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.
Buying and selling on eBay or Craigslist can be great, but it can also be quite risky. If you're planning to purchase something more expensive, you need to know how to spot scammers and avoid losing your money. Here are some of the most common Craigslist and eBay scams and tips to help you steer clear of them.
A Ponzi scheme is an investment fraud that involves the payment of returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors to create the false appearance that investors are profiting from a legitimate business. Ponzi schemes like to use uncommon or hidden investments to keep you in the dark about what is actually happening. My subscribers have requested I take a look into Atlantic Global Asset Management. Here is what I have found.
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.
Many business opportunities are just a chain where a person is fooled and then that person is trained to fool others to earn money. Once a person has been fooled and they buy into the scam there is no turning back until they have lost most of their money. My subscribers have requested I take a look at the QNET business opportunity. Here is what I have found.
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.
Unregulated digital currencies are the perfect foundation to build a Ponzi scheme on. New confusing ways to store money are a great way to bilk new investors that want to cash in on the next Bitcoin. With the recent raid of UFUN and the shutdown of GemCoin as highlights, digital currencies have become a common component of online scams. My subscribers have requested I take a look into Coinspace. Here is what I have found.
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.