Category: regulation
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David Lee Kagel Submits Guilty Plea in Mind Capital Fraud Case
David Lee Kagel has submitted a guilty plea in response to charges related to the Mind Capital scam. Initially, Kagel was set to enter his guilty plea on May 13th but lost consciousness on his way to the proceedings. Consequently, the session was postponed to May 28th, at which time Kagel’s plea documentation was officially…
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Confirmation of MTI Criminal Probe by South African Officials
Four years post the fall of Mirror Trading International, South African officials have verified that a criminal probe is underway. The Financial Sector Conduct Authority labeled MTI a “unlawful venture” in December 2020. Nonetheless, substantive updates have been scarce since that proclamation. As Jan Vermeulen of My Broadband disclosed on May 21st; The National Prosecuting…
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edX AI Pyramid Scheme Alert Issued by Russian Authorities
The edX AI platform has been flagged by Russian officials for operating as a pyramid scam. The Bank of Russia issued a statement on May 17th, indicating that edX AI demonstrates “characteristics of a financial pyramid scheme”. The fraudulent activity associated with edX AI involves so-called quantitative trading. Potential investors are prompted to install the…
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CEO of Nutra Pharma Corp Agrees to $79,000+ Settlement
Subsequent to the announcement of a compromise between Nutra Pharma Corp officials and the SEC in the spring month of April, the specifics of a pair of agreements have been disclosed. In accordance with a conclusive judgment rendered in the SEC’s favor; Erik “Rik” Deitsch, Nutra Pharma Corp’s erstwhile CEO, has been mandated to disburse…
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USFIA Receiver Applies to Terminate Receivership Proceedings
After initiating two rounds of compensatory disbursement to victims, the Receiver overseeing USFIA has submitted a petition to the court to approve the destruction of records and conclude the Receivership. In the Final Report submitted by the USFIA Receiver on May 14th, a total of $63.3 million has been disbursed to victims of USFIA. This…
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Legal Prosecution Befalls FutureNet’s Anna Morgenstern
South Korean legal officials have filed criminal charges against Anna Morgenstern, spouse of FutureNet co-founder Stephan Morgenstern. In a separate development, the Albanian judiciary has accused Anna of funneling funds associated with a criminal activity. As reported by VoxNews, the Prosecutor’s Office in Tirana has initiated the provisional confiscation of various properties linked to Anna.…
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Alert Issued for YIPTG Pyramid Scheme in Russia
An alert for a pyramid scheme involving YIPTG has been issued by Russia. According to the Central Bank of Russia’s notice dated May 15th, YIPTG displays “characteristics of a financial pyramid”. An evaluation conducted by TRUST in April identified YIPTG as a Ponzi scheme centered around a “click a button” application. YIPTG promises quantitative trading…
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110,318 EminiFX Victim Financial Interactions Confirmed by Receiver
Subsequent to the shutdown of the EminiFX claimant portal, receivers have authenticated 110,318 fiscal transactions from upwards of 30,000 claimants. These authenticated dealings amount to approximately $229 million in validated funds invested and nearly $30 million in acknowledged withdrawals. A bit more than 5000 investors in EminiFX have put forward disputes pertaining to transactions, or…
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Joseph Cammarata Receives 6-Year Imprisonment for Tax Evasion
Ex-chief of Investview, Joseph Cammarata, has been handed a six-year term in federal custody for committing tax evasion. Implicated in five counts of dodging taxes, Cammarata (right) was formally charged in 2022 under accusations of concealing $15.5 million from the IRS. Although Cammarata pled not guilty to all accusations, he was convicted last November. On…