Author Avatar

editor

0

Share post:

Simon Stepsys, a well-known Ponzi scammer from the UK, has admitted to stealing money from the government.

According to a case brought by the UK’s Insolvency Service, Simon Stepsys Success International was involved in Stepsys’ tax fraud.

In 2013, Stepsys made Simon Stepsys Success International a way to launder money.

Around 2013, Stepsys was promoting a Ponzi scheme called Banners Broker.

According to the “Top Earners Hall of Fame” on BusinessForHome, Stepsys had already stolen about $2.4 million through Banners Broker as of January 2013.

In 2015, Canadian authorities shut down Banners Broker after finding out it was a Ponzi scheme that had taken in $93 million.

According to Simon Stepsys Success International, a court-appointed Receiver,

Between 2016 and 2019, no accounts were kept, so when the company started to wind down, the Official Receiver didn’t have any accounts to deal with.

Mr. Stepsys was asked to show his financial records, but he couldn’t.

Mr. Stepsys was interviewed. During the interview, he said that he had not been keeping track of his finances.

He said he was not very good at keeping paperwork. He said he didn’t have any papers.

As of June 2016, Simon Stepsys Success International’s bank account had a balance of £199,000, which was the official amount.

Steps said when asked where the money went

He used that money to pay for his and his wife’s living expenses.

He said he wanted to work with the official receiver but was not in the best place to do so.

Stepsys then admitted that he had not “carried out his responsibilities as director of” Simon Stepsys Success International.

He told HMRC that he didn’t know how much he owed them. He seems to have given more money to himself than to the government.

HMRC stands for HM Revenue & Customs, which is kind of like the IRS in the UK.

After Banners Broker went out of business, Stepsys started advertising MyAdvertisingPays, or MAP for short.

The lawyer for Stepsys said that Stepsys sold through MAP.

He did online advertising, and he got paid based on how many people clicked on his ads or went through them.

MyAdvertisingPays was a Ponzi scheme, just like Banners Broker.

The first time MyAdvertisingPays went down was in late 2015. In September 2016, a new start that didn’t include US investors failed again.

A second start-over was done in November, but it didn’t last long. In December, a third start-over called “The Advert Platform” came out.

I think The Advert Platform went out of business in 2017. All of the MAP reboots were promoted by Simon Stepsys.

The lawyer for Stepsys says that, after MAP went bankrupt four times;

Stepsys fell into a “spiral of depression and illness” and was blamed online for the company’s failure, which he said was not his fault.

It’s important to remember that Stepsys, as the top promoter of the Ponzi scheme, was the face of My Advertising Pays.

District Judge Jack McGarva said the following when he handed Stepsys’s sentence:

A company’s limited liability is a privilege that comes with responsibilities. It is very important to the public that these responsibilities are met.

In this case, you didn’t keep records, which made it hard for the official receiver to do his job. As a result, the public purse lost a lot of money.

Even though I’m making it clear that I’m sentencing for not keeping records and not hiding assets.

Stepsys was given a 16-week jail sentence that was put on hold. He must also do 200 hours of community service and pay court costs of £3,990.

Stepsys has had trouble with regulations since 1998 when the Office of Fair Trading

accused Stepsys of “preying on the weak” with work-from-home plans that promised big money.

In 1999, the UK’s High Court said that Stepsys couldn’t promote “get-rich-quick” schemes.

Banners Broker launched in 2012. And Simon Stepsys has been “promoting the “get rich quick” schemes” for almost ten years.

Aside from tax fraud, the UK government has done nothing to stop Stepsys from stealing millions of pounds from consumers.

The Russian Ponzi scheme Meme Club was Stepsys’s most recent scam.

Meme Club came out in or around May 2022, but it failed earlier this month.

Since at least 2016, our readers have been asking why the UK government hasn’t looked into Stepsys:

Stepsys is a great example of why BehindMLM has been and will continue to be very critical of the UK’s failure to protect consumers from “out in the open” financial fraud.

SmartHashes Review - Is a Fraud
Joseph Cammarata & SEC & Investview Review - Is a Fraud

Leave a Comment

Your email address will not be published. Required fields are marked *