Founders of Crypto ICO Sentenced to Combined 8 Years in Prison for Tax Evasion After Raising $24 Million from Investors.
The owners of a cryptocurrency company have been sentenced to a combined 8 years in federal prison for tax evasion, announced U.S. Attorney for the Northern District of Texas Chad E. Meacham.
Bitqyck founders Bruce Bise, 61, and Samuel Mendez, 65, were charged with tax evasion in August 2021.
Mr. Bise pleaded guilty on Sept. 9, 2021 and was sentenced on March 7, 2022 to 50 months in federal prison;
Mr. Mendez pleaded guilty on October 12, 2021 and was sentenced this afternoon to 50 months in prison. U.S. District Judge Jane J. Boyle ordered the men jointly and severally liable for $1.6 million apiece.
According to plea papers, Mr. Bise and Mr. Mendez admitted that Bitqyck raised approximately $24 million from more than 13,000 investors.
Instead of fulfilling their promises to these investors, the defendants used Bitqyck funds on personal expenses, including casino trips, cars, luxury home furnishings, art, and rent.
“Crypto actors are required to pay their fair share of taxes, just like everyone else,” said U.S. Attorney Chad Meacham.
“Not only did these defendants shirk their tax obligations, they lied to investors and made
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Hyperfund – Hyperverse Collapse, Kalpesh Patel Exit The Ponzi
by Team Business For Home • • 0 Comments
Hyperfund, Hyperverse, Hypertech, Hyperone, and HyperNation, all rebrands in the past months of a very large Ponzi scheme.
A Ponzi scheme is a fraudulent investing scam which generates returns for earlier investors with money taken from later investors.
Kalpesh Patel was a (very) early investor and top Hyperfund promoter who made an estimated $4+ million per month.
He stated a typical “sorry for your loss “excuses on his exit in a followers group:
“I can not stand in integrity and keep showing up and mis leading the community on hot air where the founders themselves can not be bothered to show up for us since December.
Total disrespect. I know my correct decision will affect many of you adversely…
Please forgive me for the impact of my personal decision on your lives.
This place I find myself in is such a shame, if a day appears in the coming days where corporate do the right thing the I’ll be happy for you all and my prayers would have been answered, but I can not continue on this path any longer.
I’ll find another home, I’m sure. Ive loved the 1st 18 months and those are the memories I’ll travel forward with”
So the good news is that Kalpesh
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Isagenix Named One Of Arizona’s Most Admired Companies
by Nicole Dunkley • • 0 Comments
Isagenix International, a global health and wellness company providing nutrition and lifestyle solutions, has been selected as one of the 2018 Arizona’s Most Admired Companies by Arizona Business Magazine. There were 187 entries for the award this year, the most in its history. Isagenix was one of 55 honorees.
Arizona’s Most Admired Companies were chosen based on performance in five areas: workplace culture, leadership excellence, corporate and social responsibility, customer opinion, and innovation.
“This is the most comprehensive corporate awards program in Arizona, and due to the breadth of the areas it examines, companies who are selected join a prestigious group of employers in Arizona,” said Denise Gredler, founder and CEO of BestCompaniesAZ and co-founder of the Most Admired Companies program. “This program recognizes the wonderful contributions and impact these most admired companies bring to the state.”
Isagenix Chief Executive Officer Travis Ogden said the company is honored to receive the award.
“We strive for excellence in every area of the business, and our reputation as an exceptional health and wellness company and employer is important to us, so I’m thrilled Isagenix was named one of Arizona’s Most Admired Companies,” he said. “We thank Arizona Business Magazine and BestCompaniesAZ for this honor and congratulate all
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M.Network Takes Over Jambery Nails
by Ted Nuyten • • 0 Comments
Utah (USA) based Jamberry Nails has ceased paying affiliates and shipping products. Over the past eight years, the company’s sales network has grown to more than 100,000 Independent Consultants.
The original owners sold a majority stake in Jamberry to outside investors a few years ago, according to Ryan Anderson, CEO of M.Network.
Ryan Anderson stated:
The Jamberry brand, products and consultants all have a home at the M.Network.
The consultants still have their same back offices, same websites, same product lines and can continue business as usual.
They haven’t missed a commission payment and they won’t either. The only difference is now they they will be incorporated under the M.Network.
Nail products maker Jamberry named in October 2016 Elizabeth Thibaudeau as its new CEO.
Thibaudeau succeeded Adam Hepworth, who has led the company from its inception. Hepworth’s wife, Christy, co-founded Jamberry in 2010 with her two sisters, Lyndsey Ekstrom and Keri Evans.
Jamberry is known for its do-it-yourself nail wraps, which are applied using a heat and pressure technique. In addition to offering a wide range of original designs, the company has worked with the likes of Disney and the NFL to introduce special themed collections.
Jamberry expanded into Mexico, adding to operations in the U.S., Canada, Puerto Rico, Australia and New Zealand, and the United Kingdom.
About M.Networks
M.Network
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Jamberry Nails Out Of Business – Thousands Of Reps In Shock
by Ted Nuyten • • 0 Comments
Utah (USA) based Jamberry Nails has ceased paying affiliates and shipping products. Over the past eight years, the company’s sales network has grown to more than 100,000 Independent Consultants.
The company stated in an email to consultants:
“We’re so grateful to each of you for your patience during this transitional time for Jamberry.
We regret to inform you that any product, gift cards, swag, marketing or event purchases made prior to 11:59 p.m. MT on June 28, 2018, are ineligible for refund from Jamberry.”
Nail products maker Jamberry named in October 2016 Elizabeth Thibaudeau as its new CEO.
Thibaudeau succeeded Adam Hepworth, who has led the company from its inception. Hepworth’s wife, Christy, co-founded Jamberry in 2010 with her two sisters, Lyndsey Ekstrom and Keri Evans.
Jamberry is known for its do-it-yourself nail wraps, which are applied using a heat and pressure technique. In addition to offering a wide range of original designs, the company has worked with the likes of Disney and the NFL to introduce special themed collections.
Jamberry expanded into Mexico, adding to operations in the U.S., Canada, Puerto Rico, Australia and New Zealand, and the United Kingdom.
“I am passionate about the direct selling channel and believe in the power of social selling,” said Thibaudeau when she started
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JRJR Networks Files For Bankruptcy – Agel Website down
by Ted Nuyten • • 0 Comments
JRjr33, also known as CVSL and JRJR Networks, filed for Chapter 11 bankruptcy Friday in U.S. Bankruptcy Court for the Northern District of Texas.
In a previous article we already predicted that, as the company burned its cash.
JRJR Networks is a Dallas, Texas, USA based company and acquired in recent years 10 Network Marketing – Direct Selling companies:
Agel
Kleeneze (Out of Business)
Betterware (Out of Business)
Longaberger (Out of Business)
Tomboy Tools
Paperly (website is down)
Uppercase living (Out of Business)
Your Inspiration At Home (Out of Business)
Happenings
My Secret Kitchen (Out of Business)
It remains the be seen if the remaining companies go down, or if a few pearls can be saved from the mess the Rochon family created.
We noticed the www.agel.com website is down, former home of a lot of top leaders in the direct selling industry…
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JRJR Networks Acquire Longaberger And Kleeneze And Both Are Out of Business?
by Ted Nuyten • • 0 Comments
According to below facts and figures, as a distributor of below remaining companies it seems you are not backed up by a financial strong parent company.
We would be not surprised if the whole company will go down. Be carefull….
JRJR has acquired companies on their way down, with many different cultures and tried to create one company. They burned their cash with that strategy.
Momentum is what you need in Direct Sales and that is what is mssing.
JRJR Networks is a Dallas, Texas, USA based company and acquired in recent years 10 Network Marketing – Direct Selling companies:
Agel
Kleeneze
Betterware
Longaberger
Tomboy Tools
Paperly
Uppercase living
Your Inspiration At Home
Happenings
My Secret Kitchen
Longaberger and Kleeneze are gone out of business in 2018, because of “Lack of Capital” leaving thousands of distributors in the dust.
JRJR Networks according to their website:
“JRJR Networks is a unique portfolio of direct-to-consumer brands, led by an experienced management team, engaged in a long-term process of acquiring brands in this sector and maximizing returns for shareholders.
We define direct-to-consumer as any business selling products or services through a fully- commissioned, independent sales force, straight to customers via relationship-based selling rather than through retail stores, supported by the power of Internet support tools such as individualized e-commerce web sites”.
In
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Longaberger Out Of Business, Thousands Of Consultants Desperate
by Ted Nuyten • • 0 Comments
According to a TV Station based in Colombus, Ohio, USA, Longaberger has gone out of the Direct Sales business.
Tami Longaberger, who led The Longaberger Co., a direct seller of home and lifestyle products, since her father died in 1999, resigned as chief executive officer and director of the company in 2015, followed by a lawsuit.
Longaberger parent company CVSL announced in 2015 that John Rochon Jr., vice chairman of CVSL and son of the CVSL chairman, took over as Longaberger chairman, president and CEO.
The company Dave Longaberger founded in 1973 became a $1 billion business in 2000, when it employed more than 8,200 people.
Tami Longaberger became president of the company in 1994, while her father remained as chairman. She took more of a leadership role as her father battled kidney cancer in his final years.
The Ohio, USA based company has struggled for more than a decade, with sales plummeting to roughly $100 million annually and employment dwindling to 230 employees, including 68 at its Newark corporate office, which had 500 employees shortly after it opened in 1998.
The local newsagency reports:
“A local American treasure has gone out of business, shutting down after decades of making hand-made baskets.
The Longaberger Company, a name known
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Stemtech Teams Up With New Investment Partners
by Ted Nuyten • • 0 Comments
According to a press release:
The Stemtech global family of companies have officially joined forces with a synergistic group of experienced businessmen who will add significant value to the team in the areas of finance, product development and global strategic planning.
Ray Carter, a Director of many of the Stemtech sister companies around the world, views this as a major positive milestone for Stemtech.
“Today Stemtech has restructured its ownership to take the business to new heights.
After several unforeseen challenges over the past few years, we are ready to refocus on growth to fulfill our important mission to the world”,
Carter stated.
Stemtech’s global family of companies earned a place on Inc Magazine’s List of Fastest Growing Private Companies an impressive four times (2010, 2013-2015) and is poised to regain momentum after also launching advanced formulas of its unique products over the past year.
About Stemtech
Originally founded in 2005, Stemtech has pioneered a new category of dietary supplement – stem cell nutrition, which has changed the landscape of health and wellness forever. Stemtech’s one-of-a-kind natural products are designed to support the body’s renewal system of adult stem cells.
For more information, please visit http://www.stemtech.com
Hot Business News Today
Kleeneze Ceases Business 5,000 Distributors In Shock
by Ted Nuyten • • 0 Comments
UK based Kleeneze Limited, which employs 71 people at its warehouse in Heywood has ceased to trade, and all positions are at risk.
The 95-year old direct sales organisation sells and distributes a wide range of household and beauty products through an active network of around 5,000 independent sales distributors.
Joint Administrator David Acland said: “Kleeneze has performed well over the years and has a strong network of independent sales distributors. Unfortunately, tough trading conditions have resulted in the business entering administration.
“The business has ceased to trade but we would urge any parties interested in acquiring the business to contact us as soon as possible.
In the meantime, we are assisting employees and stakeholders during this difficult period.”
Usdaw, the trade union for Kleeneze staff, is seeking urgent meetings with the administrators in a bid to protect members’ jobs at the Greater Manchester based business engaged in home shopping and direct selling of cleaning products, gifts and homeware.
Annette Bott – Usdaw Area Organisers says: “This is clearly a difficult and upsetting time for the 140-staff based in Accrington and Heywood. We are pressing the administrators to find a buyer for the company who will protect jobs and keep the business going.
In the meantime we are