Paraiba has received a second securities fraud warning from Austria’s Financial Market Authority (FMA).

The FMA is Austria’s top financial regulator (SEC equivalent).

As per the FMA’s March 16th warning;

Attention! The FMA warns investors against concluding transactions with:

Paraiba World

with its registered address apparently in:

Bonovo Road, Fomboni Island of Mohéli, Comoros Union

This provider is not authorised to carry out banking transactions in Austria that require a licence.

The provider is not permitted to accept funds from other parties as deposits pursuant to Article 1 para. 1 no. 1 second case of the Austrian Banking Act.

This is the equivalent of a securities fraud warning in other jurisdictions.

The FMA issued its first Paraiba World securities fraud warning in September 2020.

The FMA’s second warning pertains to the domain “paraibaworld.org”, which appears to target potential investors in Austria and Germany.

Germany’s BaFin also issued a Paraiba World securities fraud warning in September 2020.

The FaceBook account corresponding to the “paraibaworld.org” domain is managed from Austria and Slovenia. It appears to have been abandoned in September 2021.

The “paraibaworld.org” domain was privately registered in October 2020. It is currently for sale for $55,000.

Paraiba World is a fake bank Ponzi scheme pitching a 130% to 150% ROI.

The scam was founded by CEO Erich Ely, who is believed to be a German national.

Prior to launching Paraiba World, Ely was an investor in the notorious OneCoin Ponzi scheme.

Beyond BaFin issuing a Paraiba World securities fraud warning, German authorities have taken no further action against Ely or his Ponzi scheme.