Bottomline Technologies, a provider of financial technology which helps businesses pay and get paid, launches the 2nd edition of its annual report, the UK Business Payments Barometer: Payments for a new economy, which reveals that fraud and the need for greater cyber-security measures remain high on the agenda for financial decision makers. The UK Business Payments
The post UK financial decision makers don’t know if they are a victim of fraud appeared first on Small Business.
Tag Archive for Fraud
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Market America Sued For Fraud And Pyramid Allegations
by Ted Nuyten • • 0 Comments
According to an article in Court House news:
Two distributors for Market America claim the company’s $7.3 billion valuation comes from millions of people who have lost money after enrolling in the pyramid scheme, including Chinese-Americans whom the company targets to sell products to relatives in Asia.
Chaunjie Yang and Ollie Lan sued Market America and its founders James Howard Ridinger, Loren Ridinger, and president and COO Marc Ashley in a federal class action on Tuesday.
The racketeering lawsuit says that while the executives tell distributors they can earn more than $560,000, only those at the top make that kind of money.
Ninety percent of sellers do not receive a penny, according to the lawsuit.
“According to Market America, the only way to fail under Market America’s business model is to quit. Meanwhile, Market America and its confederate conspirators now assert a business valuation of $7.3 billion that they have made off the backs of millions of people in their pyramid,”
the class claims in the lawsuit.
Yang says he handed over $35,000 to Market America and eventually lost money in the venture. He says in the lawsuit that people enrolling in the scheme have to pay a $399 startup fee and $129 a month.
Market America
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Why Embezzlement Most Often Occurs at Small Businesses — and How to Prevent It From Happening to You
by Ken Springer • • 0 Comments
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Online Criminals Are Tricking Entrepreneurs Into Doing Their Dirty Work
by Ron Teicher • • 0 Comments
Cyber-crooks skillfully launder money through unwitting legitimate online storefronts, creating major legal liabilities for careless entrepreneurs.
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5Linx Partners Charged With Cheating Investors
by Ted Nuyten • • 0 Comments
The original partners of 5Linx, once one of Rochester’s fastest growing companies, cheated investors out of more than $4 million, federal authorities allege according to an article in the Democrat & Chronicle.
The illegally gained money could be as much as $11 million, court papers allege.
The three partners — Craig Jerabeck, Jason Guck and Jeb Tyler — were charged today in federal court with defrauding investors between 2009 and 2015. The three were released on bond of $100,000 a piece.
5Linx was once a highly successful network marketing company, with products ranging from nutritional supplements to wireless security systems. However, there have been clear strains in recent years between past and current 5Linx management.
The Democrat and Chronicle previously reported on allegations in a lawsuit against Jerabeck, who had left the company.
Jerabeck was accused of
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Nerium International – Nerium Biotechnolgy Shareholders Deny Allegations
by Ted Nuyten • • 0 Comments
On 20 February we published court documents (we did not make it up….) in which Jeff Olson – CEO Nerium International is accused of numerous inappropriate transactions by 2 partners / shareholders:
1. Nerium SkinCare (NSC) is a division of Nerium Biotechnology Inc., President is Dennis Knocke.
2. Nerium Biotechnology inc. (NBI) CEO is Dennis Knocke, the company owns 30% of Nerium International.
So there are 3 different Nerium companies, which make the case confusion. Nerium International and NSC/NBI have business disputes with each other that they are addressing in court.
The article got over 100,000 hits and many Nerium network marketing distributors were more than upset.
Business For Home was able to retrieve a letter by a group of shareholders from Nerium Biotechnology Inc represented by Donald R. Gardner, and Gardner represents a large
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Jeff Olson – CEO Nerium International Accused Of Massive Fraud
by Ted Nuyten • • 0 Comments
Nerium SkinCare and Nerium Biotechnology, partners of Nerium International, accuse CEO Jeff Olson from multi-million dollar fraud and ask in a lawsuit, inspection of the books.
From the law suit:
Nerium (Skincare) has recently obtained concrete evidence of numerous inappropriate transactions—totaling millions of dollars—that were directed or overseen by Jeff Olson, the Company’s sole Manager.
This evidence leaves no room for doubt that Olson is guilty of financial impropriety; now the question is the scope and extent. Nor is there any room for dispute that the Company previously underpaid Nerium by millions of dollars in equity and bonus distributions.
After Nerium filed its application to compel records inspection and served discovery regarding the Company’s equity allocations, the Company was finally forced to admit that its prior equity allocations were wrong. Yet it refuses to provide Nerium
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Online fraud – five top tips for prevention in small businesses
by Owen Gough • • 0 Comments
As they look forward to a well-deserved break in the run up to the Christmas festivities, it is not unusual for small businesses to want to take their foot off the pedal slightly. However, criminals are working overtime to make the most of the increase in online activity. The threat of online fraud is rife
The post Online fraud – five top tips for prevention in small businesses appeared first on Small Business.
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6 Steps to Avoid Becoming the Victim of 'Advance-Fee' Fraud
by John Canfield • • 0 Comments
Always listen to your gut when it says, “This whole thing seems too good to be true.” And school yourself on “419” scams.
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Reza Mokhtarian CEO Kaizen Global Charged With Fraud In Canada
by Ted Nuyten • • 0 Comments
Reza Mokhtarian is CEO and founder of Kaizen Global – a Forex education opportunity with a network marketing compensation plan.
The Ontario Securities Commission (OSC) announced today that Reza Mokhatarian of King City, Ontario has been charged with an alleged breach of the Criminal Code following an investigation by the OSC’s Joint Serious Offences Team (JSOT).
Mokhtarian has been charged with one count of fraud against the public over $5000, contrary to section 380(1)(a) of the Criminal Code.
The OSC alleges that Mokhatarian committed this offence between the dates of July 1, 2013 and December 31, 2015.
Mokhtarian is scheduled to appear in court on this matter on October 26, 2016, at 9:00 am in Courtroom #111, Old City Hall, 60 Queen Street West, Toronto, Ontario.
JSOT was established by the OSC as an enforcement partnership between