Passivo securities fraud warning from Austria
Passivo has received a securities fraud warning from Austria.
The FMA warns investors against concluding transactions with Passivo Ltd.
As per the FMA’s October 18th warning, Passivo “is not authorised to carry out banking transactions in Austria that require a licence”.
FMA further warns that, in light of Passivo committing securities fraud, its business operations are “not allowed”.
Passivo is a Dubai-based Ponzi scheme fronted by CEO Jan Lubberding.
Lubberding is a German national hiding in Dubai.
Nonetheless, Passivo has already attracted the attention of German authorities. BaFin issued its own Passivo securities fraud warning last month.
Of Passivo’s three known website domains, only its .IO domain is receiving any notable traffic.
For the month of September 2023, SimilarWeb tracked top sources of traffic to Passivo’s .IO domain as Switzerland (56%), Poland (10%), Ukraine (10%) and Germany (9%, down 61% month on month).
Securities in Switzerland are regulated by FINMA. Whether FINMA follows Germany and Austria with its own Passivo fraud warning remains to be seen.
Update 23rd November 2023 – Passivo has collapsed.