Archives for News - Page 12
The SEC in the Philippines issued a Cease and Desist Order November 5, 2015, and filed two cases before the Department of Justice against EmGoldex, Global Intergold (GIG) and Prosperous Infinite Philippines Holdings, Corp. (PIPHC). I have reported on both EmGoldex and Global Intergold. It is great to see the SEC stepping in. There have been a huge number of victims of this gold scam.
Even after being shutdown and allowed to reopen, Vemma continues to try and run their business as a scam. The United States District Court of Arizona has denied approval of Vemma's updated compensation plan. It would seem that running a legitimate business is a challenge for Vemma.
I reported on the case that the ACCC brought against Lyoness for being a Pyramid Scheme in Australia back in August of 2014. It has been announce that the ACCC has lost their case against Lyoness.
I reported on the My Advertising Pays scam back in December of 2014. They have now been shutdown in the USA. On October 14, 2015, My Advertising Pays will no longer permit U.S. registrations for new clients and affiliates. The management team for them tries to say "This is strictly a business decision we’ve had to make based on the numbers." I don't believe them.
Unregulated digital currencies are a prefect tool for scammers to take money from people. GemCoin is the latest example of this type of scam. The Securities and Exchange Commission today announced it has filed fraud charges and obtained asset freezes against the operator of a worldwide pyramid scheme that falsely promised investors would profit from a venture purportedly backed by the company’s massive amber holdings.
One of the common things you will see in the MLM world is incredible health claims about what their products can do. I have had Vemma reps from outside the United States claim that their family members have had diabetes and cancer cured by using Vemma products. In the United States it is illegal to make claims that your supplements can cure a disease.
Last year WorldVentures lost their appeal of a decision by the Norwegian Gaming Board and they are considered an illegal pyramid scheme in Norway. They are now under investigation again. In my opinion, it is only a matter of time until most of the world figures out the scam they are running.
On September 15th 2015, Vemma had their chance to defend themselves in court against the claims of the FTC. The Arizona Sandra Day O'Connor Federal Courthouse court room was full of Vemma employees and contractors. B.K. Boreyko and the Vemma defendants had with them 9 lawyers.
Since July of 2013, I have been warning people about the business opportunity that Vemma offers. Today they have been served with a complaint by the FTC. This complaint has been sealed until Friday. This is usually done so the founders of the company can't rally support prior to the public notification.