Mido Finance securities fraud notice issued in New Zealand
The same day BehindMLM published its Mido Finance review, authorities in New Zealand issued a securities fraud warning.
The Financial Markets Authority’s warning is of particular significance, as New Zealand is part of Mido Finance’s Ponzi ruse.
Mido Finance Limited is a shell company, incorporated in New Zealand using bogus details.
Basic incorporation is not a substitute for registration with financial regulators.
To that end the FMA warns Mido Finance
claims that the company is subject to regulation in New Zealand, but the company is not a registered financial service provider in New Zealand.
This means that they cannot provide financial products or services to New Zealand residents.
This is the equivalent of a securities fraud warning in other jurisdictions.
For now Mido Finance Limited remains an active corporation. Whether the New Zealand Companies Office deregisters Mido Finance Limited remains to be seen.
As per BehindMLM’s Mido Finance review, the Ponzi scheme is run by scammers believed to be hiding out in Dubai.
Over the past few years Dubai has emerged as a safe-haven shelter for white collar criminals.
The UAE has limited extradition treaties and no active regulation of MLM related securities fraud.