EvoRich’s UGPay receives securities fraud warning from Spain
Spain’s Comision Nacional del Mercado de Valores has issued a securities fraud warning against UGPay.
UGPay is a Swiss shell company, used by Andrew Khovratov to run EvoRich through.
As per the CNMV’s October 4th warning UGPay Group A.G. is an “unregistered firm”.
UGPay Group A.G. is not authorised to provide the investment services set out in Article 140 of the Spanish Securities Markets Act, which include investment advice.
This is the equivalent of a securities fraud warning in other jurisdictions.
Spain is the third jurisdiction to issue EvoRich with a securities fraud warning, following New Zealand and Latvia earlier this year.
EvoRich is a spinoff of the long-running Skyway Capital Ponzi scheme.
EvoRich is your typical crypto shitcoin scam. Affiliates invest in CRU/WCRU tokens, something something, sorry for your loss.
With nothing marketed or sold to retail customers, the MLM side of EvoRich operates as a pyramid scheme.
Outside of Russia, which makes up 80% of its website traffic (Alexa), there doesn’t seem to be much going on with EvoRich globally.
EvoRich securities fraud warning issued by Consob (Italy):
Italy itself hasn’t issued a EvoRich warning. They’re citing the New Zealand warning which we did cover.