Authorities in the Dominican Republic have arrested Andre Feitosa, citing him as President of of MoneyFree Club.
At the time of publication the MoneyFree Club website is offline.
BehindMLM didn’t publish a review of the opportunity prior to its collapse, however we note the company’s official Facebook page promised “thousands of dollars (within) 16 days” (May 18th).
As far as I can tell MoneyFree Club was yet another collapsed MLM cryptocurrency scam.
On August 18th authorities in Santo Domingo arrested Feitosa. He stands accused of stealing over $20 million USD from around 1900 MoneyFree Club victims.
Authorities
began investigating Feitosa
between May and July, following complaints filed by MoneyFree Club victims in the wake of its collapse.
Feitosa, a Brazilian national, is
accused
of purchasing apartments, jeeps and luxury vehicles with funds invested by MoneyFree Club victims.
Feitosa’s co-conspirators, Rafael Pimentel Méndez, Víctor Manuel Pichardo and Guarién Jesús Ariza Lluberes are also wanted for “high-tech crimes and violations of monetary and financial law(s)”. They remain at large.
Feitosa popped up on BehindMLM early last year as a “top leader” of the
My Trader Coin
Ponzi scheme.
Alexa traffic statistics suggest My Trader Coin went into decline around six months after launch and then collapsed.
🤖 Quick Answer
Who is Andre Feitosa and what are the charges against him?Andre Feitosa, a Brazilian national and alleged President of MoneyFree Club, was arrested in Santo Domingo on August 18th. He faces accusations of stealing over $20 million USD from approximately 1,900 victims through the cryptocurrency MLM scheme before the company collapsed.
What was MoneyFree Club?
MoneyFree Club was a cryptocurrency-based multilevel marketing operation that promised participants thousands of dollars within 16 days. The company's website went offline following its collapse, and it is classified as a fraudulent scheme that defrauded numerous investors.
How did authorities investigate this case?
Dominican Republic authorities initiated investigations between May and July following complaints filed by MoneyFree Club victims after the company's collapse. The investigation led to Feitosa's arrest in August in Santo Domingo.
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