YEM Foundation is under investigation by Germany’s BaFin regulator.

As part of BaFin’s ongoing regulation, a YEM Foundation securities fraud warning was issued on March 22nd, 2024.

BaFin warns consumers “against offers from the YEM Foundation”.

According to BaFin ‘s findings, the company offers banking transactions and/or financial services without permission.

This is the equivalent of a securities fraud warning in other jurisdictions.

For those not familiar with YEM Foundation, “YEM” stands for Your Everyday Money. Beyond that, YEM is an ERC-20 shitcoin and there’s not much else to it.

YEM ties into MLM through the failed MLM company Wazzub.

Wazzub launched in 2011 as a “we’re gonna be the next Google and pay you!” MLM company. That flopped and after various failed follow up schemes, circa 2019 what was left of Wazzub was funneled into the Unicorn Network.

That didn’t go anywhere and in 2021, the last time BehindMLM revisited Wazzub, serial scammer Anthony Norman was feeding Wazzub investors into his own stable of scams.

Norman’s scamming had run its course by late 2021. His post-YEM Ponzi schemes didn’t go anywhere.

As of April 2023, here are the scammers behind and running what’s left of YEM:

  • Jorge Sebastiao – President
  • Dan Settgast – Vice President
  • Andrew Reid – Treasurer
  • Amante C. Elnar – Secretary
  • Rodolfo Abalos – Provisional Director
  • Henry Mbidde – Director
  • Empress Namagembe – Director

Sebastiao and Settgast are in charge. Both appear to be hiding in Dubai, making YEM yet another Dubai-based scam.

On its website, YEM Foundation provides shell company details for a nonprofit registered in Nevada. YEM of course has no actual physical or business ties to the US.

A March 1st, 2024 message published on YEM Foundations website advises;

The YEM Foundation BID has been working quietly in the background for a while. You can be sure that our silence was not due to passivity.

There are some very interesting projects and ventures in planning and development that cannot yet be communicated.


Because the world is not just full of well-meaning people and we therefore do not want to give anyone the opportunity to interfere with the safeguarding of the projects and their success.

But what we can already tell you is that we want to move the YEM Foundation to a European country. And in the course of this, the reference and presentation of the YEM will also have to be adapted to the new requirements.

We expect to be able to share more in the foreseeable future.

Other shell companies and/or websites attached to YEM include:

  • YEMChain
  • Yem Exchange
  • Digital Wallet Center
  • Digital Exchange Center
  • Digital Assets Consulting
  • Paid with YEM
  • DigiRank Online
  • Bank Bene Merenti and
  • YEM Supporters Club

As of February 2024, SimilarWeb tracked less than 1000 monthly visits to YEM Foundation’s website. 57% of YEM Foundation website traffic originated from Germany, 23% from Hungary and 20% from Morocco.

In addition to Germany, Austria issued a Yem Foundation securities fraud warning in June 2023.