Connect with us

Uncategorized

QNet- Crook Review

Published

on

QNet was established in 1998 and has its headquarters there, in Hong Kong.

But as far as I know, QNet doesn’t actually do business in Hong Kong; it only exists there in name.

Vijay Eswaran (right), a Malaysian citizen, created the business. QNet conducts business as if it were a Malaysian corporation.

And so it goes.

Vijay Eswaran and Joseph “Japa” Bismark, two young men from radically different backgrounds, teamed up for business and friendship in the middle of the 1990s. The two joined forces after finding some measure of network marketing success with an American business that was doing incredibly well in the Philippines. Their team, the V Team, which was made up of talented, bright, and driven men and women, quickly rose to the position of top revenue producers for American business.

When all attempts to correct the situation proved unsuccessful, the V team gathered around Vijay’s kitchen table to determine the next course of action after realizing that the corporation was being dishonest with them at some point. The team included about 1,500 members who supported the V team leaders. They intended to tell them what to do, but what? The simple solution was to explain what the business owners did and absolve them of all responsibility. They did not, however, opt for the simple solution. The two young men, along with their core team members, made the audacious and crazy decision to start their own company with the sole purpose of protecting the interests of the people who had put their trust and life savings in their hands, with the fate of thousands of their team members at stake and a liability exceeding USD 250,000. The Philippine Stock Exchange Centre, originally known as Tektite Towers, in Manila, Philippines, is where the fateful day in September 1998 gave birth to the business that is now known as QNET.

When QNet first launched, it was known as QuestNet and advertised gold and silver coins.

In addition to GoldQuest and QI Limited, QNet has given rise to at least 76 related shell companies.

The QI Group, which is in charge of managing the business’s international operations, is a subsidiary of QNet.

Corporate liability reduction appears to be the cause of this.

Under a different name, QNet establishes a presence in a nation. Since QNet is located in Hong Kong, it has taken great care to avoid doing business there or in China.

You may wonder why.

With the exception of Malaysia, QNet has encountered regulatory issues in almost every nation where it has a sizable presence.

QuestNet received a cease and desist letter from the Philippine Department of Trade and Industry (2003). GoldQuest was deemed to be a pyramid scam after an inquiry by the Royal Monetary Authority of Bhutan. (2003) The Nepalese Home Ministry forbade GoldQuest from conducting business there in 2003. (2003). The government of Sri Lanka outlawed GoldQuest (2005). Iran’s authorities forbade GoldQuest as well (2005). Vijay Eswaran and a number of GoldQuest officials were detained in Indonesia as a consequence of an Interpol notice following a Philippine probe. They were released three weeks later, and the charges were dropped (2007).QuestNet’s business license was revoked by Afghanistan (2006). Following the National Bank of Rwanda’s classification of QuestNet as a pyramid scam, the Rwandan Ministry of Finance prohibited it. (2008) In 2009, Sudan outlawed QuestNet. QuestNet was shut down by Syria’s Ministry of Economics for conducting a pyramid scheme and breaking the rules governing business registration. (2009): Following an inquiry that found QNet to be nothing more than a rebranded version of the QuestNet pyramid scheme, Turkey issued a warning against it. (2011) A fatwa from Egypt’s educational institutions deemed QNet’s business strategy to be unlawful (2010). Due to claims of theft, forgery, and failure to register (2010), QNet was prohibited by the Saudi Arabian Ministry of Commerce and Industry. As part of a significant bust, India’s EOW froze a number of bank accounts connected to QNet (2013). QNet’s business license in the Philippines was withdrawn by the Philippines’ SEC (2014). The Indonesian Ulema Council’s Chairman of the Fatwa Commission determined the business model was not haram (it had “elements of deception”) and issued a fatwa (2014). The EOW of India barred workshops and training activities in Mumbai by QNet and its Indian affiliate Vihaan. (2014) The Azerbaijani Central Police launched a criminal investigation into QuestNet to look into allegations of money-laundering fraud (2014). India’s EOW (Delhi) filed a first information report accusing Qnet and Vihaan Direct of operating an MLM scheme dishonestly and dishonestly (2016). Burkinabe authorities referred to QNet as “a network of thieves” (2016).

QNet’s management and affiliates have been detained in India, Indonesia, Turkey, Iran, Azerbaijan, Burkina Faso, Nepal, and Algeria as a result of the company’s illegal international business operations.

The founder of QNet, Vijay Eswaran, is currently wanted in India.

Additionally, it seems like the marketing material on the QNet website is a little dated.

Although the program claims to be “Asia’s leading direct selling company,” it now seems to be primarily pushed in Africa.

The top five countries driving traffic to the QNet website, according to Alexa’s assessment, are Cameroon (8.2%), Morocco (7.5%), India (6.4%), Tanzania (5.5%), and Algeria (5.4%).

Aside from India, QNet looks to have virtually collapsed throughout Asia.

As mentioned previously, African authorities have only recently started taking QNet seriously. In India, QNet’s operations are in disarray as a result of several arrests and asset seizures made throughout the nation.

Continue reading to learn more about the QNet MLM business opportunity.

QNet’s Products

QNet sells a variety of goods in the specialist industries of education, holidays, technology, watches and jewelry, personal care and cosmetics, health and wellness, and auto maintenance.

Wellness and health

Products for water filtration by HomePure, Products for air purifiers, AirPure. Olive leaf oil extract nutritious supplements from VitaNet nutritional supplements from LifeQuode, ‘Harmonized energy’ Amezcua goods Green coffee from Qaf.

Personal care and beauty

Body Radiance Hypoallergenic DEFY’s line of skin care products for men Skin-cleansing BioSilver Couleurs Makeup Face and bath cream by Bell & Belle,

Jewelry and watches

Cimier wristwatches with the QNetCity logo

Bernhard H. Mayer Jewelry and Timepieces Education with Jewelry from the Himalayan Crystal Collection

e-courses from the Swiss eLearning Institute (not accredited) Three accelerated bachelor’s in business administration degrees are available from SMC University (previously Swiss Management Center): a bachelor’s in business administration with a focus on information technology, a bachelor’s in business administration, and a bachelor’s in business administration.

Keep in mind that the information above is what is mentioned on the QNet website’s product page.

Only three “English for Beginners” courses, each costing $620, are available in the QNet online store.

Discount resort vacations are offered by the travel agency TripsaverQVI Club during holidays.

Q-breaks: vacation packages for quick getaways redeeming points for QVI Points (which can be put towards discounted accommodation, guided tours, adventure activities, car rentals, and cruises)

Technology

BrilTime provides BrilNet web conferencing and BrilCloud online storage. The QNet Life Site is a tool for sales and marketing. An “internal online video community devoted to network marketing” is called Vtube+ (looks like a YouTube clone).

Drive Care

Titan Metal Treatment, which uses Zero Friction Technology, is a metal treatment oil used, among other things, for automobiles, motorcycles, lawn mowers, heavy machinery, and other vehicles. Its unique nanotechnology enters the tiniest cracks in your engine (referred to as micropores) and creates a robust low-friction shield.

When comparing this low friction shield to other high performance lubricants, including mineral and synthetic-based engine oil and oil treatment, it can endure up to five times more weight and friction.

There are simply too many QNet items to list them all here, but a comprehensive retail catalog can be found on the QNet website’s online store page.

QNet’s compensation scheme

Affiliates are rewarded under QNet’s incentive plan for making retail sales, buying goods, and/or enlisting others to do the same.

Direct (retail) and residual commission payments are made using binary and unilevel compensation systems.

QNet Affiliate Positions

The QNet compensation model has eight affiliate tiers.

They are as follows, along with their respective qualification standards:

Become an Independent Representative and join QNet (IR).

At least 50 RSP are produced each month (residual unilevel commission qualified). A minimum of three affiliates with 500 PV each or two affiliates with 1000 PV each is required to earn the Silver Star award. Earn at least two binary step commissions, 500 PV, and 600 RSP throughout your unilevel team in order to be eligible for residual unilevel commissions. Earn a minimum of 1000 PV and 2000 RSP for your whole unilevel team, at least 40 binary step commissions, and keep qualifying for residual unilevel commissions. maintain 1000 PV each month, produce 5000 RSP from a minimum of two unilevel team legs (but no more than 2500 GV from one leg), receive at least 120 binary step commissions, and remain qualified for residual unilevel commissions. Jewel Star (qualification criteria must be met for two consecutive months). To be eligible for residual unilevel commissions, your downline must contain at least twenty sapphire or higher ranking affiliates (including at least one Platinum Star that you personally recruited). At least ten affiliates who are Platinum Stars or higher are in your downline (at least two of whom you recruited as Diamond Stars), and you are still eligible to get residual unilevel commissions (see below).

MLM Commission Requirements:

A QNet affiliate must first “qualify” and then “activate” in order to be eligible for MLM commissions.

A QNet affiliate must produce 500 PV in order to be eligible.

Personal Volume, which stands for “Personal Volume,” refers to sales volume produced by retail sales as well as the affiliate’s own product purchases.

There are two ways for a QNet affiliate to sign up:

They must acquire at least two “qualified” affiliates and earn 500 GV in sales on both sides of their binary team.

The PV generated by an affiliate and the downline they have attracted is referred to as GV, which stands for “Group Volume.”

Shopper Commissions

QNet pays retail commissions on products purchased by retail consumers.

Retail commissions, according to the QNet compensation model, are the difference between the amount your consumer pays and your discounted pricing as an IR (Independent Representative).

Recurring Commissions (binary)

An affiliate is positioned at the head of a binary team that is divided into two sides (left and right) by a binary remuneration structure:

The binary team’s first level has two slots. These first two places are divided into another two positions each to create the second level of the binary team (4 positions).

The binary team is formed in stages, with each stage containing twice as many slots as the preceding stage. 

Direct and indirect affiliate recruitment is used to fill positions on the binary team. Be aware that a binary team can expand indefinitely.

Within the binary team, GV is produced by retail and affiliate sales.

When 3000 GV is matched on both sides of the binary team, commissions are paid.

A “step” is the name given to this 3000 GV contest between the two binary team sides.

Affiliate rank determines how much of a residual binary commission is given for each 3000 GV match.

Bronze Stars are paid $200 for each step (capped at 40 steps a week). Each step pays $225 for Silver Stars (capped at 50 steps a week). Each step pays $250 for Gold Stars (capped at 60 steps a week). Each phase pays $260 to Sapphire Stars (capped at 65 steps a week). Each step pays $275 for Platinum Stars (capped at 70 steps a week). Each step pays $300 for Diamond Stars (capped at 80 steps a week). Blue Diamond Stars receive $325 for each step (capped at 90 steps a week).

A QNet affiliate is granted three binary positions when they sign up.

One more is added to this for every 1000 PV they produce (up to two per single product order).

Recurring Commissions (unilevel)

An affiliate is put at the head of a unilevel team in a unilevel pay system, and each affiliate they personally recruited is positioned immediately under them (level 1):

New affiliates brought on by any level 1 affiliate are added to the original affiliate’s unilevel team at level 2.

In the event that any level 2 affiliates bring on new affiliates, they are promoted to level 3, and so on down a theoretically limitless number of levels.

Recurring unilevel commissions are paid by QNet based on “Repeat Sales Points” (RSP).

To be eligible for residual unilevel commissions, an affiliate must individually generate at least 50 RSP per month.

RSP is produced through retail customer sales; an affiliate’s personal product purchase; and their downline’s purchase of goods (up to ten unilevel team levels).

Weekly payouts for generated RSP in the unilevel team of a QNet affiliate are made at the rate of 10,000 RSP = $400.

Affiliate rank determines how many unilevel team levels are formed when RSP is counted.

It generates RSP on five unilevel team levels and is connected to Silver Star. Six unilevel team levels are used to generate RSP. Seven unilevel team levels are used by The Sapphire Stars to create RSP. RSP is generated by Platinum Stars on eight single-level team levels. RSP is generated by Diamond Stars on nine single-level team levels. On each of the ten unilevel team levels that are available, the Blue Diamond Stars produce RSP.

Keep in mind that RSP created by the unilevel team on level 2 counts for 200%.

A QNet affiliate is compensated proportionately depending on generated volume if their unilevel team generates less than 10,000 GV.

10,000 GV is equivalent to $400, or 4% of the created unilevel team GV.

Quick Payment

A QNet affiliate receives the Early Payout bonus for producing 1000 GV on their lower binary team.

Within four weeks of signing up, I will produce 1000 GV in weaker binary team side volume and will get a $50 incentive. You will produce another 1000 GV in weaker binary team side volume within six weeks of signing up, along with another $50 prize. You will receive an extra $125 incentive if you generate 1000 GV in weaker binary team side volume (no time limit).

bonuses for reaching a certain rank

Affiliates that meet the requirements for the Diamond Star and Blue Diamond Star ranks are eligible for a one-time $10,000 and $30,000 bonus from QNet (new rank must be maintained for six consecutive months).

Affiliates with the level of Platinum, Diamond, or Blue Diamond for a full year are given “exciting all-expenses-paid travel and lifestyle rewards.”

Invitations to exclusive events and additional experiences that money can’t buy are given as rewards to V Ambassadors and QNet Founders (no qualification criteria are given). These achievements are celebrated with other high achievers, esteemed V Ambassadors, and QNet Founders.

QNetThe annual cost of a QNet affiliate membership is $30.

Conclusion

If the proverb “where there’s smoke, there’s fire” is to be believed, QNet is a blazing forest fire that ought to have been put out years ago.

I believe that QNet’s continued operation is solely due to an excessive use of shell companies, which are primarily used to confound law enforcement and complicate investigations, combined with moving from one market to another as they all fail.

While QNet slowly extends over Africa, it appears that Asia is completely finished. Africa is now covered by European and Japanese companies, while Asia appears to be completely finished. Although QNet hasn’t succeeded in the US or European markets after 18 years, it’s unlikely they will now.

The key to QNet’s credibility is found in their PV specifications. This is where the pyramid scheme problem lies; these can either be produced through retail sales or an affiliate’s own purchase of a product.

QNet affiliates can create a sizable income by simply signing up, purchasing the minimum amount necessary to meet PV requirements, and then the minimum amount necessary to generate 50 RSP per month.

As a result, QNet places a strong emphasis on “duplicate” in their marketing.

Your company’s strategy is transferable and replicable since it was created with that goal in mind.

In other words, you sign up, purchase things to meet the requirements for commissions, and then get paid to find other members who make the same purchases.

The alternative to this is qualification through retail sales. However, it is revealing that QNet has been outlawed in so many nations, and/or that its affiliates have been detained for engaging in a pyramid scheme.

It is also instructive that QNet has had eighteen years to solve the likely lack of retail sales occurring (requiring a 50:50 split of affiliate buy and retail volume would be a start or not including affiliate purchases for qualifying PV).

QNet jumped from nation to nation, leaving a trail of financial catastrophe in every jurisdiction in which they operated, instead of addressing problems with their business strategy.

When it comes to their product lineup, QNet’s selection is a real eclectic jumble of nonsense.

The many product lines lack a unifying concept, giving the impression that QNet management simply used whatever was available.

And some products are just plain strange.

The Amezcua health and wellness line from QNet is possibly the best illustration.

Amezcua is a distinctive collection of harmonised energy products created to boost your harmony and energy levels on a daily basis.

“Increased degrees of harmony.” What even does that mean?

The bizarre Amezcua collection from QNet comprises an “e-guard,” a “chi pendant,” plastic discs, glass discs, and bio lights (another plastic disc).

Here is the marketing message for Bio Light 2 to give you a sense of what the Amezcua line is all about:

The Amezcua Bio Light 2 was created expressly to benefit from the idea of biophotons.

When the Amezcua Bio Light 2 is shone through the Amezcua Bio Disc 2, biophotons are produced that enhance your energy levels and the flavor of your food and beverages.

Does food taste better when it’s lighter?

Riiiiiight.

QNet makes the claim that the Amezcua goods are supported by “ongoing research and development,” but it offers no proof of this.

A few purchased research papers are offered, but nothing that even vaguely approaches a professionally done peer review from the larger medical community.

Naturally, there won’t be a retail market for this garbage. And it really captures the issue with QNet.

If you want to look further than an examination of QNet’s offerings and compensation structure, you should start with the individual who is recruiting you.

Every QNet affiliate must meet the requirements for MLM commissions. What you need to know is if this person earned the necessary volume through retail sales or merely recruited their way to qualification.

Make sure to request evidence, as any pyramid fraudster is familiar with how to respond to this inquiry (obviously by not being truthful).

For each QNet affiliate to be eligible for residual unilevel commissions, 50 RSP must be generated each month.

Once more, you’re interested in learning how this RSP is created. run if it’s a monthly self-purchase and there isn’t an equivalent retail volume.

I would suggest that the answers to both questions are obvious considering the volume of regulatory concern that QNet has raised over the years. However, it doesn’t hurt to make a personal check.

To begin with, you’d have to be very desperate to even contemplate QNet, but I’m getting off topic.

Along with several name changes, the QNet’s endurance can be attributed in part to the fact that it seems to be a protracted con.

While there’s no denying that QNet has brought in a ton of cash for Vijay Eswaran and his friends, it takes time for participants to realize they’ve been duped.

Even more gradually, and by the time regulatory notifications are issued, critical mass has been reached, and QNet’s executives have moved on to the next nation.

A real MLM company will experience ups and downs in the many industries it serves. Scams like QNet begin operating in a location, build up a critical mass, and then collapse.

The fact that QNet hasn’t surfaced in any country it operates or has operated in, or that it hasn’t even been able to maintain its activities, says it all.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Uncategorized

Meta Utopia- Crook Review

Published

on

By

A few days ago, we put out its review of Meta Utopia.

“Metaverse” MLM crypto Ponzi scheme that isn’t very interesting on its own.

As part of our research, we found a link between Nicholas Coppola and the man who started the Ponzi scheme.

Or rather, he did it through an Instagram story that has since been deleted:

Coppola wasn’t happy about being linked to Meta Utopia in public, it turns out. He only wants to hide the fact that he is a crypto-bro Ponzi scammer.

Today, Nicholas Coppola joins the DMCA Wall of Shame.

Over the past 24 hours, “Dincer Odabasi” from “Copyright Support” has sent us two emails. Nicholas Coppola’s emails were sent on his behalf.

Copyright Support says on its poorly made website that it will

Negative or damaging news that can be found on the Internet and in Google search results should be taken down for good.

In his first email, Odabasi tries to pull the old “right to be forgotten” scam.

“Dear Madam,

Because of the right to be forgotten and because of the privacy clause, we want the content to be blocked.

We tried to get in touch with the website that posted the content, but we didn’t hear back. So, we give you the content and ask you to turn it off.

As everyone knows, according to the first paragraph of Article 9 of Law No. 5651 on the Regulation of Broadcasts Made on the Internet and Combating Crimes Committed Through These Broadcasts, if they can’t get to it, they can send a warning to the hosting provider and ask that the content be taken down.

Again, the second paragraph of the same article says that “the content and/or hosting provider must respond to requests from people who say their personal rights have been violated by the content of an online broadcast within twenty-four hours at the latest.”

We want the case that was filed on our behalf to be taken care of. Because of the European right to be forgotten and the privacy of private life, we have the right to limit access to content.

Please note that we’re asking you to take down the content because we’ve tried to reach the owner but haven’t heard back. That’s why we want and need you to take it down.”

This is a form letter that con artists send out. I know that because Odabasi put the same notice to Amazon from another email about a different website and client (ruhroh GDPR fail) into the body of the email he sent me.

In any case, the “Right to be Forgotten” law in Europe is used by scammers to hide their pasts, no matter how good the lawmakers’ intentions may have been at first.

The Right to be Forgotten is not part of EU law, so we don’t recognise it. Also, it takes four days from the date of publication until a right-to-be-forgotten takedown notice is sent.

Odabasi went on to say that Turkish law had something to do with the US, which was not true.

Due to the Right to be Forgotten and the USA Legal Content Removal Request Pursuant to Law No. 5651, we can’t take down the content we told you about because it’s in the Constitution.

“The Right to be Forgotten and the USA Legal Content Removal Request” is not a thing, even if that sentence makes no sense. It’s not true at all.

Turkey passed Law No. 5651 in the year 2020. It only happens in Turkey and has nothing to do with the United States.

Odabasi sent another email a few hours after the first one. This time, he threatened to take action because of copyright issues.

“We want you to remove any content that reveals personal information about our representative.

If you don’t get rid of the news content, we will file a copyright claim with your hosting company, Google.

I’d like you to put the story away, please.

Regards, 
TEAM OF SUPPORT FOR COPYRIGHT”

As our Policy says, we often use “third-party logos and images,” which is allowed by US copyright law through “fair use.”

We don’t need permission from the people who own the rights to the images we use in our MLM news and reviews. Period. 

The DMCA takedown process is being abused when fair use isn’t taken into account and a fake DMCA is filed. Not only will it not work, but the person who submitted it is lying.

Even though it’s clear that Copyright Support doesn’t care about the law, it’s still important to point out their hypocrisy.

Scam businesses like Copyright Support depend on the fact that the publisher or service provider they are after doesn’t know what they are doing.

Nicholas Coppola has publicly linked himself to Meta Utopia and is involved enough to be close to the Ponzi scheme’s founder, who has not yet been named.

It is not against any US law to publish this information with proof attached.

Update, July 2, 2022: Dincer Odabasi is now committing twice as much DMCA fraud as he was before.

Odabasi sent Google a “court order” on June 28 that says the same thing: “It’s against the law to search for scammers!” Stupid, but it also says this:

Based on the privacy clause of private life and the court document we will send you, we want the content to be taken down from publication and blocked from access.”

Odabasi is saying that a Turkish law is a “court document” that keeps scammers from telling the rest of the world. Oh dear.

Continue Reading

Uncategorized

Laetitude- Crook Review

Published

on

By

Investors such as Laetitutde and Swapoo are circumspect on issues affecting investor wallets and active investments. 

According to a Latitude News report dated August 13th, You have gotten one or two emails from Swapoo in the past several days, which also affects our Laetitude members. 

Due to the continued strong relationship between Swapoo and Laetitude, we can guarantee that these changes will not affect your Laetitude accounts. Latitude will continue to operate as usual.   

The alterations made by Swapoo will have an effect on the wallet and the bots. However, we are aware that wherever there are obstacles and closed doors, new doors will emerge to provide opportunities for greater success. 

Swapoo is merely adjusting to the ever-changing regulatory environment and market situations.

The details of the e-mails sent are kept confidential. I have not encountered any examples in nature. 

Regarding “evolving regulatory landscapes,” Laetitude is a Ponzi scheme operated by Swapoo. 

David El Dib operates Laetitude from Dubai, the center of MLM fraud. Swapoo is run by Dave Martin, who is from the Philippines.El Dib and Martin have both established themselves on the BitClub Network. 

The investigation by the Department of Justice found BitClub Network to be a $722 million Ponzi scheme. The founders of BitClub Network were arrested in 2019. 

El Dib and Martin commit securities fraud and operate their own Ponzi scheme through Laetitude and Swapoo. The regulation of securities is not novel. For decades, every nation with a financial market has regulated securities fraud. 

The Ponzi fraud announced a remedy for lost Swapoo wallets in a follow-up “Laetitude News” post dated August 26;  

As you are likely aware, Laetitude no longer utilizes Swapoo for secure wallet services. As a result, we have recently implemented the ability to fund, purchase, and withdraw directly within Laetitude. 

In light of this, we would like to encourage you to login and withdraw your balance as soon as possible, and to continue withdrawing your balance as your compensation earnings increase. 

Laetitude lacks the two-factor authentication security offered by Swapoo, so it is essential that you protect your account with a formidable password. Again, what is occurring behind the scenes is kept secret. 

The only clue I could locate was a query posted two weeks ago on Swapoo’s most recent Instagram post. 

Swapoo has not published any new social media updates since July 30. This date also marked the last Facebook update posted by Laetitude. 

The lack of visitors to both Laetitude and Swapoo suggests that the Ponzi scheme is running out of money to pay investment withdrawals. 

The Philippine Securities and Exchange Commission is one of the most active securities regulators worldwide.

It is unclear whether they have anything to do with Swapoo’s issues.  

Whatever else is occurring, it is rare for wallets to be abruptly shut off and placed up as unsecured in-house assets. 

Keep up to date on any future developments.

Continue Reading

Uncategorized

GSPartners- Crook Review

Published

on

By

GSPartners has dropped its claim of harassment against Chris Saunders. Saunders is the owner and operator of the YouTube channel Grit Grind Gold, which he uses to critique and report on the GSPartners Ponzi scheme. 

In late January 2021, Saunders was sued for harassment by owner Josip Heit and promoters Michael Dalcoe and Antonio (Tony) Euclides Menesis De Gouveia. 

Heit and the GSPartners Plaintiffs alleged that Sunders’ videos about the Ponzi scheme were defamatory. 

Additionally, Heit took offense when Saunders pointed out his position in Karatbars International’s collapsed KBC Ponzi scheme.  

GSB Gold Standard Corporation AG, Josip Heit, Michael Dalcoe, and Tony De Gouveia submitted a dismissal stipulation on July 29.  

Christopher Saunders, the defendant, executed a declaration in connection with the aforementioned case on July 29, 2022. 

Plaintiffs GSB Gold Standard Corporation AG, Josip Heit, Antonio Euclides Menesis De Gouveia, and Michael Dalcoe, by counsel and with the signature and agreement of counsel for Defendant Christopher Saunders, stipulate to the dismissal without prejudice of all claims in this matter pursuant to the Saunders’ Declaration.

The aforementioned stipulation from Saunders proves that he was granted permission. 

Mr. Ovidu Toma in relation to the Plaintiffs’ assertions and declarations. Since January 2020, Mr. Ovidu Toma has provided me with evidence of Mr. Harald Seiz’s alleged involvement in Karatbars’ wrongful conduct.   

“Ovidu Toma” refers to Ovidiu Toma, the former Chief Technology Officer of Karatbars International. 

Today, Toma serves as the CEO of CryptoData. Romania-based CryptoData sells encryption hardware. 

To return to Saunder’s assertion: I was aware, based on first-hand knowledge of facts and documents, that any alleged wrongdoing committed by Karatbars in relation to its Miami crypto bank and the issuance of KBC/KBC tokens was committed by Karatbars’ CEO, Mr. Harald Seiz, and that said wrongdoing was committed prior to any affiliation between Karatbars and GSB/Mr. Heit.

This is an odd concession to provide. Heit was the public face of Karatbars’ initial excursion into crypto-asset fraud. In an April 2019 interview, Seiz is referred to as a “major investor and board member” of Karatbars International. In Dubai, Karatbars was selling a “blockchain phone” at the time. When challenged about his remarks on the occasion, he responded, and I quote, ” You mentioned the KBC coin.

You stated that it is probable that it is one kilogram of gold. Is this truly a possibility? Heit reacted. Yes, of course it’s feasible. Nobody believes that many individuals perceive, at the appropriate moment, that they can join us.  

We currently have a market valuation of approximately $300 million as of the previous week or two weeks. And now there are about a billion of us.   

Is it not yet understood?  

And when the mainnet is implemented, which will occur very soon, within a few months we will have a market capitalization of over $200 billion. After months of Heit and Seiz promoting Karatbars’ KBC, the KBC Ponzi coin dropped 62% following the hype event on July 4, 2019. 

Heit, not Harald Seiz, was sent to address and explain the collapse to irate investors. KBC continued to leak throughout the subsequent months until it was eventually abandoned.

Heit had cashed out, left Karatbars, and launched his own Ponzi offshoot, GSPartners, before the end of 2019. The GSPartners Ponzi coins have performed no better than those of KBC.

G999 is supported by wash trading, which I believe is steadily depleting GSPartners’ second Ponzi scheme, LYS. G999 is being washed at approximately 0.002413. At $66.78, LYS continues to drain. 

GEUR was launched earlier this month as a result of the continuous failure of G999 and LYS to take off. GSPartners and Heit symbolize the euro-pegged GEUR currency. It is thought that GEUR was developed because GSPartners investors no longer desired to hold G999 and LYS. 

GEUR does not exist outside of GSPartners as of the publication date. GSPartners uses GEUR to support its most recent 300% ROI Ponzi scheme, metaverse certificates. 

In the event that GSPartners and Saunders achieved a settlement, it has not been made public. Other than wrongly saying that Heit was not involved in the Karatbars KBC scam, Saunders has not recanted any of his GSPartners-related statements.  

The court authorized the GSPartners plaintiff’s Stipulation of Dismissal on August 2nd. This concludes GSPartner’s harassment lawsuit against Saunders.

Continue Reading

Trending

Copyright © 2022 CrooksDirectory.