On May 4, I remarked, “The bag the Vietnamese and Russian con artists are preparing to leave Daher with is shaping up to be epic.”
Ten days later, when Metafi Yielders finally collapsed, Daher was allegedly left with a bag containing $200 million in fraudulent losses.
Instead of accepting responsibility for his conduct, Daher attributes it to three unidentified Nigerians.
“Here we go…”
Daher (below) told the Sydney Morning Herald from an unidentified location that he was “made the fall guy.”
During our interview, Daher, who is accompanied by a consultant, reveals that the scheme is actually managed by a Nigerian man. He claims he was recently hired as the scheme’s frontman and social media producer.
We refer to this arrangement as a “Boris CEO” at Scampatrol. Russians frequently create Boris CEO Ponzi schemes, hence the name.
I cannot rule out the possibility that Nigerians are behind Metafi Yielders, although it would be rather odd. The issue with Daher is that he fronted a Ponzi scam, lied about fronting a Ponzi scheme, even after it was pointed out that he was the CEO of Boris, and now wants everyone to believe he was a front man. How can you accept anything said by someone who has been proven to be a serial liar?
Supposedly supporting Daher’s statements to the SMH is a signed Statutory Declaration (think affidavit).
What is the point? Daher’s participation in Metafi Yielders demonstrates unequivocally that he has no regard for the law. Clearly, Daher was not operating Metafi Yielders.
It was predicted by us in our original May 2022 MetaFi Yielders analysis and again in mid-June.
Daher asserts he was paid $2,001 plus a 10% commission to front Metafi Yielders. Again, assuming the $200 million estimate is accurate, Daher would have obtained $20 million in stolen investor money. Daher plans to use this money to ride off into the sunset.
Friday was the deadline for Daher and his advisor to file a comprehensive report with the Australian Federal Police.
Daher has given emails demonstrating that he has filed police reports in Western Australia and Queensland. Last month, Daher emailed The Age and Herald after discovering that investors had contacted this masthead. In that email, he attached a statutory declaration—which was attested by a dentist in the Brisbane suburb of Bulimba—in which he denied responsibility for the program. He categorically denies any participation in the site’s termination or the purported loss of investor money.
Lax regulation of MLM-related securities fraud is notoriously associated with Australia. Swindlers adore the country because the Australian Securities and Investments Commission (ASIC) allows them to form shell corporations and obtain an official-looking certificate to distribute with marketing materials.
ASIC may, at best, remove a false registration months or years after a Ponzi scheme has failed.
I am unaware of any actions taken by the Australian Federal Police against MLM Ponzi schemes to date. This is partially their fault. ASIC allows anyone to submit anything. None of these Boris CEO con artists can be found in Australia.
What will the AFP do in Nigeria and Russia?
The optimum consequence in this situation would be Daher’s arrest for conspiracy to commit fraud, or its Australian equivalent.
Again, most promoters of Metafi Yielders are headquartered outside of Australia, so they cannot be held accountable.
Without Michael Daher’s $20 million and the sums paid to marketers such as Jharol Smith, an American who advertises Ponzi schemes on YouTube, the remaining stolen millions have vanished.
And its recovery is doubtful. This is the truth of crypto-based MLM Ponzi schemes.
I expect the AFP and ASIC will do nothing in the hope that the victims will give up and go on, as they have always done in similar situations.
If I am pleasantly surprised, which is highly doubtful, we will keep you informed.