BE and native promoter Rhemuel Lunio have obtained a securities fraud warning from the Philippines.
As per the Philippine SEC’s October thirty first warning,
BETTER EXPERIENCE (be.) is NOT REGISTERED as a Company or a Partnership with the Fee.
Likewise, BETTER EXPERIENCE (be.) has not secured prior registration and/or license to solicit investments.
That is the equal of a securities fraud warning in different jurisdictions.
Along with securities fraud, the Philippine SEC goes on to advise BE seems to be a Ponzi scheme.
Additional, the scheme employed by BETTER EXPERIENCE (be.), exhibits indication of a attainable “Ponzi Scheme” the place monies from new buyers are utilized in paying “pretend earnings” to prior buyers and is designed primarily to favor its prime recruiters and prior danger takers and is detrimental to subsequent members in case of shortage of recent buyers.
In conclusion, the Philippine SEC classifies BE’s enterprise mannequin as unlawful as per Phillipine legislation.
Promoting of securities within the type of funding contracts utilizing the “Ponzi Scheme” which is fraudulent and unsustainable.
R.A. No. 11765 or the Monetary Merchandise and Providers Shopper Safety Act (FCPA) prohibits the fee of “Funding fraud”, outlined as any type of misleading solicitation of investments from the general public which incorporates Ponzi schemes.
Rhemuel Lunio, aka DJ Loonyo, is singled out for inclusion within the SEC’s fraud warning.
Lunio seems to be an actor from the Philippines:
Lunio promotes BE via “Sky Staff”, “Royal Household” and “Staff Pangasinan” branding:
And simply final week, Lunio boasted that BE “prioritized legalities and compliance”.
That is after all false.
BE is a pyramid scheme run by Monir, Moyn and Ehsaan Islam.
Monir and Moyn Islam are former OneCoin scammers.
Initially from the UK, the Islam brothers fled to Dubai after OneCoin collapsed in 2017.
Secure from authorities investigating OneCoin, the Islam brothers went on to launch Melius in 2018.
Melius pitched a $50,000 passive foreign currency trading account for simply $3000. Hooked up to this was a pyramid scheme compensation plan.
Melius collapsed in early 2020, prompting the Islam brothers to reboot as Higher Expertise, sometimes shortened to “Be”.
In what seems to be an try to dodge regulatory consideration, Be continues to spawn new domains to function from.
Previous and current web site domains linked to Be embrace:
- befactor.com (unique area)
- berules.com
- betoinspire.com
- be.membership (present area as of March 2023)
These domains coincide with prior Be regulatory warnings from Canada, Colombia and Uruguay.
Authorities in Norway are additionally investigating Be for being a pyramid scheme.