Ellev8 has acquired a securities fraud warning from New Zealand’s Monetary Market Authority.
As per the FMA’s October twelfth warning;
We’re involved that Ellev8 is offering monetary recommendation with out being regulated in New Zealand.
It isn’t registered on the Monetary Service Suppliers Register or authorised to supply any monetary recommendation to New Zealand residents.
On account of Ellev8 committing securities fraud, the FMA goes on to
advocate warning when coping with Ellev8, or any people or entities selling its companies or merchandise.
FMA additionally notes issues about how Ellev8 is being marketed.
We’re additionally involved that its promotional exercise doubtlessly creates an total deceptive impression that simple cash will be gained in monetary markets after subscribing to its coaching programs.
Ellev8 is a part of iBuumerang, each owned by disgraced MLM veteran Holton Buggs.
Buggs initially made a reputation for himself throughout the MLM business by means of Organo Gold (now Organo).
Circa 2018, Buggs transitioned away from Organo into cryptocurrency fraud.
Buggs would go on to launch a number of MLM Ponzi schemes, which he funnelled iBuumerang distributors into.
On the backend Buggs in flip fed his personal MLM Ponzi schemes into The Merchants Area.
The Merchants Area collapsed in late 2022. Buggs is reported to have stolen over 100 million by means of it and his personal Ponzi schemes.
Ellev8 is about up by itself “ellev8.com” web site area. SimilarWeb tracked round ~5000 visits to Ellev8’s web site in November 2023.
52% of Ellev8’s web site visitors originated from the Czech Republic, 16% from New Zealand, 12% from Australia and 11% from the US.
iBuumerang isn’t doing significantly better. SimilarWeb tracked ~4200 visits to iBuumerang’s web site over the identical interval.