CoinMD Review: Tom McMurrain’s CoinRewards Ponzi points

CoinMD provide no information on their website about who owns or runs the business.

The CoinMD website domain (“coinmd.io”) was privately registered on May 3rd, 2017.

Further research reveals Tom McMurrain citing himself as CEO of the company in the CoinMD compensation plan.

Why this information is not provided on the CoinMD website is unclear.

Tom McMurrain (right) first appeared on BehindMLM’s radar as a prominent US investor in the
OneCoin
Ponzi scheme.

McMurrain stopped actively promoting OneCoin around mid-May, shortly after registering the CoinMD website domain. Whether McMurrain is still a OneCoin affiliate or not is unknown.

On the regulatory side of things, McMurrain is a
convicted felon
.

Between 1997 and 2000 McMurrain stole $9 million from 80 investors in a pay-day loan Ponzi scheme he called Emergency One Cash Card Inc.

In September 1997, McMurrain, a former securities dealer, formed a company called “Emergency One Cash Card Inc.”

The company made two- to four-week loans of between $300 and $500 to low-income borrowers at high interest rates (between 22 percent and 25 percent a month) using car titles as collateral.

McMurrain began the business with a store front at Tower Place in Buckhead. Eventually, he expanded the company to locations in Buford, Smyrna and Decatur, Ga., and a holding company called “Emergency One Holding Corp.”

McMurrain also created a boiler-room operation, “American Call Center,” so potential customers could borrow money by phone.

Over time, McMurrain employed 10 to 20 people to manage the storefronts and administer the operations, while McMurrain solicited investors to pump money into his companies.

McMurrain promised potential investors a 15 percent to 36 percent a rate of return annually on their investment — a rate much higher than available commercially.

McMurrain failed to tell investors his business was operating at a loss and the business was only able to make monthly interest payments to previous investors with funds invested by later investors.

He also did not disclose he used their investments to fund non-pay day loan businesses, including a loan of $700,000 to another McMurrain company, “Global E Tutor Inc.”

McMurrain also used investor funds to make uncollateralized loans to friends, and McMurrain failed to disclose to the investors that he spent $1.3 million of their investments in day trading and on a lavish lifestyle for himself.

In August and September of 2000, the business failed and McMurrain’s business declared bankruptcy in late 2000.

When the company went bankrupt, McMurrain and his immediate family fled to Central America.

After Bananama Republic reported on two arrest warrants issued against McMurrain, he sued them.

McMurrain lost the case and appealed, but before the appeal was decided on was arrested in 2004 on the aforementioned warrants.

Other cases included boating under the influence, assault, more fraud — McMurrain ran a high profile robbers den in Panama u

🤖 Quick Answer

Who owns and operates CoinMD?

What is Tom McMurrain's background?
McMurrain previously gained prominence as a US investor in the OneCoin scheme and is a convicted felon. Between 1997 and 2000, he stole $9 million from 80 investors through fraudulent payday loan operations.

Why is ownership information hidden on CoinMD's website?
CoinMD does not publicly disclose ownership or management details on its official website despite Tom McMurrain being identified as CEO in company documents. The reasons for this lack of transparency remain undisclosed by the company.

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