Emergency Application Leads to Swift Orders
On March 2, 2026, Quebec’s Autorité des marchés financiers (AMF) obtained a strong securities fraud order from the Tribunal administratif des marchés financiers (TMF) against InovoCB and its key individuals.
The AMF filed an urgent application after the respondents failed to reply to its inquiries. The TMF granted the orders the same day, concluding that InovoCB had committed and was likely to continue committing serious breaches of Quebec’s Securities Act.
InovoCB’s “Receipts Cashback” Scheme
InovoCB, launched in late 2023, operated as a “receipts cashback” MLM Ponzi scheme. Co-founders Jimmy Nogues and John Martinez (also known as Jhon Jose Martinez Gomez) promoted the program, promising returns based on submitted receipts. The AMF contacted the following parties without response:
- InovoCB FZ-LLC (doing business as InovoCB)
- Jhon Jose Martinez Gomez (John Martinez)
- Jimmy Nogues
- Daniel Charette
- Sami Islam
Orders Issued by the TMF
The TMF issued comprehensive prohibitions and blocking orders, including:
- Ban on trading or dealing in securities
- Prohibition from acting as a broker, advisor, or investment fund manager
- Asset freezing and blocking orders
- Orders to remove all advertising and publications related to the cashback program
- Directive to close the InovoCB website and social media accounts
The respondents have 15 days from the decision to file a notice of objection with the TMF.
Immediate Aftermath
Shortly after the ruling (around March 6, 2026), InovoCB disabled its website and removed its social media profiles. Victim losses remain unknown at this time, and the current status of the individuals involved is unclear.
Investor Caution
This case highlights the risks of unregulated “cashback” or “receipts” MLM schemes promising unrealistic returns. Investors should always verify licensing and registration with official regulators like the AMF before participating in any crypto or investment program.
Key Takeaway: Rapid regulatory action by the AMF and TMF prevented further potential harm, but victims may still face challenges recovering funds.
If you believe you were affected or have information about InovoCB, contact the AMF directly through their official channels.
