2nd Paraiba World securities fraud warning from Switzerland
Paraiba World has received a second securities fraud warning from Switzerland’s Financial Market Supervisory Authority (FINMA).
FINMA’s first Paraiba World fraud warning was issued in March and targeted Paraiba World Switzerland.
FINMA’s second warning pertains to the associated shell company Unique Private Bank LTD.
As per FINMA’s second July 19th warning, neither Paraiba World or Unique Private Bank LTD are entered into the regulator’s commercial regulator.
This is the equivalent of a securities fraud warning in other jurisdictions.
Unique Private Bank is the shell company behind Paraiba World representing it is a banking alternative.
Unique Private Bank is represented to have a banking license through Mwali International Services Authority.
Banque Centrale des Comores however has confirmed licenses through Mwali International Services Authority are bogus.
Earlier this month BehindMLM noted Paraiba World appeared to be the verge of collapse.
As of July 1st, Paraiba World withdrawal delays had blown out to three weeks. As I understand it the delays still haven’t been rectified.
The majority of Parabia World victims are believed to be from Germany, the US and Switzerland.
Paraiba World is run by former OneCoin scammer and German national, Erich Ely (right).
Following Paraiba World’s collapse, Ely is trying to reboot the Ponzi scheme as Trillant.
The intention seems to be to convert Paraiba World losses into Trillon Coin and ride off into the sunset.
As I understand it Trillant is paired with “Unique Crypto LLC”. This is a copy of the shell company relationship between Paraiba World and Unique Private Bank.
FINMA issued a Unique Crypto LLC securities fraud warning on July 18th.
Beyond BaFin issuing a securities fraud warning in late 2020, German authorities have failed to take action against Ely and his Paraiba World and Trillant Ponzi schemes.
Well and truly cooked now.
Nearly every week the company issue an “update” promising to have fixed issues (so far we’ve had bitcoin liquidity, withdrawal volumes, staff shortages, multiple requests from one account, dog ate it etc) and saying they are going back to 7 day processing times.
That never happens and we are fast closing in on a one month delay now.
They are paying drips and bits to some people, but have been slow paying requests from just one day (9th July) for weeks.
Even some of the “leaders” like Wayne Nash are now moved on to other schemes, mostly the 8 Minute Trader thing.
The idea that they are going to somehow successfully launch a new cryptocurrency on the back of this farce is laughable. There is massive unrest in the membership, but all official channels are now muted.
I did go looking for evidence of withdrawal delays and noted Paraiba World’s socials are locked down.
Not a good sign. I suspect we’re still in the “maybe if I don’t talk about it I’ll get something back” stage of denial. Hence radio silence from investors on here.
The new offering seems mostly tailored for Germans. Don’t shit where you eat etc.
So, I guess we are fucked
You were fucked the moment you invested in a Ponzi son.
No, we are not fucked up, still working.. 🙂
“Working” as in Paraiba World collapsed following months of withdrawal problems mid 2022 and was rebooted as Trillant, which is on life support?
Ponzi scammer copium much?