The Malta Monetary Providers Authority warned on Wednesday about people who’re selling alleged academic occasions in Malta on the themes of foreign exchange, cryptocurrencies, shares and different monetary merchandise. The occasions, often known as multi-level advertising and marketing (MLM) schemes have additionally tried to recruit Maltese residents.
The MFSA stated that some MLMs could in actual fact be pyramid schemes in disguise. Pyramid schemes are scams sustained by the revenue generated by the recruitment of extra members.
“Customers ought to proceed with warning when approached by people selling a recruitment-focused enterprise mannequin. Recruitment makes an attempt can also come from shut mates or household and prior analysis is extremely suggested earlier than becoming a member of such ventures,” the MFSA stated.
- Crimson flags that an MLM could also be a pyramid scheme embrace:
- No actual merchandise or service;
- Extremely assured guarantees of simple revenue, “assured”;
- Subscription or month-to-month fee required;
- Strain to recruit members.
Different warnings
The MFSA additionally warned that an entity ycalled Heptagon Investments which has an web presence at https://heptagoninvestments.internet and https://heptagoninvestments.com is utilizing the small print of an MFSA-licensed firm Heptagon Capital Restricted.
“Fraudsters are utilizing the small print and web site contents of this real firm in an effort to deceive the general public,” the authority stated.
“The general public ought to due to this fact chorus from coming into into any transactions or in any other case coping with the false entity on any issues falling throughout the parameters of the Funding Providers Act,” the MFSA stated.
The same warning was issued with regard to
f Bitcode Prime which has an web presence at https://bit-codeprime.com, https://bitcodeprime.website and different web sites with comparable names. From info obtainable to the MFSA, Bitcode Prime claims to be a regulated Funding Agency.
The MFSA additionally issued an analogous warning with regard to Bitcode Prime, which, it stated, is neither a Maltese-registered firm nor licensed or in any other case authorised by the MFSA to supply any funding companies or different monetary companies which must be licensed or authorised below Maltese regulation.
“Data obtainable to the MFSA means that https://bit-codeprime.com is prone to be a scheme of doubtful nature with a excessive threat of lack of cash. The general public ought to due to this fact chorus from coming into into any transactions or in any other case coping with the above-mentioned firm or particular person on any issues,” the corporate stated.