Tag Archive for MLM Lawsuits

Hot Business News Today

Eaconomy Securities Fraud Warnings From New Zealand, Norway And Canada – Quebec

by  •  • 0 Comments

According to The Financial Markets Authority :
“Te Mana Tātai Hokohoko (FMA) regulates New Zealand’s financial markets. We were established in 2011 as an Independent Crown Entity.”
On their website the FMA in New Zealand stated:

“Our statutory duty is to promote and facilitate the development of fair, efficient, and transparent financial markets; and to promote the confident and informed participation of businesses, investors, and consumers in the financial markets.
We recommend caution when dealing with Eaconomy LLC/Eaconomy, or any individual or entity promoting its services or products. Eaconomy is the subject of multiple warnings from overseas regulators including”:

The Financial Supervisory Authority of Norway, which has warned about Eaconomy as a Pyramid scheme and an unauthorised business
Eaconomy LLC- Financial Supervisory Authority of Norway

“The Financial Supervisory Authority of Norway (Finanstilsynet) points out that Eaconomy LLC (Eaconomy) is not authorized to provide investment services in Norway and therefore does not have the necessary approval under Norwegian law. The company is consequently not subject to Finanstilsynet’s supervisory oversight, nor has Finastilsynet approved the services offered by the company.”

Eaconomy Limited – The Autorite des Marches Financiers of Quebec in Canada
The Autorite des Marches Financiers of Quebec in Canada, which has warned about Eaconomy as an unauthorised business:

“Eaconomy Limited

Read more...

Hot Business News Today

IM Mastery Academy Cleared Of All Charges In Belgium

by  •  • 0 Comments

A Victory for Ethical Business Practices
In a landmark decision, IM Mastery Academy has been cleared of all allegations of operating as an illegal pyramid scheme in Belgium. The investigation which was initiated in 2018, and resulted in a court case brought by the Public Prosecutor who accused the company of operating outside the bounds of local law.
However, after six years of rigorous investigation, and the presentation of extensive data, evidence, and legal argument, the Antwerp court of appeal has ruled in favor of IM Mastery Academy, affirming the compliance of its business model with Belgian law.
A Test of Patience and Integrity
From the onset of the investigation, IM Mastery Academy cooperated fully with Belgian authorities, standing firm in their belief that their business model adheres to the applicable law. The company’s focus on providing educational services for customers was key in the court’s decision.

“We have always been committed to maintaining compliance. This victory is not only a win for us but also for our global community of educators, mentors, and students who trust in our mission to make financial education accessible worldwide.”

said a spokesperson for IM Mastery Academy.

Evidence-Driven Victory
During the investigation, IM Mastery Academy submitted extensive documentation, financial records, and operational

Read more...

Hot Business News Today

Judge Dismisses SEC Case Against iX Global Orders $1.8 Million Fee Payment

by  •  • 0 Comments

A federal judge has ruled in favor of iX Global and Digital Licensing, known as Debt Box, in the civil case brought by the United States Securities and Exchange Commission (SEC). Judge Robert Shelby, presiding over the U.S. District Court for the District of Utah, ordered the SEC to pay approximately $1.8 million in attorney and receivership fees.

The ruling, issued on May 28, mandates the SEC to cover $1 million in attorney fees and costs, along with $750,000 for receiver fees and costs. This decision came concurrently with the dismissal of the case without prejudice.

Judge Shelby’s order stemmed from a prior March ruling, which determined that the SEC had engaged in bad faith conduct regarding a temporary restraining order aimed at freezing iX Global’s assets. Subsequent filings revealed inaccuracies in the commission’s information, prompting the threat of sanctions against the SEC.
In response, the judge imposed sanctions on the SEC, requiring them to bear all attorney fees and costs resulting from the improperly obtained relief. Judge Shelby deemed most of the defendants’ requested costs as appropriate, with the exception of a $649 fee.

“This marks a significant victory for the Direct Sales industry,”

remarked Joe Martinez.
The SEC’s lawsuit, filed in July 2023,

Read more...

Hot Business News Today

Eaconomy New Allegations Coming up

by  •  • 0 Comments

On 8 April 2024, we reported about several allegations around Eaconomy with as title Eaconomy Not paying Commissions, Terminating Leaders? A Review 
Today Ronald Naranjo, the former Nr. 3 of Eaconomy published a video about his experience with Eaconomy and founder / CEO Hassan Mahmoud.
Ronald Naranjo stated according to the video:

“I’m going to tell you the story of Eaconomy with balloons so that everyone understands what really happened. After the event we had in Medellín we get up in the morning and we had our back offices blocked and our virtual offices blocked.
And yes they don’t pay commissions And how do I know that they don’t pay us commissions Well, because I I was one of the first affected by all this that happened after all.
I’m going to tell you the truth and to give you a little more context in April of the year past that is 2023 I was in Cancun at the ower owner’s house where we were doing the negotiation.
He had the third position in the company. So I know what was happening in the downline and now I’m going to tell you about it. Let everyone be clear and don’t eat Chinese tales of what

Read more...

Hot Business News Today

Maximize Your Ramadan Experience with QNET’s EDG3 Plus: The Preferred Energy and Immune Booster

by  •  • 0 Comments

In the holy month of Ramadan, when Muslims around the world fast from sunrise to sunset, they not only seek spiritual renewal but also ways to maintain their physical well-being.
During this time of reflection and discipline, QNET’s EDG3  Plus, a supplement that is carefully crafted to support energy levels and immune health, meets the unique needs of those who observe the fast. EDG3 Plus is designed to suit your Ramadan journey and aims to improve your vitality and resilience during this sacred month.
EDG3 Plus combines the power of turmeric and Vitamin D that enhances the body’s absorption of nutrients, ensuring maximum benefit. Turmeric, an advanced form of curcumin, boasts anti-inflammatory and antioxidant properties, crucial for maintaining vitality and health during fasting periods. 
Vitamin D on the other hand fortifies the immune system, ensuring individuals can devote their spiritual focus on spiritual practices during Ramadan.
Another key component of EDG3 Plus is glutathione, known as the ‘master antioxidant.’ This important substance aids in combating oxidative stress and supports the body’s detoxification, crucial for sustaining energy levels and well-being throughout the fasting month. Glutathione’s role in fortifying the immune system is indispensable, ensuring individuals can devote their focus to spiritual practices during

Read more...

Hot Business News Today

Major Victory For iX Global Against SEC

by  •  • 0 Comments

The SEC in the USA has lost their case against iX Global and DEBT box as the SEC has presented false statements to the judge, with the objective to get a court order to close down iX Global and DEBT Box. The SEC is ordered to:

“The Commission (SEC) is ORDERED to pay Defendants’ and Receiver’s attorneys’ fees and legal costs arising from the TRO and the Receiver. Defendants and Receiver are ORDERED to file within 30 days petitions for fees clearly setting forth their requests in accordance with the court’s guidance in this order.”

In Summary:
Though the Commission had sufficient information to know its representations about account closures were false and misleading at the time it sought the ex parte TRO, Defendants put the Commission on notice of additional facts undermining these statements in their Motions to Dissolve.
For example, the DEBT Box Defendants highlighted, consistent with Zaki’s information, there were no account closures in July 2023 and then provided evidence demonstrating banks—not Defendants—were responsible for the account closures in 2021 and 2022.

Similarly, the iX Global Defendants provide evidence demonstrating the bank, not Defendants, was responsible for the June 2023 account closures the Commission prominently featured in its argument for irreparable harm.
It

Read more...

Hot Business News Today

SEC Asked USA Court To Dismiss iX Global Case

by  •  • 0 Comments

The SEC stated to the USA Court in a response on January 30, 2024.
“For the foregoing reasons, and those in the Commission’s Response to the Order to Show Cause (Dkt. 233), the Commission respectfully submits that sanctions are not warranted and that the Court’s Order to Show Cause (Dkt. 215) should be discharged.”
For the reasons given in the Commission’s Response to the Order to Show Cause, the Commission respectfully submits that the statements identified in the Order to Show Cause do not warrant sanctions under Rule 11 or the Court’s inherent authority. (Dkt. 233 at 8-20.)
While the Commission recognizes that its attorneys should have been more forthcoming with the Court, sanctions are not appropriate or necessary to address those issues. Significantly, the Commission is continuing to take steps to address the issues the Court identified and to identify any other issues that may warrant further consideration.
As indicated in the Commission’s Response, experienced trial attorneys from the Commission’s Denver Regional Office have been assigned to this matter. (Id. at 1; see Dkt. 234-236.) That team is reviewing the allegations and evidence in this matter.
Given this ongoing review, the Commission has determined that the best way to proceed is to dismiss

Read more...

Hot Business News Today

QN Europe Joins Luxembourg’s Premier Direct Selling Association

by  •  • 0 Comments

QN Europe, an emerging leader in the European direct selling industry specializing in health, wellness, and lifestyle products, is delighted to announce its new membership in the Association pour la Vente Directe du Luxembourg (AVDL), Luxembourg’s prestigious Direct Selling Association.
This significant step reflects QN Europe’s strong commitment to ethical business practices and consumer protection in the direct selling industry, aligning seamlessly with AVDL’s mission to maintain high standards of quality and integrity in direct sales. 
Mr. Kirikos Lazarou, Managing Director of QN Europe, emphasizes this alignment stating:
“Joining AVDL is a clear indication of our dedication to excellence and ethical operations in Luxembourg and across Europe. We look forward to working alongside AVDL and its members to enhance the direct selling industry’s growth and reputation in Luxembourg.” 
AVDL is instrumental in representing and advocating for the direct selling sector in Luxembourg, championing ethical and transparent business practices. QN Europe’s membership in the Association signifies its integration into a community committed to consumer protection, ethical business operations, and fostering entrepreneurship.
Mr. Lazarou further adds,
“As part of AVDL, QN Europe is eager to participate in initiatives and programs that contribute to the evolution of Luxembourg’s direct selling landscape.
This includes joint efforts with AVDL

Read more...

Hot Business News Today

The SEC In The USA Acknowledge Errors In The iX Global – D.E.B.T Box Case

by  •  • 0 Comments

IX/D.E.B.T. v S.E.C. Update December 2023:
Introduction:
“On October 6, iX Global achieved a monumental win in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
In a recent TRO hearing, the presiding Judge made the crucial decision to dissolve the Temporary Restraining Order (TRO) previously levied against iX Global and DEBT Box.
The Court’s decision comes after scrutinizing the evidence presented and recognizing discrepancies and potential misrepresentations in the SEC’s complaint.
The importance of this hearing was underlined by the presence of Tracy S. Combs, Director of SEC’s Salt Lake Regional Office, who was summoned by the Judge just hours before the hearing. The Court’s stance was clear – maintaining the highest standards of accuracy and fairness in all proceedings.”
As of December 2023:
The SEC’s acknowledgment of errors in the case has raised concerns about accuracy and transparency. Key points include:

Shortcomings in Duty: The SEC admits to falling short in accuracy and candor to the court.
Inaccurate Representations: During a hearing, SEC counsel made inaccurate statements, and these were not corrected when the errors were later identified.
Failure to Differentiate: The SEC did not clearly distinguish between factual statements and inferences, leading to potential misunderstandings.
Lack of Direct Evidence: Certain claims by the SEC, such as attempts to move

Read more...

Hot Business News Today

Christina Barnett: From Financial Struggle To Empowered Entrepreneurship With GOFINITY

by  •  • 0 Comments

In 2019, as a single mom working in banking, Christina Barnett entered the direct sales industry, aiming to cover a $500 car note. Quickly exceeding this goal, she earned $600 while navigating her dual roles.

During the COVID-19 pandemic, Christina achieved remarkable success, making over $100,000 in just 8 months in the direct sales field. Despite personal setbacks, including bankruptcy and losing her home and car, she used the industry to overcome these challenges.

As a certified life coach, Christina founded a consulting company, helping female entrepreneurs prioritize self-care for brand growth. Facing burnout in 2023, she joined GOFINITY, a decision that transformed her life. Working from home, she became stress-free, her own boss, and regained her freedom.

Featured in magazines like Shout Out Atlanta, Christina led GOFINITY’s top team, aiding others in earning an additional $500 or more monthly. GOFINITY not only provided financial stability but allowed Christina to eliminate debt and start her own Work from Home business.

Christina’s journey underscores the transformative power of the direct sales industry, offering financial independence and family time. Recommending the industry, she emphasizes the importance of choosing an ethical company. GOFINITY, for her, is not just a job but a life-changing experience, empowering her and

Read more...