Peru issues Pay Diamond, OneCoin, CoinSpace & MMM Global warning
Peru has grouped some of the top MLM Ponzi schemes doing the rounds and issued a collective consumer warning.
The warning was issued on September 9th by Superintendencia De Banca, Seguros & AFP (SBS), Peru’s top financial regulator.
MLM companies named in SBS’ warning include Pay Diamond, OneCoin, CoinSpace and MMM Global (MMM Peru).
The business models of the four companies see them each solicit investment and use newly invested funds to pay off existing investors.
The business models also reward affiliate investors for recruiting new investors, combining both pyramid and Ponzi fraud.
Pay Diamond affiliates invest up to $36,000 on the promise of weekly ROI payments of up to $1800 for 50 weeks.
OneCoin affiliates invest €110 to €27 500 (and more) on OneCoin Ponzi points.
The company sets the value of the points invested in and, up until eight months ago, used newly invested funds to pay ROI withdrawal requests.
CoinSpace is a clone of OneCoin’s Ponzi points model, with investment in S-Coin points capping out at €12,000 EUR.
MMM Peru is part of the MMM Global Ponzi family. Affiliates invest bitcoin on the promise of a 50% monthly ROI, paid with subsequently invested funds.
The general population is called upon to inform themselves adequately and to take the necessary precautions when deciding where to deposit, save or invest their money.
The SBS warn that none of the MLM Ponzi schemes named are authorized to solicit investment in Peru.
Whether further action is taken against local promoters of the scams remains to be seen.
delighted as this may mean that OneCoin’s strategy to target South America which may well partially thwarted since the disappearance of the Steinkellers and the choice of Portugal as the setting for their annual Conference in the beginning of October . Let us hope other countries -particularly Brazil take similar action
Source: sbs.gob.pe/principal/noticias/noticia/comunicado/482
Oops. I was working off the source but forgot to include it in the article. Thanks!
What do you think about onecoin`s shoping platforma – dealshaker?
I know it’s used mostly by Chinese sellers hocking rubbish and has nothing to do with the Ponzi side of the business. Ie. it’s irrelevant.
@DJ
The ShakyDealers platform has had EXACTLY the same quantity of deals in EVERY SINGLE category, which has remained unchanged from at least Sept. 1 through Sept. 13 (maybe to present, will have to check).
Basically it’s completely manipulated, broken and not reality.
@Tim
Still unchanged as of today.
The counters that show “Number of registered businesses” and “number of logged in users” grow linearly with no connection to holidays, seasons, OneCoin announcements or the fact that deals themselves have not changed for over two weeks.
User and merchant numbers are taken from thin air, most of the deals are insensible like the 10 000 euro wooden Buddha statue, height 20cm and 99 items for sale.
awwwww.
the worlds ‘largest’ crypto currency by capitalization, with a steady forever ‘climbing’ price and the maximuum number of ‘users’ ie Onecoin, is being lumped with the likes of paydiamond and MMM? tsk tsk.
no comparisons with bitcoin ethereum etc? strange!
BTW, with cryptocurrencies tumbling due to china’s shut down of bitcoin trading exchanges, currencies have fallen almost 40%.
so, how much has onecoin tumbled considering it lost china and can never do an ICO, or trade in china after going ‘public’? is it still rocksteady?
^^this deserves a belly laugh:
BWAHAHAHA 😀
meanwhile a car dealer from poland is claiming he sold 4 cars in one night [sept 11, 2017] in lightning deals for 50% euro + 50% onecoin.
facebook.com/onemillionshop/photos/a.383458308720200.1073741829.380770825655615/478047645927932/?type=3&theater
something strange about these deals though [FB conversation on sept 14, 2017]:
^^^????? mad rush or what??
so, for every number of cars sold on dealshitter, i suppose the same number of bedsheets/napkins are being sold – ‘linearly with no connection to holidays, seasons, OneCoin announcements or the fact that deals themselves have not changed for over two weeks’ [courtesy: post#7]
@anjali
That “done and gone” deal makes DealShaker even more interesting:
It could have happened and in the statistics to follow, there would not have been a change as the number of “open deals” would have remained the same.
OTOH:
Why don’t everyone reading these comments take a short visit to DealShaker website? This is what you will find under the category “Services”:
Services: 1062 (the summary of all subcategories)
Gym: 158
Nutritionist and diet: 235
Acupuncture: 153
Other: 74
Cosmetic procedures: 244
Relax and Spa: 18
Men care: 1
IT Services: 29
Now in my world 158+235+153+74+244+18+1+29=912 but in Dealshitter universe it makes 1062. Or then there could be 150 invisible car deals under that category?
If this is not a scam, what it is????
@Fair Play
Ponzi schemes only stop paying affiliates when they’ve run out of money. This is true irrespective of the made up reason they tell investors.
A Ponzi scheme citing “fraudulent behavior” as an excuse should also not be lost on you.