The $1 Billion Nigerian Company That Doesn't Exist
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- Опубликовано: 25 июн 2024
- Dive into the astonishing story of Nigerian billionaire Dozy Mmobuosi and his company Tingo Mobile. Once poised to acquire Sheffield United for £90 million, Mmobuosi's empire crumbled under SEC accusations of massive securities fraud. Discover how Tingo, initially celebrated for its revolutionary impact on Nigeria's agriculture and fintech sectors, was exposed as an almost non-existent operation, with fraudulent claims of customer numbers and finances. This video explores the rapid rise and dramatic fall of Mmobuosi's venture, offering insights into one of the most shocking financial scandals in recent history. Join us for a compelling journey through ambition, deception, and the harsh realities of the financial world
0:00 - 1:35 Intro
1:36 - 7:50 Founding of Tingo Mobile
7:51 - 12:45 Red flags
12:46 The Fraud
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There has to be no bigger red flag than appearing on the cover of Forbes
Jim Cramer is BULLISH!
Lol
Pay to play
Absolutely. Just Like Martin Shkrelli, Sam Bankman Fried and Elisabeth Holmes. Anybody on those lists can be (Most likely) classified as a fraudster, or a lucky Intern.
Or being a successful African businessman
It's insane that he only got caught because sports fans looked at his claims, instead of literal financial analysts or other financial experts. It just goes to show how absurd any fraud can be without being noticed...
Soccer clubs are magnets for scammers and fraudsters
Robert Maxwell and Oxford United?
So fans and journalists start from a highly sceptical stance to begin with
The problem with auditors is that they are hired by their clients and have to please the same clients to get paid.
sports fans probing instead of financial analysts. deym.
Wokeness worked to his advantage
Also goes to show the auditors are sleeping on the job..
I am Nigerian and I can confirm I have never heard of this guy or Tingo before this became news
I heard of the guy when he wanted to buy Sheffield. Didn't know he was a fraud mehn😂😂
He's name doesn't even look like a Nigerian's name...
Looks South African or Congolese 😄@@favourbede5889
Same. 😂
Exactly omo this country
Im a Nigerian and from the first line about loaning phones to 9 million farmers. My face went😒
That's just bonkers.
Assuming each phone would cost 100$ that would already be almost one billion$ in phone costs alone
@@TheCorshipnot digital phones though. More Like cellular phones which cost less that $5. But this never happened, so dude is a scam
He is prime example of Nigerian prince who became businessman. Photoshop is his best tool and friend.
Scammers all call themselves prince.
Crazily, the Nigerian prince was white, and I think, American.
@@o_m8717 lol
Elon Musk does the same scheme but sonce he is not a Nigerian, he gets a pass.
no he doesnt there is no difference between what elondoes with what google and microsoft does
@@africaart
Ahh… Nigeria, the name of a country that always exudes confidence and trust.
Yes. We do 😂😂
Elizabeth Holmes agrees.
You're goddamn right, and don't you ever forget it.😅😅😅
Where was this comment on America when Ftx,Nikolas, Theranos, Hyperloop, Enron, binance where shown to fraud or Americans criminals defrauding 3rd world countries
All over the 🤨 I will wait.
😂😂😂
Dozy founds Tingo Foods in September 2022 and has revenues of $400m in 4 months from the agri business? What kind of agricultural products do they sell? Weed? That should have been big red flag right there. This is more than 4-19
😂😂😂
facts that math aint mathing, and all prior companies before that failed. the fact he had no cash flow and he bought and merged companies with share equity only and was always the ceo of those companies is a super red flag
Let call it 420😂😂😂
@@fatcontroller27'Math'?
Dozy had all the financial experts and auditors dozing on the job. 😂I remember a good friend urging me to buy Tingo shares. I was sceptical because the name didn't ring a bell.
Shocking that the auditors didn’t confirm the cash balances with the bank directly. That’s auditing 101…
The bank probably didnt exist either lol
It's probably a matter of a single accountant given the official size of the firm.
Yeah this is where I blame them. Every year I have to coordinate audit letters to our banks, and we're not even a public company.
that would be racist to not trust dr.dozy. yeah he puled the race card when people started investigating
Auditors, regulators, Western Govmnt and Investment Firms get starry-eyed when dealing with particular demographics.
This guy is actually kind of a genius. I actually applaud him for being able to reveal the incompetence of the outside parties he dealt with.
bro there thousands of white folks like this guy
@@user-wm9oz5nk3qwhat does race have to do with this lol
No, he isn't. You think he is because you're ignorant.
Literally millions of people are capable of doing what he did - forging financial papers, buying fake sites, creating fraudulent companies to merge with etc...
None of that requires anything other than basic financial knowledge.
The reason almost no one does it is because 1) they're honest people who don't want to scam others and 2) it is DUMB AS FUCK BECAUSE YOU'RE DEFINITELY GOING TO GET CAUGHT.
Like, how long do you think someone claim to have millions of customers or forge financial documents before being caught?
Only people to stupid to think long term will even attempt such idiocy.
@@user-wm9oz5nk3qwoah who said anything about race???
@@user-wm9oz5nk3q f off, racist
I'm beginning to think that Nigeria doesn't even exist, its just a fictional state that only exists on paper by scammers 😂
I have to give props to this guy. He actually did a lot of work to pull off this scam. Homeboy utilized a back door to get onto the stock market (Reverse Merger). Also, it was way too easy to bluff Deloitte, like come on, an email to the supplier to verify purchases? There needs to be better checks and balances when it comes to auditing.
A collective imagination of the world
As a Nigerian, I can confirm this.
Nigeria was Zanarkan all along @@micahlish
The Onion has a skit about something like that about a fictional country Koy4Goff.
Finally someone found a real Nigerian prince
😂😂😂😂😂😂
He owes me $10 million
I'm Nigerian, this makes me sad because fewer opportunities will now go to the thousands of legitimate businesses operating here.
Not that there was much outside of oil. Most people in the west ONLY KNOW Nigeria for scams. They have no idea that Nigeria even exports oil.
Yeah it's sad, now no one will want to business with any Nigerians because better safe than sorry.
They give Nigerian companies a bad name so no one will trust them. You mention Nigeria and red alert red alert.
How can investment be best implemented in Africa? Which companies are safe and legitimate to invest in?
The fraudsters are giving you all a bad name
All of the work he put into an elaborate fraud; if he put that energy into legitimate business you’d think he’d do fine. I don’t get it.
Not in Nigeria. For instance, their oil exports are a fraction what they could be because people often risk their lives to steal buckets of oil. Most of the refining is in unlicensed open pits and the government simply fines foreign firms for the pollution created by criminals. You have to fight to stay profitable in Africa.
Not so many millions to spend so fast. But yeah, agreed. So much energy and brains put into fraud.
You must be mad to have dealings with a Nigerian
They are the biggest conmen in the World.
This is one of Nigeria's most prolific nothing-burger. He had zero customers, zero products, zero liquidity. Nobody knew him in Nigeria and this was how we heard about him.
I read on Wiki he had 53 dollars in tha account😉🙃😉😆😆🤣😂😂🤣
This guy is good thi
There are few things more British than being totally ok with financial fraudsters right up until they try to buy a football club.
Drawing lines on the maps would still top tho.
Especially Sheffield United - he should’ve done his due diligence. Sheff United fans do not play about! 😂
Ha so true!!!
I am Nigerian and I hadn't heard of this guy before it became news.
Well there are over 200 million Nigerians, what are the odds?😂
@@bellaolum9768 you'd think one would have heard of a company of this size owned by a Nigerian given how many (read: few) they are
Wow you know everybody there , crazy. hahaha
@@kite2surfDon't be silly. If you're a high net worth individual in Nigeria with a business like his, your name will crop up in the news or social media; your business, likely to run advertising on billboards or other platforms. We'd have heard of him.
@@bellaolum9768the super wealthy are well known
Nigeria in itself is already a RED FLAG!!! 😅😂🤣
your surname is a red flag
me here in nigeria wondering WTF is tingo 😂😂😂😂
My favorite part of this is once he got caught and the SEC filed its court documents, he tried to claim the SEC was targeting him because he was a member of a protected class. I miss the old days where fraudsters blamed subordinates, the economy, bad reviews etc. 😅
This dude took the Nigerian Prince scam to a new level
I'm Nigerian and I've never heard of Tingo food or Tingo Mobile
All of you have this one comment as if its rehearsed
@@vanhuvanhuvese2738maybe because it’s true? I mean the video literally tells you how he faked everything
As a Nigerian, I can confidently say we all knew this guy was a fraud....... It just took the world a long time to find out
So did we. Guess how.
You're not Nigerian, because the majority of Nigerians never heard of him till this fraud news came out. So who is the we?
You're all frauds in Nigeria.
When, where and how did you know about him? Never have i ever heard about him. 🤔
Nigerians know better …always!
Instead of knocking on the front door Doozie decided to come through the side window😂😂😂😂
Best line in the whole vid
@@blacksatoshi6486 they make him out to be some kind of a r@pist or a thug 😂😂😂
What a stressful way to live, always looking over your shoulder and double checking everything you claim. If I had ice in my veins like this fraud I would be far in life
Crazy all of the effort put into this scam. Hed probably make good legitimate money if he put his resourceful to good use
@@DerekT860 absolutely correct!
Fraudsters on this scale have no such attacks of conscience nor do they worry if they'll be caught. They're driven by the high of successfully besting the system.
@@DerekT860The fraudster's psychology is reverse-wired. He is averse to anything remotely "legitimate". The high is in establishing and successfully enabling a fraudulent scheme that puts one over sane, lucid, intelligent people who should no better.
As a Nigerian, I have never heard of Tingo pay or his name before the scandal.
He was in the front Page of Forbes. That is how you should have started the video to put things in perspective.
Almost nobody in the Nigeria Business, Agriculture or Social Development space knew the guy,
I wonder how big investors failed to do due dilligence or have no feelers in a relatively big (potential) market like Nigeria.
A big/ corporate investor should be able to pick the phone and talk to 2 or 3 people/ professionals in Nigeria prior to any major investment, China, South Africa, Indonesia etc.
Great point, and considering how much Venture Capitalists got scammed the last couple years, it's impressive they keep falling for this stuff.
@@jonnycoolg All the big audit companies have offices in Nigeria, at the very least investors could have demanded the audits be done by such companies or companies there. This was no complex fraud at all.
The more videos I watch about corporate frauds the more I realised just because someone has money it does not mean they are smart. And vast majority of individual investors are not sophisticated and have no business engaging in businesses they don't know.
I can't help but be impressed. I know he's a scam artist. But the dude knows how to exploit the stupidity of idiotic investors who have clearly more money than sense. He knew how to get the usual bottom-feeder suspects (Forbes, CNBC, etc) to hype up his BS.
2 words: FOMO and greed!
This is the Nigerian Prince final boss.
Not even close, check out the guy who sold an airport that didn’t exist to a Brazilian National bank.
@@Biobele I was going to say this same thing.
Give this man a Grammy
As a bolivian farmer myself, i can confirm he lives in Nigeria.
LOL, Forbes is becoming a running joke, every second CEO billionaire they preset turns out to be a pro scammer 😅😆
😂
Forbes has a unique business model. If you can pay the “PR Fee”, you can be on the cover.
Nigeria is a great country; the Criminals should stop dragging down the nation out out of mere individual greed 😡.
Nigerians should elect l;leaders who admit fraud is Nigeria biggest Problem then this can be resolved right now walk into a room and say you are Nigerian and see if money comes out before 10x checks they do on other Africans
@@vanhuvanhuvese2738What’s called bribe, fraud, and corruption in African countries is called lobbying and corporatocracy in the west. You’re getting your butt cheeks spread open and mutilated just as hard as these African nation’s by your elected politicians only difference is they can at least somewhat maintain infrastructure decent enough where people aren’t concerned that their politicians are robbing them all dry for individual wealth. When these countries can no longer make the minimum payments on their nation’s outstanding debt they’ll unfortunately get the 3rd world experience that many developing nations have experienced and gone through.
no its not
@@vanhuvanhuvese2738because they the leaders themselves are fraudsters, looting and defrauding Nigerians.
@@JamesMullarneyIsAFraudIt indeed is. It is a putrefaction eating away at every strata and fiber of that country. The whole totem pole is fraud-ridden.
A fraud from Nigeria? No way!!! I'm shocked!
But is he really from Nigeria? Even that could be a lie.
Well, not that shocked...
Dont forget china was mixed in
@@Dan16673 Its Taiwan China is a thorn on their ^%$
A racist bigoted boomer? I'm shocked!
The reasons scams flourish is because various auditors and agencies are also lazy scammers
The large numbers were the giveaway. The people who bought his lies, just wanted to believe them. 400 mln profit in a low income country? Even in the US farm profits are low. Farmers rely on scale and they only have so much land and buyers. If the farmers are supposedly so broke that they can't afford a cheap cell phone, how was he making money off of them?
Another perfect example of share price has nothing to do with the health of the buisness.
I had puts on Tingo that expired 2 weeks before the Hidenburg report came out. Then I re-bought puts and held slightly profitable until Oct. Then a month later they're delisted. This stock scammed the shit out of me LOL
Finance TikTok convinced me to buy call options on this stock 24 hours before the Hindenburg report. That was the first and last time I take advice from TikTok
Nigerian should have been the one and only red flag you needed. Did you also get scammed by the Nigerian princes?
How much did you lose?
@@snooganslestat2030probably lost 2 bucks
Sorry for your loss m8, but you scammed yourself for not doing proper research
A scammer from Nigeria? No way! 😮😮😮
If a farmer can't afford a cell phone, are they a farmer or just someone with no income who feeds their family by growing their own food?
I don't see how ANY company can make money with clients like that.
Savage, but true😅
The word Nigeria should have been a red flag
you fathers name is a red flag
@@otaigbestanley3052💀
This frauds will further damage any legit Nigerian businessman reputations
Actual journalism? On RUclips? Kudos, my man! I'll be subscribing now.
He paraphrased a Heisenberg research article
The short seller did the research not him
The Myth, Mabozi, the Legend.
😂
🤣🤣🤣🤣🤣🤣🤣
Every day for the thief but one day for the owner. Stay away from fraudulent acts, it does not pay, it only brings shame at the end of it all.
"Only the liar can swindle the greedy man".
everyday being a Nigerian, im bloody tired with the rate of fraudulent activity, I sometime feel im not a Nigerian😞
Very dodgy people
Oh please, you think Nigerians are the only ones that scam?
He made no money out of it
That's because you haven't researched outside your environment otherwise you'll know it's everywhere
As a Nigerian this is sad to see :(
You said with your note pad
Nigerian girls kill it in the British school system, other Africans too to be sure, but you can be proud of them at least, *that* is African excellence
Why? So you want to let people who don't know jack about your country define it for you??
lol I love that bit of shade thrown at Nigel Farage. "The fee was about $90."
Seems like Nigel could have turned it or ask for more money 😄
@@archimedes2261they used a coupon lmao
Also pronouncing his name like fa ridge 😂
For Americans, farage is the Anti Europe knob cheese that was heavily associated with brexit, “farage” pronunciation originated from French, so this is a way to take the piss of a dick who helped caused britains recent political problems
This Dozy, sleeps and wakes from a dream
This video was inspired by Patrick Boyle
Brain think thing
To be fair this is actually done better, I'm a huge fan of Patrick ( I'm also irish so have a bias)but his video was harder to follow
All the topic channels are managed by the same management company. They’re given topics to cover
@@Nohandleentered I follow a lot of RUclipsrs in the finance domain and so far only Patrick and WSM have talked about it so far. I will wait and see.
@@od9694agreed. I’m not really a fan of either (although I am a regular viewer of both). I watched that video twice and couldn’t figure out the order of events.
Also, I don’t really understand how the scam happened? If someone had revolutionized Nigerian business, wouldn’t the international community know of him? Seems like it would’ve been news. I mean, Time Magazine loves to profile innovators like this.
As a Sheffield United fan, its fair to say BULLET DODGED
Indeed.
You guys didn't pay Reparations.. Nigerian will be back 😅😅😅
The scam is so ridiculous its hilarious 😂
A scam? In Nigeria?
Gtfoh. Next youre going to tell me that Indian companies arent all legit.
The telephone guy helping me with with my paypal account told me DO NOT REDEEM but I already redeemed :(((
@@toolbar12423REEEED DEEEEE NUUUMBBERRRRRS
This reputation has made me trust Nigerians and Indians less.
@@moxictasculinityI lived in India for six months and it's CONSTANT. Every time you step out of the house is a battle with every waiter and cab driver you come into contact with, all trying to rip you off.
Im a Nigerian, and some of the biggest scams I’ve ever witnessed were by Americans, most recently ftx Sam. Which scammed lots of Nigerian startups and individuals out of millions they kept in as usdt. so keep sulking in your self righteousness . Lol
Nevermind the missing door, have a good look at the tail of the airplane. There is a shadow the length of the fuselage that suddenly stop to a brilliant all-white tail. And, there is a random shadow in front of the horizontal stabilzer. Also, the plane's registration is missing.
Anyone who has been involved in the process of any high-level business acquisition, merger, etc knows that the due diligence is beyond extensive. Whoever was handling all of these audits, approvals, etc. didn't verify anything from any reputable sources. The red flag should have been Nigeria and China right from the get-go.
What are you trying to imply that everything that comes from Nigeria or China is a scam both of these countries have thousands of legitimate businesses I honestly hate the sterotype
This one was GENUINELY hilarious
Dozy has been running rings around some very dozy dealers and merchant bankers.
So AT NO POINT DID SOMEONE THINK TO TAKE A FLIGHT TO NIGERIA TO SEE THAT NO ONE HAS EVER HEARD OF TINGO?
😂
Welcome to Modern Finance! Everything done from the PC in your office. No problem, because it is always other people's money they lose.
Or do a Google lol, or send a few texts or make a few phone calls... Pretty sure the fraud was easy to expose without flying to Nigeria
0:35 the "Activate Windows" should have been our first clue. bro couldn't even afford a Windows 10 license ahahaha
He sure is a Nigerian prince
So now we are going from the Nigerian Prince scam to the Nigerian Entrepreneur scam these days 😂
I think Dozy is that email friend of mine who always writes in ALL CAPS.
He said he was my friend only, and had a million pounds for me from the bank of Nigeria.
I would give credit to Patrick Boyle
Boyle was going off mostly what Hindenburg said. They have a newsletter.
It was Hindenburg Research who did all the research originally.
Adobe Photoshop would be proud of creating a startup that earns a billion dollars!
Thanks for another interesting video!
Great story and great vid! really enjoyed it!
There's an interview clip of him basically complaining that it's difficult for him because people associate Nigerians with scams and scammers. Like the call is coming from inside the house
Seriously?! 🤣
The only reason he got away with it. Woke culture. Free pass.
I admire his nerve of steel. I'd never be able to pull a massive lie like that and not flinched once like he did !!!
Sincerely his confidence is unreal!
There is nothing to admire about a mentally unwell man. People who can lie like that are missing something human or are delusional to the point they believe their own lies.
🤣🤣🤣🤣😂😂🤣😅Surely we have to give Nigerians their recognition now, they have proved themselves beyond any speck of doubt about their capabilities and abilities. I mean since the 1990s they have managed to top these type of headlines. Its 2024 and with all the regulations and technology the west claim to have, they still cannot beat this wave..very powerful nation indeed. One of these days they wlll be selling countries, just watch the space.
😂😂, you guys make me laugh. these guys are learners. wellsfargo, madoff, onecoin, ftx, Nikola, wirecard, Enron, theranos.... 5 of these alone over takes all of Nigerian scam out. Together.. y’all don’t have the moral standard to talk, just enjoy the program amd shut up.
hahahahah you 🤣🤣🤣🤣🤣🤣
Well their leaders have already sold Nigeria 🇳🇬
Nigeria needs to get their scams under control. It's ridiculous!
😂
Tingo is a wonderful word, it's from a deeply exotic country, it's from the Easter Island in the deep Pacific and it simply means to borrow objects from a friends house, one by one, until there's nothing left.
😂
😂😂😂😂😊
This dozy guy extended my car warranty.
My question is how was he able to scale billions of dollars pass regulatory bodies. They did deligent verifications, right, before various approvals. Also for Forbes, they verify all the requirements before publishing, so, how did all these happen? It baffles me really.
Nigerians are great thinkers and problem solvers bringing life to problems.
If only they could give life to Nigerian problems 😪
Says a Nigerian....😂😂😂
Jealous ghanian ... you cant even play ordinary football. @@kofisachey3782
Noone checked anything, obviously.
It shocks me how there is never any due diligence in this stuff. It’s crazy….
Im shocked that a scam came out of Nigeria
Microsoft tech support must be taking notes so hard right now.
Never underestimate the audacity of scam artists. Scammers always try to be the loudest one in the room and English fans/press are gonna shine a flashlight up your butt to make sure you’re the right person to own their team, if you’re not British. Lots of foreign owners and investors but that doesn’t mean you get a free pass even if you are actually rich.
So basically
White people 🤔
Good documentary. You earned a subscriber.
Dude is a prince
Wow this was a doozy! Thanks for the video
At this point im just going to assume anyone on the Forbes issue cover is a professional scammer
It's safe to say that when dealing with anyone in Nigeria in business, you quadruple check everything they claim. The auditors emailing a company using the email address the scammer gave them to double check the mobile phone orders is also dumb beyond belief. These auditors get paid the big bucks, yet act so stupid at the same time?
Or not do any type of business with them at all.
Or just avoid any business with them alltogether just to be on the safe side.
😂😂, you guys make me laugh. these guys are learners. wellsfargo, madoff, onecoin, ftx, Nikola, wirecard, Enron, theranos.... 5 of these alone over takes all of Nigerian scam out. Together.. y’all don’t have the moral standard to talk, just enjoy the program amd shut up.
Everyone isn't the same, because someone decides to live like that doesn't mean everyone else does
@@samijay true but it's not just someONE, its many someones
I think he's the Nigerian king I've got so many emails from..
True story of the Nigerian Prince.
The thing that I wonder now is what if someone actually tried to create the company that Mmobuosi claimed he did? Could they make money?
Probably not on the phone leasing aspect. There are budget phones tailored for every market now, and nearly everyone has a phone. That time has passed. On the agricultural matchmaking side, that is interesting and I don’t know if anyone has tried anything like it(?).
The Agri aspect will work
Hell no.
@@andalondsyou know anything about African agriculture? A lot of it is barely profitable because of hopeless transport infrastructure and high transport costs, AND THEN th EU just ends up sending SUBSIDISED canned food like Italian grown canned tomatoes which are cheaper than you can even buy the pesticides in Africa to grow tomatoes. They don't have famines because it's EASY to grow food there with the HUGE and never ending numbers of pests.
@@OffGridInvestor 😂😂please, go and sit down, ‘huge pests’ 😂😂... y’all know noting about Africa! NOTING!
Stunning and I believe that there could be a case against the auditors for failure to perform due diligence.
In the end , the original idea of a marketplace for agricultural development is brillant. Someone should dig the idea.
It's been done here and fail miserably
Its cheaper to deal with the distributor directly as they are local
Wait a Nigerian scam, life imitates art imitates life
10:32 Reno Omokri linked to Tingo.. Not surprising, given that criminals move around in the same circles.
You did an incredible job brother,I must tell these cheap guys are not smart at all,the worst part government of all the so countries played a very little role investigating fraud for over 23 years
Deloitte shoukd be ashamed. When we went through our Deloitte audit, they spent a week on site, reviewing the inventory and processes personally. Including spot checks and pressure tests of all kinds.
Nigerian prince scam? Dozy said "hold my beer"
he could've kept this going if he didn't fly so close to the sun and try to buy a football team. how far did he think he was going to get with that?
It all boils down to one thing: Greed. As he had gotten away with so much thus far, he was now thinking he is invincible, and that's why he was going for more. Pure greed, and that is how they all get caught.
This kinda scam is not sustainable
It's the Nigerian Prince of legend!
‘I’m a Nigerian prince. I am in exile. My family needs your contribution to let Jesus Christ know I have support.”
Only tRump should be given this.
The forged bank statements are inexcusable on the part of Deloitte. Audit 101: Verify internally supplied support to external evidence (ergo, contact the bank directly using publicly available channels).
Poor whit people: Nigerian email scam
Rich whit people: tingo mobile
This guy's Ghanaian office sat in my neighborhood for maybe a year or two and I never saw their doors open for business. Just a fancy logo on a building.
i am sick and tired hearing this scam... we need justice
No disrespect to Nigeria, but back in the day, Nigeria and scam went hand in hand. And I am not surprised this was done at a supposedly high level of finance. Big fees, real or otherwise, greases the path.
He must have played his Race card HARD!!! 😂😂😂😂
Am a Nigerian, and this is the first time I am hearing about this scammer. You mean no one cared to even use google to research this guy and his fake companies? What a brazen fraud! Guy should be in prison
There's also a great video by Patrick Boyle on the subject !
If you ask me, I will say this guy is a genius! Putting together a scam like this? Wow!
it call ponzi scheme
@user-wm9oz5nk3q What he did got nothing to do with Ponzi Scheme. A Ponzi scheme is a completely different type scam!