Unifii enters securities fraud territory with VIP Global FX
Unifii launched in mid 2018 and through its Prosperity U product, provides affiliates with trading signals.
Despite Unifii representing returns of 157% over a few months, apparently that wasn’t good enough.
Now the company has launched its own passive forex trading service.
Unifii’s VIP Global FX service is different to Prosperity U, which as far as I know relied on affiliates manually acting on provided signals.
Through VIP Global FX, Unifii affiliates can derive returns passively – supposedly through forex trading.
Here’s how one Unifii affiliate describes VIP Global FX;
It’s an automated service; just a couple of clicks of your mouse and you can allow the professionals to trade on your behalf.
The mechanics of VIP Global FX sees Unifii affiliates pay a $649.90 fee, fund a trading account with at least $1000 and then connect that account to an undisclosed entity associated with Unifii.
Given this is done on the expectation of a passive return (derived from the efforts of others), clearly Unifii’s VIP Global FX is a securities offering.
At the time of publication Alexa cites the US as the top source of traffic to the Unifii website (78%).
Securities in the US are regulated by the SEC, which neither Unfiii or CEO Ron Montaruli have registered with.
This means that in their primary market, the US, Unifii’s VIP Global FX service is offered illegally.
In an attempt to avoid an SEC investigation, Unifii is currently not offering their passive ROI VIP Global FX service to US and Canadian affiliates.
As per Unifii affiliate marketing presentations however, this appears to just be pseudo-compliance that is easily circumvented;
The PAM (automated trading) is not available for people inside the United States and Canada.
However what we have is a calculator tool, a widget that you can simply use on your desktop.
You just enter some information, very very quickly and it will plant that into your own exchange account.
So for people in the US it’s just one extra quick little step but it doesn’t take very long and it’s very quick to execute.
Any MLM company offering an investment related product that excludes the US should set off alarm bells.
And if you’re wondering why Canada is included, it’s probably because Unifii’s CEO Ron Montaruli is based out of Canada.
Yup, Unifii and Montaruli aren’t registered to offer securities in Canada either.
In order to operate legally in the US, Unifii has to register their VIP Global FX passive investment opportunity.
This requires them to provide investors and the general public with disclosures pertaining to the specifics of their trading and associated risks (a number of Unifii presentations I watched claimed VIP Global FX had little to no risk).
There’s no legitimate reason for an MLM company to not want to disclose this information to the SEC and the general public.
The logical conclusion we thus arrive at is that Unifii are not being entirely honest about their VIP Global FX service.