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On May 4th, I had a thought:

The fraudsters from Vietnam and Russia are getting ready to leave Daher with amazing luggage.

When Metafi Yielders ultimately collapsed ten days later, Daher was left with an incredible bag that included allegedly $200 million worth of fraud.

Daher assigns blame for his acts to three anonymous Nigerians rather than accepting responsibility.

Let’s begin…

In an unidentified location, Daher (below) said “he has been made the fall person” in an interview with the Sydney Morning Herald.

During our conversation, Daher, who is joined by an advisor, claims that a man from Nigeria is running the scam.

He claims that he recently signed a deal to serve as the scheme’s spokesperson and social media producer.

A “Boris CEO” is the term used by BehindMLM to describe this setup. Russians frequently set up Boris CEO Ponzi schemes, thus the moniker.

Metafi Yielders may have been founded by Nigerians, but it would be rare but not impossible.

Daher’s problem is that he fronted a Ponzi scheme, lied about fronting a Ponzi scheme even after it was revealed he was the CEO of Boris, and now he wants everyone to think he was a front man.

How can you accept anything that comes from someone who has shown to be a serial liar?

An allegedly signed Statutory Declaration supports Daher’s assertions to the SMH (think affidavit).

Why is that useful? Daher has shown by his engagement with Metafi Yielders that he doesn’t give a damn about the law.

Daher was not in charge of Metafi Yielders. In our original May 2022 MetaFi Yielders assessment, BehindMLM predicted it, and it was proven once more in mid-June.

Daher alleges he received $2000 with a 10% fee for representing Metafi Yielders. Again, if the $200 million claims are accurate, Daher would have received $20 million in investor monies that were stolen.

Daher now wants to use that money to ride off into the distance.

The comprehensive report that Daher and his advisor were supposed to submit to the Australian Federal Police on Friday has been prepared. Daher revealed emails demonstrating that he had filed police reports in Queensland and Western Australia.

After discovering that investors had emailed this masthead, Daher wrote to The Age and Herald last month.

In that email, he attached a formal statement in which he explicitly rejects any role in the plan and which was attested to by a dentist from the Bulimba neighborhood of Brisbane.

He categorically denies being involved in the site’s termination and the alleged theft of investor monies.

Australia has a famously lax reputation when it comes to controlling MLM-related securities fraud. Scammers like the nation because ASIC enables them to form fictitious businesses and get certificates with an official appearance for use as marketing collateral.

When a Ponzi scheme has failed, generally months or years later, ASIC may at best cancel a false registration.

As far as I’m aware, the Australian Federal Police has not yet taken any action against an MLM Ponzi fraud.

And some of that is not their fault. Anyone can file anything with ASIC. These Boris CEO con artists are not from Australia.

What will the AFP do, whether it’s Russia or Nigeria?

The ideal solution in this situation is Daher’s arrest for fraud conspiracy, or whatever its Australian legal equivalent is.

One may criticize Metafi Yielders’ proponents, but most of them are based outside of Australia.

What’s left of the other stolen millions is gone, save for Michael Daher’s $20 million and the money sent to marketers like Jharol Smith, a US citizen who advertises Ponzi schemes on YouTube.

And chances of recovery are slim. These are the facts about MLM cryptocurrency Ponzi scams.

In this case, I expect the AFP and ASIC will do nothing in the hopes that the victims would give up and go on.

If I’m pleasantly surprised, which is quite improbable, we’ll let you know.

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