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.