Serial Ponzi promoter Shelley Cullen has been convicted of five violations of New Zealand’s Fair Trading Act.

Cullen, who once declared she wanted to be “one of the biggest scammers in NZ”, is facing a fine of up to $600,000 NZD per violation.

Cullen’s legal troubles in New Zealand began in 2020. After receiving “a number of complaints”,

the [Commerce] Commission contacted Ms Cullen on 18 November 2020 and advised her that it had opened an investigation into the scheme which the Commission believed at that time was operated by Ms Cullen.

The scheme in question was
Lion’s Share
, an MLM crypto Ponzi cycler run by serial scammer James Ward.

After Lion’s Share collapsed Ward went on to launch
more MLM crypto scams
. Ward has been quiet since
the CFTC caught up with him
in 2022.

The Commission held an interview with Cullen on November 24th, 2020.

At the interview Cullen lied to the Commission;

Ms Cullen stated that the scheme was not an investment scheme but rather a gifting/crowd funding programme where everyone gifts into the smart contract and the smart contract pays people out.

[Cullen] noted she was simply a participant and that the owner is anonymous just like bitcoin.

Lion’s Share’s business model saw the Ponzi scheme pitch investors on 200% and 300% returns, funded by subsequent investment.

When the Commission asked Cullen about depositing money into Lion’s Share,

she declined to answer and suggested the Commission talk to James [Ward] (the alleged creator of the scheme).

However, when asked for his contact details, Ms Cullen failed to respond.

So much for Lion’s Share’s
aNoNyMoUs OwNer
.

Following Cullen’s interview the Commission issued a
cease and desist against Cullen
in December 2020. The Commission’s order prohibited Cullen from continuing to promote Lion’s Share.

As part of the Commission’s enforcement action, Cullen was also ordered to “make a proposal for compensation and returning money” from her victims.

On 24 December 2020, Ms Cullen confirmed she had stopped her promotion of [Lion’s Share] but did not propose plans for compensation.

A month later Cullen took to social media to further incriminate herself.

On 19 January 2021 Ms Cullen posted a FaceBook live video which formed part of the evidence in which she stated:

-“I am going to make history as one of the biggest scammers in NZ”;

-“I can’t do any other projects a the moment, my lawyers got to pass everything I do”;

-“Fuck the consequences I ain’t scared”;

-“I jump scam to scam because I can. What’s the consequences $600,000 slap on the hand”;

-“The biggest penalty I will get… I don’t mind if I go to jail”;

-“I don’t have a bank account and I will say you aren’t getting my password you can lock me up”.

Ms Cullen declined any further contact with the Commission.

The Commission didn’t hear anything further until April 22nd, 2022, wherein

Ms Cullen forwarded correspondence to the Commission, the purpose of which is unclear but appears to suggest

🤖 Quick Answer

Who is Shelley Cullen and what was she convicted of?
Shelley Cullen is a serial Ponzi promoter convicted of five violations of New Zealand's Fair Trading Act. She was involved in the Lion's Share scheme, an MLM cryptocurrency Ponzi cycler operated by James Ward, facing potential fines of up to $600,000 NZD per violation following investigations initiated in 2020.

What is the Lion's Share scheme?
Lion's Share was an MLM cryptocurrency Ponzi cycler scheme operated by serial scammer James Ward. The scheme prompted complaints that led New Zealand's Commerce Commission to investigate in 2020. Following its collapse, Ward launched additional MLM crypto scams before regulatory action by the CFTC in 2022.

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