SageMaster has received a fraud warning from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).

As per the CSSF’s October 16th, 2025 SageMaster warning;

The Commission de Surveillance du Secteur Financier (CSSF) warns the public about the activities of a company presenting itself under the name “Sagemaster”.

The company specifically targets a young audience, notably through promotional campaigns on social media, by promising the possibility of earning money easily and quickly using AI-based solutions.

The CSSF has been informed that certain young individuals in Luxembourg are actively promoting these services within the country to recruit new members.

In this context, these individuals claim that Sagemaster is authorised or supervised by the CSSF to provide such services in or from Luxembourg.

The CSSF emphasises that these claims are false, as Sagemaster is not supervised by the CSSF and therefore cannot legally provide these services.

The CSSF would also like to remind the public that trading in forex products and contracts for difference involves high risks, and that most retail investors are likely to lose all of the money they invest.

Offering unregistered financial services is a violation of Luxembourg’s financial laws. Falsely claiming SageMaster is registered with the CSSF would likely trigger additional fraud charges.

Be, or Be Club, is an MLM pyramid scheme committing securities fraud through its SageMaster offering.

In what appears to be an attempt at pseudo-compliance, visitors to SageMaster’s website are presented with the following disclaimer:

Notably the disclaimer fails to address SageMaster soliciting investment on the promise of a passive return, purportedly generated via automated AI trading.

SageMaster’s investment scheme constitutes a securities offering, which requires it to register with financial regulators in every jurisdiction Be Club solicits investment in.

Trading forex and cryptocurrency may also trigger commodities laws, depending on the jurisdiction (e.g. CFTC registration in the US).

A website disclaimer is not a substitute for legal compliance and filing of audited financial reports with financial regulators.

Be is operated out of Dubai by co-founders Monir, Moynul (Moyn) and Ehsaan Islam.

Monir and Moynul are former OneCoin Ponzi promoters.

In addition to Luxembourg, Be Club fraud warnings have been issued by Colombia (2022), Norway (2023), Uruguay (2023), the Philippines (2023), New Zealand (2024) and Ontario (2025).

In January 2025 Moynul Islam attempted to downplay Be regulatory fraud warnings. Moynul claimed it was “very common for most companies to get some level of warning and fines.”

As of September 2025, SimilarWeb was tracking ~13,500 monthly visits to Be Club’s website. Top sources of Be Club website traffic are Italy (69%), Colombia (13%), Switzerland 10%) and Canada (10%).

SimilarWeb tracked ~51,800 monthly SageMaster website visits over the same period. Top sources of SageMaster website traffic are Italy (47%), Japan (30%) and Spain (5%).