Paraiba World securities fraud warning issued by Austria
Paraiba World has received a securities fraud warning from Austria’s Financial Market Authority.
The FMA’s warning pertains to Pariaba World, cited as a Hong Kong shell incorporation.
The FMA warns Paraiba World is “not entitled to carry out banking transactions in Austria that require a licence.”
This is the equivalent of a securities fraud notice in other jurisdictions.
BehindMLM reviewed Paraiba World earlier this month. Based on the company’s business model, we concluded it was a daily ROI bitcoin Ponzi scheme.
Paraiba World is run by CEO Erich Ely (right) out of Germany.
In June 2020 BaFin, Germany’s top financial regulator, issued a securities fraud warning against Paraiba World and Ely.
Paraiba World’s current website statistics, as provided by Alexa, suggest the scam is primarily targeting victims in Honduras and Switzerland.
I am not investor of this company but i had a meeting with CEO and i saw their tradings accounts.
They have about 40 accounts and 7 traders (few months ago, now maybe more). He showed me live trading accounts, results since October 2019 and it was much more than they need to pay for members.
So in my opinion they arent ponzi, but i dont invest because of my real estates business in Germany.
This is not evidence of external revenue being used to pay affiliates, nor is it a substitute for audited financial reports periodically filed with securities regulators.
Your opinion doesn’t matter, Paraiba World is committing securities fraud.
MLM + securities fraud = Ponzi scheme.
I am currently in Hong Kong and will have to go to Causeway bay tomorrow anyways. I can check the address like I did for Statum, Gain System, Elysium, Comercex, and Orius Capital.
I am willing to bet that the address at Time Square is fake.
If you do all the Scam Alerts so hopeless then they should close this page of you!
1.The company was / is registered in Hong Kong but never said it had offices there or anything else. Paraiba doesn’t need an office because traders work remotely from home.
2.The banking license is not on the MWALI list as the company has not managed bank accounts so far. For this reason, my partners and I wrote an e-mail to the Mwali government 2 months ago to confirm that the license is valid. As you can read in the SS email below, the MWALI government replied that the license is active and in good legal shape.
Confirmation banking licence is LEGIT: freeimage.host/i/3HmnVe
3. Same answer like in 1. point.
4. This fraud warning is always when the company is not registered in the country where it works because the state cannot do anything to them. This is just a warning because the state has no idea how the company works
5. Last weekend company had a 1st Birthday Party in Austria! They have now: own bank Unique Private Bank, own exchange: Unique Exchange, own encrypted chat offered by blockchain technology available in Play Google & AppStore!
6. Over 20 000 real members (80 000 accounts) in project
7. Over $20,000,000 total deposited in company!!
8. As you can see, few people know this project, because nobody here is looking for strong promotion. The project is progressing at a good pace gradually. Most of the users are German speaking countries. This project has just arrived in Asia!
9. The company has a special trading ecosystem that protects all of us from being stolen by traders. Each trader only has a small fraction of the company’s capital.
10. The company is introducing FIAT / SEPA payments next month. The Paraiba platform will be connected to their own Unique Exchange where you can buy one of 5000 shares !!!
Euro scammers setting up shell companies in Asia is a red flag.
Mwali is a tax haven. Whether Paraiba World has registered anything there is utterly irrelevant.
The only reason scams set up shell companies in these jurisdictions is to fool banks. That works until enough SARs get filed.
Having a banking license in some shitty tax haven is not a substitute for complying with securities regulation.
False. They can put the brakes on banking channels within their jurisdiction and coordinate with authorities in other countries.
False. Paraba World is committing securities fraud. All BaFin has done is confirm it.
The reason securities regulation matters, in addition to being a matter of law, is that is requires an MLM company to prove external revenue through periodic audited financial reports.
Ponzi schemes can’t do this and so we have nonsense like Mwali banking licenses. Fraud is fraud, stop making excuses for scammers.
The scammers are still pitching this ponzi scheme
youtube.com/watch?v=sXTPMdsCa7o
Is there any updates after September 2021 ?
Nope. Paraiba World is just as illegal in Austria as it’s always been.