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There's a mining contract scheme people are discussing and making the rounds on the web called "Mining City" or "Bitcoin Vault." The Philippines SEC recently put out a warning against the operation and the alleged masterminds behind the project. **Update: After some scrutiny and research, our team has confirmed that Gregory Rekowski has no relation to the BTCV project. Further, the BTCV token and Mining City are not the same projects, as Mining City only leverages BTCV for payments. One thing is for sure, there's been a number of crypto Ponzi operations over the years, and they typically attract a lot of users before they crumble. However, as the story goes with any pyramid scheme when the project crashes, only the top leaders make off with all the money. One particular alleged pyramid scheme called "Mining City" is a cloud mining operation that pays users in...

I'm going to let you in on a little secret: Shopping is a bit of a game to me – the challenge is to see how much I can save. When I save, I win. And when I save big, I win big – like thousands of dollars.  The shopping tool I want to share with you today has earned me close to $3,000 in digital rebates. (Add this to the $5,000 I've saved with RebateKey, another program I recently wrote about, and Target Circle, which drives the savings on my Target shopping.)  Money in the bank. The tool? An app called Ibotta. Ibotta is a free cash back rewards and payments app. You might have seen the TV ads pop up recently. It's an easy way to save on most grocery store trips, online shopping, gift cards and even booze in some states. Some shoppers have saved thousands more than I have – one person I spoke with scored more than $10,000 in savings. More on that later.   What sets Ibotta apart from rewards programs like CVS&...

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Editorial Independence We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money. Free money is nothing new to astute consumers: Credit cards have sign-up bonuses, bank accounts earn interest, and there are even tools to get cash back when shopping online.  And now, you can get many of those same perks issued in cryptocurrency instead of credit card points or U.S. dollars. If you've already added cryptocurrency to your investment portfolio, these options offer some extra coin on top of your initial investment — but you should know exactly how it works before diving in. You should also be prepared for the added responsibilities free crypto may require, especially when tax season approaches.  While some forms of free crypto, like crypto credit card rewards, are only taxed on the capital gains you earn ...

Square (NYSE:SQ) is trying to disrupt nearly every part of the financial system from how businesses take payments to how consumers transfer money to the money we use itself by offering Bitcoin (CRYPTO:BTC) . But the fintech stock could also generate a significant amount of value from advertising.  The Cash Card Square offers through the Cash App, which includes physical and digital cards, also includes a "Boost" feature. Users can boost their purchases and get discounts, cash back, and even Bitcoin for using the card. What may not be appreciated is that companies pay for the ability to offer Boosts, and this could help Square's revenue and earnings long-term.  Image source: Square. Square's secret advertising business Most features in the Cash App are free for users, like transferring money to friends or buying stocks. But the Boost feature is a hidden moneymaker because Square charges...

Law360 (July 22, 2021, 3:31 PM EDT) -- A Texas federal judge has approved a fee increase of up to 42% for the Baker Botts LLP attorneys representing a court-appointed receiver in litigation related to a $7 billion Ponzi scheme tied to convicted financier R. Allen Stanford. U.S. District Judge David C. Godbey on Thursday signed off on raising the hourly rates that Baker Botts attorneys may charge for representing receiver Ralph S. Janvey in the sprawling litigation, from a range of $500 to $720 to a range of $710 to $973 for partners, according to his order and to a rate calculation by the U.S. Securities and Exchange... Adblock test (Why?)

Cashless and contactless payment methods have become exceptionally popular, especially due to the coronavirus pandemic. Whether you're looking for an easy transaction method to split bills, shop or just to keep track of finances, there are some great apps out there that will get the job done. Here are some of the best apps you can download for payment sharing: This app is one of the most popular, especially when it comes to sending friends money to split a bill or pay off a debt of some sort. All you have to do is link your bank, debit or credit card account. Do note, though, there is a 3% fee for sending money using a linked credit card. Plenty of retailers also now accept Venmo as payment including Lululemon, Urban Outfitters, Forever 21, Hulu and Seamless, to name a few. You can also trade select cryptocurrencies. It's free to sign up for a Venmo account, which you can do here. The tech giant's app supports credit and debit cards from over 1,000 banks and credit unions. ...

We've been noting many areas of fraud that have experienced an uptick since the COVID-19 pandemic started, and investment-related fraud has been high on the list. Social media has been a breeding ground for several investment promotions – with the most recent being "blessing loom" investment programs. Blessing loom programs have recently appeared under a variety of names, including "Sou Sou," "The Circle Game," "Money Board" and "Infinity Loom." Last month, the Federal Trade Commission (FTC) and the state of Arkansas sued the operators of another blessing loom program called Blessings in No Time (BINT), alleging that the investment program they offered is actually an illegal pyramid scheme. The complaint charges that the operators of BINT caused the loss of millions of dollars from thousands of customers. BINT promised people who joined the program that they would realize investment returns as high as 800%. The minimum inves...

Admiral Markets, a multi-regulated FX and CFDs brokerage firm, on Monday, said it believes that an ‎online ‎trading website has been falsely claiming affiliation with its ‎authorised brands. The clone entity operates under the domain name https://admiralfxmarkets.com/, which prompted action from the regulated company. Admiral Markets confirmed that it has no association whatsoever with ‎the aforementioned website and advised everyone to avoid it entirely.‎ AdmiralFxMarkets claims to offer crypto and FX investment plans, with returns ranging from 500 percent to 1000 percent after 24 to 48 hours, which raises a red flag as far as investors are concerned. As one would expect, sites such as AdmiralFxMarkets operate as a High Yield Investment Program (HYIP) scheme where returns are always questionable, though they tend to dry up long before the original investment amount is repaid. The company provides no legitimate proof of payouts, and it is likely no one will...

The owner of a company accused of defrauding over 50 Treasure Coast residents in a nationwide Ponzi scheme was sentenced to 25 years in prison Tuesday. Robert H. Shapiro, 62, defrauded 8,400 investors of $1 billion, including more than 2,000 who lost their retirement savings, according to court documents. Among those investors are 54 residents of the Treasure Coast. Associates Dane Roseman and Ivan Acevedo are also facing criminal charges in managing the Woodbridge Ponzi scheme, which court documents say Shapiro masterminded. More: Treasure Coast seniors bilked of savings In April, the court charged Shapiro with 10 counts, including: 5 counts of mail fraud 2 counts of wire fraud Conspiracy to commit both mail and wire fraud Conspiracy to commit money laundering Evading paying federal income taxes. In August, Shapiro pleaded guilty to two counts: conspiracy to commit mail and wire fraud, and evadin...

Eliza Briscoe was told that all she had to do was put up $500 and bring in two additional people who would each contribute the same amount of money. In a little more than four weeks, she would get $4,000 in return. Like so many others being recruited for a "sou-sou," Briscoe was nearly duped into a pyramid scheme. It's hard not to be sold on the altruistic and cultural backstory of the sou-sou, also known as "Susu," "blessing loom" or "gifting circle." Promoters pitch the sou-sou as a common practice among Caribbean and African immigrants as a way to help their businesses grow. Briscoe was told she would be helping other Black folks, some of whom may have lost their jobs because of the coronavirus. "It seemed like it was legal," said the Maryland resident, who reached out to me as part of her due diligence research. "I didn't want to bring anybody in unless I knew for sure, because I didn't want anybody to lose their mo...

When you find yourself strapped for cash or looking to boost your income, you might stumble across multi-level marketing while researching options. Also known as direct selling, multi-level marketing (MLM) is a form of direct sales that distributes products or services through salespeople who are not employees of the company and do not receive a salary or wage. Wellness and cosmetic products are most common — think Doterra (essential oils), Arbonne (skincare and make-up) and Isagenix (supplements), for example. Recruiters of MLMs often target vulnerable people and lure them in with pitches including flexible working hours, being your own boss and the ability to "get rich quick". And when money is tight, there's no shame in being susceptible to that kind of temptation. Revisiting stories we've done in the MLM space and speaking to Professor David Wishart, who has researched the dangers of the schemes, we cover four reasons why selling lipstick to your friends,...

The fugitive developer of a FarmVille-inspired online game is set to face fraud charges in Turkey after being extradited by authorities in Brazil, where he was on the run over allegations of running a $130-million Ponzi scheme . Mehmet Aydin, the 29-year-old founder of the once-popular Farm Bank game that shut in early 2018, is being returned to Turkey on Saturday, deputy interior minister Ismail Catakli said. Adblock test (Why?)

Global multi-level beauty company Mary Kay has closed its operations in Australia and New Zealand citing market conditions. In an announcement on its website, the company said operations in the region were unsustainable, and that the brand would be focusing on their "core growth markets across the globe". The make-up company, founded in Dallas in 1963 by Mary Kay Ash, first came to Australia in 1971. Australia was the first international subsidiary of Mary Kay Inc. The brand sells cosmetics via a multi-level marketing scheme (MLM), with 'beauty consultants' of Mary Kay recruited to sell the company's products directly to those within their local communities. Beauty consultants are not employees of Mary Kay and do not receive a salary or wage. The MLM model has been criticised in recent years, with several media outlets investigating MLMs due to claims that the 'get rich quick' scheme is problematic and similar to the structure of a pyramid scheme. They hav...

With volatility across traditional financial markets, whisky investing is on the rise. But, we ponder, is this a case of liquid or fool's gold? They call it "liquid gold" – and as an investment, whisky is starting to live up to the name. Last May, at Bonhams Fine and Rare auction in Hong Kong, two bottles of The Macallan 1926 sold in separate lots to different bidders for more than US$1 million each, breaking world records for the spirit set just a month before. It was yet another sign of the growing prominence of whisky investing, an asset that, on paper at least, has seen dramatic gains. Over the past decade, rare whiskies have appreciated by 580 percent, outpacing the stock market and most commodities, according to Knight Frank's 2020 Wealth Report. And even on a more conservative scale, Rare Whisky 101's Apex Index of best performing bottles, measured 7 percent annual returns over the last few years. "Whisky is a very unique asset ...