Trust Your Universe securities fraud warning from Germany
Trust Your Universe has received a securities fraud warning from Germany’s Federal Financial Supervisory Authority (BaFin).
As per BaFin’s December 22nd consumer protection notice;
Providers of banking transactions or financial services in Germany require a license under the KWG .
BaFin clarifies that Universe Trading LLC does not have a license under the KWG to conduct banking business or provide financial services.
(Trust Your Universe) is offering banking transactions and financial services in Germany without permission.
The is the equivalent of a securities fraud warning in other jurisdictions.
Trust Your Universe is a Dubai-based MLM crypto Ponzi run by German national Dada Pey.
BaFin’s warning is in line with BehindMLM’s Trust Your Universe review, published October 2022.
Austria also issued a Trust Your Universe securities fraud warning last month.
As of October 2022, 100% of Trust Your Universe’s website traffic originated from Indonesia.
Since then, Trust Your Universe recruitment in Indonesia has collapsed. Today SimilarWeb tracks a continuing overall decline in Trust Your Universe website traffic.
As of February 2023, top sources of Trust Your Universe website traffic are:
- Switzerland – 55%, up 40% month on month
- Germany – 36%, down 50% month on month
- Ireland – 5%, no change
- Austria – 4%, down 57% month on month
From this we can conclude that Trust Your Universe recruitment in Germany and Austria has also collapsed. New victims are being recruited in Switzerland, outside of which there isn’t much going on.
One other notable change is Trust Your Universe shifting shell incorporation to Thailand.
Last October Trust Your Universe represented it was run through Universe Trading LLC, a St. Vincent and the Grenadines shell company.
While St. Vincent and the Grenadines is still cited in the footer of Trust Your Universe’s website…
We, Universe Trading LLC (“TrustYourUniverse”), are providing brokerage services and can do so as set by the Government of St. Vincent and Grenadines regulations.
…an address in Thailand is now provided for Universe Trading LLC. Whether this change is related to a regulatory crackdown or not is unclear.
Another entity to note is “A-Book Broker LLP”.
TrustYourUniverse is operated by Universe Trading LLC which is the primary service provider and website operator.
We are contracting with A-Book Broker LLP, which is providing all services relating to trading / MT5 access / to carry out trading services that we offer.
A-Book Broker LLP is regulated by the Ministry of Finance (License No. KZ25UWX00002083), authorizing the company to provide Prime Brokerage Services and Straight-Through Processing.
A-Book Broker LLP appears to be a shell company set up in Kazakhstan. A-Book Broker LLP’s website domain was only recently registered on October 6th, 2022.
Things get even more murky when A-Book Broker LLP refers to itself as “BlackGateBroker” on its website.
BlackGateBroker is a fully licensed and regulated entity. We possess a financial service license which allows straight through brokerage.
Company: BlackGateBroker LLP.
License Number: KZ25UWX00002083
Authorised by: National Bank of Kazakhstan
Regulated by: Ministry of Finance
Needless to say whatever shenanigans are going on, Trust Your Universe isn’t registered to offer securities in any jurisdiction. Random shell companies in Kazakhstan doesn’t provide Trust Your Universe any legal legitimacy.
Since publication of BehindMLM’s Trust Your Universe review, Dada Pey has deleted his previously active and publicly accessible Instagram account.
I did find an alternative account that’s active (@pey_trade), but I’m not sure if it’s actually run by Pey. Pey abandoned his FaceBook account in August 2022.
Unfortunately German authorities have a poor track record regulating German nationals running MLM Ponzi schemes.
Pey is assumed to still be hiding out in Dubai. Whether German authorities take further action against him remains to be seen.
Update 24th April 2023 – Trust Your Universe has rebranded as Universe Academy.
Why is this video from July 13, 2022 with Dada Pey and Peggy Volke copy protected?
Below the video, Peggy Volke links to Telegram, TikTok and Instagram.
This video of Eugen Grinschuk from October 6, 2022 has no copy protection.
@Melanie from Germany
Do you have Informazione about how much they scammed? If not, what is your estimation?
I’m sorry, but I don’t know enough about this scam yet.
Jochen Resch, a lawyer from Berlin, says in a video:
An alternative account on Instagram has existed since October 7, 2022:
There a first TYU CONVENTION is announced on 22 April 2023 in Frankfurt am Main. One speaker is said to be Jordan Belfort:
Ugh. Pey is literally presenting himself to German authorities.
It is a shame they are not more active.
You should research more carefully! 🙂 Headquarters of this reputable “company” is in New York! Kingstown and Bangkok (in the footnote) are obviously only “branches”.
Of course, this email address does not exist! I have tried – with this result:
The same invalid email address is also mentioned on this website:
Dada Pey does not want his fake data to be copied and spread. He has put copy protection on all pages, including T&C.
Where is Dada Pey currently available? In New York, in Kingstown or in Bangkok? No, he obviously lives in the UK at the moment, because he gives the following phone number from the UK:
More details on the website of this German lawyer:
A detailed (reading time: 12 minutes) and excellent article about this scam from October 29, 2022:
Note: welt.de is a combination of a TV station and a national daily newspaper in Germany.
No problem. Dada Pey owns this Instagram account with 135 posts and 15,000 followers since April 25, 2015. Apparently, he just changed the name in the account.
The above photo “Bluewaters Island is an island in Dubai” is also available here:
The email address doesn’t exist, and neither do the offices 😀
Ah, that account doesn’t come up if you search “dada pey”. Sneaky sneaky.