9XProfits “suspected scam” warning from New Zealand
9XProfits has received a securities fraud warning from New Zealand.
As per the FMA’s October 6th warning, 9X Profits is a “suspected scam”.
9XProfits classification as a scam by the FMA is due to the company committing securities fraud.
9XProfits is not registered on the Financial Service Providers Register (FSPR); however, offers New Zealanders investment plans with unrealistically high investment return rates.
9XProfits is an AI trading bot ruse Ponzi launched earlier this year. Investment is solicited on the promise of up to 300% over 200 days.
In an attempt to appear legitimate, the Ponzi scheme provides shell company certificates for the UK, US and New Zealand.
For the purpose of MLM due-diligence, these certificates are meaningless.
As of September 2023, SimilarWeb tracked top sources of traffic to 9XProfits’ website as the UK (22%), Australia (18%) and Poland (15%).
The UK banned MLM cryptocurrency investment schemes on 8th October, 2023.