about earning money through self-publishing. They claim to have helped many individuals realize their dreams of being an author. Members of their program are claimed to be able to make money by purchasing the rights to resell a direct mail marketing course. It looks like this is actually not the case.
The warnings about the Onecoin scam continue to roll in. The Federal Financial Supervisory Authority, better known by its abbreviation BaFin, has frozen bank accounts that were used to transfer money out of Germany for the Onecoin scam. BaFin is the financial regulatory authority for Germany. Now a blockchain expert is stepping up and exposing the Onecoin scam.
The SEC in July of 2016 stepped in and asked for a temporary restraining order against Traffic Monsoon. They claimed it was a Ponzi scheme that took in $207 million from more than 160,000 investors around the world.
The founders of 5linx Craig Jerabeck, 56, of Rochester, Jeb Tyler, 44, of Penfield, and Jason Guck, 42, of Victor, were charged by federal prosecutors on 3/23/2017 with wire fraud and conspiracy. Each faces 20 years in federal prison and a half-million dollar fine if convicted.
UFUN representatives did not mention their products in their sales pitches. Instead, they urged people to expand their teams by offering high-value items such as cars or gold bars. That way, the money made mainly came from new members rather than selling products. In other words, UFUN was a pyramid scheme. Now they are paying the price.
The New Jersey State Senate voted 37-0 on 3/13/2017 to pass Assembly Bill A-2004, which would allow penalties of up to 10 years for the leader and 18 months for any recruiters in a pyramid scheme.
I have reported on the the Wings Network scam in the past. The Wings Network was promoted to people all around the world including the United States. The Wings Network was a multi-level marketing program that was advertised online, and was being sold door-to-door or through friends and relatives.