Swiss Gold Global securities cease and desist issued in South Carolina
Swiss Gold Global initially launched in mid 2016 as a $50 a month “premium education program“.
When that flopped, the company rebooted itself as a bitcoin mining ROI opportunity a few months later.
That business model has now caught the attention of US regulators, promoting South Carolina to issue a cease and desist against Swiss Gold Global on March 9th.
On their website, Swiss Gold Global claim their bitcoin mining is provided by Genesis Mining, a third-party non-MLM company.
As per an investigation by the South Carolina Securities Division, neither Swiss Gold Global or Genesis Mining are not registered to offer securities in the state.
Genesis Mining’s partnership with Swiss Gold Global to illegally offer unregistered securities in South Carolina has seen them as a named respondent in the cease and desist.
The Securities Division found that
Swiss Gold GLobal offers cryptocurrency mining contracts, which are fulfilled by its partner, Genesis Mining.
Genesis Mining offers mining contracts for six (6) cryptocurrencies: Bitcoin, Dash, Ethereum, Litecoin, Monero, and Zcash, each of which entitles an investor to the same services.
In exchange for investing in a (Swiss Gold Global) Mining Contract, Genesis Mining engages in a certain amount of computational effort on behalf of the investors.
The computational effort is solely put forth by Genesis Mining.
The profit ostensibly generated through investing in a Mining Contract is primarily dependent on the efforts of Genesis Mining.
Swiss Gold Global, through its agents, offers investment opportunities in Mining Contracts to South Carolina residents.
At all times relevant to this Order, Genesis Mining continuously offered investment opportunities in Mining Contracts to South Carolina residents through its website.
As per the above findings, South Carolina has demanded both Swiss Gold Global and Genesis Mining
cease and desist from transacting business in South Carolina in violation of the Securities Act.
Both companies have also been permanently ‘barred from participating in any aspect of the securities industry in or from the State of South Carolina‘.
This appears to apply to Genesis Mining as a whole, not just their Mining Contract partnership with Swiss Gold Global.
Swiss Gold Global and Genesis Mining have thirty days to respond to the cease and desist and request a hearing to defend themselves.
If no response is forthcoming, the cease and desist will be made permanent.
Update 27th July 2018 – Based on information submitted to the South Carolina Securities Division, Genesis Mining’s cease and desist was dismissed on July 26th.
The cease and desist issued to Swiss Gold Global remains in place.
Steve Lawson just posted a couple of days ago that Swiss Gold Global is “the best entirely passive income with the least amount of risk”. He probably thinks this won’t affect him since he’s in the UK.
I can’t wait to see the scammer Lawson behind bars. Another one of his “can’t miss” opportunities is about to crash and burn! Screw him!
I’ve been a member of Swiss Gold Global for some time, a company that celebrates its 10th anniversary this year.
It was set up to offer people who want to buy quality gold and silver the chance to do so at the best price, which is 2.97% above LBMA rates.
It still provides education on money and wealth.
18 months ago it started working with Genesis Mining. Cryptocurrencies such as Bitcoin have to be ‘mined’ to bring them into being. This is akin to opening a combination lock safe that has a huge amount of digits to input while running against the clock before that key code expires.
People buy computational power, and from that are rewarded in an amount of Bitcoin earned from the mining activity – not Dollars.
The SEC has clamped down on dodgy crypto businesses in the past – Bitconnect springs to mind here. However, in their zeal I feel they have got the wrong target here.
I understand the risks associated with Bitcoin mining, and accordingly have tailored the amount of mining power I have bought.
But at the end of the day, I am earning cryptos on a daily basis without having to buy, setup and run expensive mining rigs.
Am I being scammed? No. Nor is anyone else who does their research properly and enters this space fully informed.
I would have no hesitation in recommending people buy Bitcoin mining contracts from GM, either directly or through SGG – the price is the same, but SGG has other benefits such as the ability to buy precious metals using your Bitcoin.
(Ozedit: Marketing spam removed)
Lawson is probably the most greedy person i have ever come across, horrible human being.
Then there is Matt Feast his side kick also pumping SGG but i would have to excuse him because he is too stupid to know any better.
Buuuuuuuuuuuuullshit. The Swiss Gold Global website was only registered in 2012.
Version one was a pyramid scheme. Version two is an unregistered security tacked onto a pyramid scheme.
Cool. So why didn’t Swiss Gold Global register themselves with the appropriate authorities. Why did they choose to operate illegally in the US?
Do you even securities bro? Dumping money in Swiss Gold Global and receiving a passive ROI is a security.
Doesn’t matter how it’s being dressed up.
I don’t believe the cease and desist refers to you personally being scammed. It’s a securities fraud cease and desist, and seems wholly justified.
Swiss gold global is a very sustainable business and this business has been around for just over 10 years. Seems to me USA and Canada has issues with a lot of MLM Business not just Swiss Gold Global.
Pyramid schemes aren’t sustainable businesses.
The Swiss Gold Global website domain was registered in 2012. Stop lying.
that US authorities nailed another illegal MLM business opportunity. Stop making excuses for fraud.
Steve Dawson is a poor mans version of Simon Stepsys. Dawson does SGG no favours by being involved with them.
I did get involved 2 years back and have never been able to get back the silver I brought with my £700 investment.
When you don’t renew your membership and ask for the silver/gold you purchased all of a sudden it is not possible because I didn’t own enough of it apparently.
To be fair I did get paid for the BTC mining I did but the fact I couldn’t get my precious metals out of Switzerland has left a nasty taste in my mouth.
Please do your research Swiss gold global was established 2008. #truth
Isn’t this whole thing really about the SEC’s view on cryptos? There is NOTHING so far about the way the SGG MLM program has been set up… it’s all to do with the SEC’s attitude to digital currencies.
(Ozedit: Offtopic derail attempt removed)
Nope. It’s about securities in general that happens to involve cryptocurrency. Did you bother reading the title? No SEC was mentioned.
BTW, how’s your “Big Idea Mastermind” going?
The Swiss Gold Global website domain was only registered in 2012. Ergo the company as we know it today didn’t launch till at least 2012. #facts
Funny that SGG are going to celebrate their 10year anniversary this year.
I think someone needs to dig deeper and do their homework? Proofs in the pudding
Swiss Gold Global can celebrate a 10 year anniversary, doesn’t mean they’ve actually been around for ten years.
The website domain registration date is there for anyone to see.
Berine Madoff was around for decades as have any number of shady operators. Meaningless how long Swiss Gold Global has been around.
Numismatic coins are almost always a ripoff for the general public no matter who sells them. That leaves the question of how much mark-up SGG affiliates pay over melt value for the gold and sliver they buy. Too much based on the autoship structure, no other way to pay all the affiliates.
The mining packages are a security under both state and federal laws in the US. SSG a 2000 year old company chose not to properly register and allowed members to illegally solicit investments.
It never ceases to amaze how seldom internet marketers fail to understand and/or ignore math and the law.
Joseph, at today’s prices for $1,359 you can buy approximately 31.061 Grams of 999.9 pure gold, which is 0.999 Troy Oz.
The London Bullion Market Association Gold Price at the time of writing was $1,319.35. So that’s about 3% over wholesale.
As you well know Kasey Chang, BIM is no more. But have you never made a mistake in your life?
The trouble is Steve, when you leave SGG and ask for the PM’s that you purchased you can’t get them. That is exactly what happened to me. So basically the company now has the silver I purchased from them and refuse to give it to me. Its theft, pure and simple. How many other ex affiliates have they done this to?
I have no idea “zengrafix”. If you have gold or silver, it’s yours – provided you use a proper name and have evidence to back up your claim I can’t see why it would be denied for you.
It doesn’t matter whether you’re an affiliate or free customer, you should be able to retrieve your gold or silver.
BTW, I’m having a similar issue getting money from a Wells Fargo Bank account in the US, so I understand how frustrating things seem to be at times. So my advice to you is persevere until you get what’s yours.
I just pulled up the first price I located for a 1 oz RMC Gold Bar found on the web and it’s $1,348.74, less than SSG. No Youtube videos or hassling your friends required.
I won’t quibble about this, if people are buying and taking delivery of pure metals around 3% over spot then that part of SGG is as fair a deal as any.
That can’t be happening with the MLM autoship component of SGG or the company would be operating in the red due to the multiple commission levels.
As an example an affiliate isn’t paying $150 per month and getting 10oz of silver.
They are paying $150 per month and receiving some overpriced numismatic coins or far less than 10oz. Hence they are not paying a 3% mark up.
What makes you think you’re not making one now?
Joseph, I looked at the RMC website. You’ll find when you go to checkout the price goes up to $1,410.34. RMC is an associate member of the LBMA, so certainly has a pedigree. The company SGG deals with is Argor Heraeus.
I’m not sure where you get the $150 autoship from, and we don’t get some overpriced numismatic coins. We don’t get coins at all. I fear you might be getting mixed up with another business.
RMC bars are sold on a lot of sites on the web, no need to pay that much of a mark-up.
I may have gotten SGG mixed up with ISN or any number of other MLMs selling metal for more than any educated buyer would pay. Here is the review from OZ.
Hardly the deal of the century.
Actually Joseph that quote from Oz isn’t wholly accurate.
Retail customers are purely that. They don’t pay a monthly fee and can buy precious metals or crypto mining contracts as and when they choose at the same prices I have stated before.
It’s the 30% of people who have decided to become affiliates who pay the $50 a month or $600 a year for their business fees – much the same as someone would who bought a franchise.
Of course, if Oz has any questions he’d like to put to Bill Rowell he’s quite welcome. Sadly though I fear he’s afraid of the truth getting in the way of his agenda!
Yeah look, if Swiss Gold Global was retail viable they’d never have morphed into cryptocurrency.
It’s pretty obvious the majority of Swiss Gold Global’s revenue is derived from affiliates. Even affiliate fees likely dwarfs retail sales.
Where did you get your 30% figure from?
Sure, ask him why he was operating illegally in the US and whether he intends to register Swiss Gold Global with the SEC.
So rather than answer the question, you dodged it.
Thanks for confirming you’re full of shit.
To answer your questions directly, the 30% figure comes from SGG’s CEO.
SGG doesn’t operate illegally in the US (Ozedit: Snip, made up bullshit removed)
So the guy running an illegal business operation then. Right, height of credibility…
According to South Carolina it does. South Carolina’s securities law is no different to the rest of the US with respect to the illegality of unregistered securities.
And unprecedented? Securities regulators across the US have been handing out cryptocurrency securities cease and desist notice like candy over the past few months.
The Securities Act has been around since 1933. Swiss Gold Global is just the latest MLM crypto company to have the law catch up with them.
Unless you want to publish a filed answer to South Carolina’s cease and desist from Swiss Gold Global claiming otherwise, stop talking out of your arse.
It speaks volumes when you claim 70% of Swiss Gold is about retailing metal, yet most of what you’ve done is defend the SGG opportunity.
The first two videos that popped up looking for an affiliate income disclaimer talk about the compensation plan. How complex can it be, if there is a 3% markup over spot then affiliates get some percentage of that. Are the people you work with so daft that basic math requires pictures and sound?
Let’s illustrate. If someone sells $1M in metal, which is a hell of a lot of metal. $30,000 in revenue is generated for the company. Let’s say affiliates are paid 1/2 of that, wow that’s some opportunity.
Makes me wonder why no one has come up with the idea of selling metal directly to the public.
Joseph & Oz …you are just distorting the facts I don’t know if it’s out of ignorance or hate…. somethings that you claim are happening in on SGG you are misleading the people.
The fact of the matter is Swiss Gold Global was issued a securities cease and desist in South Carolina.
The Ponzi collapsed and now it’s going by Utopian Global. Same old Ponzi scheme. Bye gold, hello crypto.
Whatever nonsense you make up in Ponzi lala land is irrelevant.
and those facts are????????? you seemed to have forgot to post those (marketing garbage are not facts btw).