Liyeplimal securities fraud warning issued by COSUMAF
The Commission de Surveillance du Marche Financier de L’Afrique Centrale, better known as COSUMAF, has issued a securities fraud warning against Liyeplimal.
BehindMLM reviewed Liyeplimal back in July 2020. Analysis revealed Liyeplimal was part of Simb Parfait’s Global Investment Trading Ponzi factory.
COSUMAF’s warning is directed to residents of Cameroon, and states Liyeplimal offers “financial products without having the necessary approvals”.
This is the equivalent of a securities fraud warning.
Oddly enough COSUMAF’s October 19th warning isn’t available on its website.
Multiple local news sources however have run the story however (Financial Afrik, VA Mag), so I’m putting it down to COSUMAF’s website being terrible to navigate and me not speaking French.
In an odd turn of events, on October 21st COSUMAF put out a “corrective press-release” pertaining to Global Investment Trading.
The company Global Investment Trading SA informs the public that following an internal malfunction, an information leak was found relating to the correspondence of the Central African Financial Market Surveillance Commission ( COSUMAF) dated October 13, 2020.
In this correspondence, the financial market regulator has just given its agreement to the establishment of a legal and operational framework for the supervision of its activities.
The COSUMAF correspondence indicating its agreement for the establishment of an appropriate legal framework for the activities of active cryptos, follows the request of Global Investment Trading SA which seeks support in this innovative economic sector.
Global Investment Trading SA takes all necessary steps to identify those responsible for this malicious intrusion and therefore apologizes for the inconvenience this may have caused to all players in the economic and financial system.
I haven’t seen this leaked October 13th document so I’m not sure what COSUMAF is correcting. Global Trading Investment doesn’t appear on COSUMAF’s October 19th warning list.
Being a Ponzi factory, Global Trading Investment is already regulated under securities law.
It seems COSUMAF has made the blunder of identifying Liyeplimal as an unregistered securities scheme, but failed to realize (or ignored) Global Investment Trading is effectively its parent company.
Regardless, neither Liyeplimal or Global Investment Trading are registered to offer securities in any jurisdiction.
At the time of publication Alexa ranks Cameroon (44%), Burkina Faso (12) and Madagascar (6%), as the top three sources of traffic to Liyeplimal’s website.
Liyeplimal, Global Investment Trading and their owner Simb Parfait operate out of Cameroon itself.
Whether COSUMAF or Cameroonian authorities take any further action against Parfait remains to be seen.
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