Ellev8 has received a securities fraud warning from New Zealand’s Financial Market Authority.

As per the FMA’s October 12th warning;

We are concerned that Ellev8 is providing financial advice without being regulated in New Zealand.

It is not registered on the Financial Service Providers Register or authorised to provide any financial advice to New Zealand residents.

As a result of Ellev8 committing securities fraud, the FMA goes on to

recommend caution when dealing with Ellev8, or any individuals or entities promoting its services or products.

FMA also notes concerns about how Ellev8 is being marketed.

We are also concerned that its promotional activity potentially creates an overall misleading impression that easy money can be gained in financial markets after subscribing to its training courses.

Ellev8 is part of iBuumerang, both owned by disgraced MLM veteran Holton Buggs.

Buggs initially made a name for himself within the MLM industry through Organo Gold (now Organo).

Circa 2018, Buggs transitioned away from Organo into cryptocurrency fraud.

Buggs would go on to launch multiple MLM Ponzi schemes, which he funnelled iBuumerang distributors into.

On the backend Buggs in turn fed his own MLM Ponzi schemes into The Traders Domain.

The Traders Domain collapsed in late 2022. Buggs is reported to have stolen over a hundred million through it and his own Ponzi schemes.

Ellev8 is set up on its own “ellev8.com” website domain. SimilarWeb tracked around ~5000 visits to Ellev8’s website in November 2023.

52% of Ellev8’s website traffic originated from the Czech Republic, 16% from New Zealand, 12% from Australia and 11% from the US.

iBuumerang isn’t doing much better. SimilarWeb tracked ~4200 visits to iBuumerang’s website over the same period.