Simon Stepsys, a infamous Ponzi scammer from the UK, has pled responsible to tax fraud.
As per a case introduced by the UK’s Insolvency Service, Stepsys’ tax fraud associated to Simon Stepsys Success Worldwide.
Stepsys arrange Simon Stepsys Success Worldwide to launder cash via in 2013.
Circa 2013 Stepsys was selling the Banners Dealer Ponzi scheme.
As per BusinessForHome’s “High Earners Corridor of Fame“, by January 2013 Stepsys had already stolen ~$2.4 million via Banners Dealer.
In 2015 Canadian authorities shut down Banners Dealer, confirming it was a $93 million greenback Ponzi scheme.
As per a court-appointed Receiver, Simon Stepsys Success Worldwide
Within the years between 2016 and 2019 there have been no accounts saved so when the corporate started to be wound up there have been no accounts for the Official Receiver to cope with.
Mr Stepsys was invited to provide his accounts however he was unable to take action.
Mr Stepsys was interviewed. In the course of the interview he mentioned he had did not maintain his accounts.
He mentioned he was not excellent at retaining paperwork. He admitted he had no paperwork.
As at June 2016, £199,000 was the official steadiness recorded in Simon Stepsys Success Worldwide’s checking account.
When requested the place the cash went, Stepsys claimed
he had spent that cash on dwelling prices for himself and his spouse.
He mentioned he needed to cooperate with the official receiver however mentioned he was not in the perfect place.
Stepsys went on to confess he had did not “fulfill his duties as director of” Simon Stepsys Success Worldwide.
He mentioned he had no thought how a lot he owed HMRC. He seems to have prioritised paying cash to himself fairly than HMRC.
HMRC stands for HM Income & Customs, basically the UK’s IRS equal.
After Banners Dealer collapsed Stepsys went on to promote MyAdvertisingPays, or MAP for brief.
Stepsys’ solicitor represented that, via MAP, that Stepsys bought
promoting on-line and his earnings was based mostly on a click on or click on via remuneration.
In actuality, like Banners Dealer, MyAdvertisingPays was a Ponzi scheme.
MyAdvertisingPays first collapsed in late 2015. A reboot, which excluded US buyers, collapsed once more in September 2016.
A second reboot was launched in November however lasted lower than a month. In December a 3rd reboot was launched as The Advert Platform.
I consider The Advert Platform collapsed in 2017. Simon Stepsys promoted all the MAP reboots.
Stepsys’ solicitor claims that, following MAP’s 4 collapses;
Stepsys had gone right into a ‘spiral of despair and sick well being’ and acquired on-line blame for the collapse of the corporate which he mentioned was not his fault.
It ought to be famous that Stepsys, because the Ponzi scheme’s high promoter, was very a lot the face of My Promoting Pays.
In handing down Stepsys’ sentence, District Choose Jack McGarva acknowledged;
Restricted legal responsibility in an organization s a privilege which brings with it obligations. There’s a sturdy public curiosity in making certain these obligations are met
On this case your failure to maintain data made it inconceivable for the official receiver to finish his duties inflicting a big loss to the general public purse in consequence.
Although I’m making it clear I’m sentencing for failing to maintain data fairly than concealing of belongings.
Stepsys was handed down a 16 week suspended jail sentence. He’s additionally required to undertake 200 hours of group service and pay £3,990 in courtroom prices.
Stepsys’ regulatory issues date again to 1998, whereby the Workplace of Honest Buying and selling
accused Stepsys of ‘preying on the weak’ with home-working schemes that promised profitable returns.
In 1999 the UK’s Excessive Courtroom banned Stepsys from “selling the ‘get wealthy’ fast schemes.
Banners Dealer launched in 2012. And we’re now developing on a decade of Simon Stepsys “selling the ‘get wealthy” fast schemes”.
Aside from tax fraud, UK authorities have taken no motion towards Stepsys defrauding customers out of tens of millions.
Stepsys’ newest rip-off was the Russian Ponzi scheme Meme Membership.
Launched on or round Might 2022, Meme Membership collapsed earlier this month.
Our readers have been asking why UK authorities haven’t investigated Stepsys since at the very least 2016:
Stepsys is a superb instance of why BehindMLM has and continues to be extremely essential of the UK’s failure to guard customers from blatant “out within the open” monetary fraud.
