Paraiba World securities fraud notice issued in Germany
Sep.07, 2020 in
companies, regulation
Paraiba World has received a securities fraud notice from the German regulator BaFin.
As per BaFin’s investigation earlier this year, Paraiba World operated through Paraiba World and NeoMoc Global LTD.
Both were represented as Hong Kong shell companies. As noted in our recent Paraiba World review, Hong Kong appears to have since been scrapped for shell incorporation in the Comoro Islands.
BaFin’s securities fraud notice was issued on June 18th.
It confirms that neither Paraiba World or CEO Erich Ely (right) are registered to offer securities in Germany.
Ely, a German national, is believed to run Paraiba World from within Germany itself.
Since BaFin’s warning, Paraiba World appears to have focused its marketing efforts outside of Europe.
