QZ Asset Administration has obtained a securities fraud warning from South Africa.
The Monetary Sector Conduct Authority (FSCA), claims it opened an investigation following complaints from customers.
The FSCA has obtained quite a few complaints in opposition to QZ Asset Administration and its multi-level advertising scheme, associated to the web site of QZ Asset Administration China being taken down and shoppers of QZ Asset Administration’s not having the ability to withdraw their funds.
QZ Asset Administration pulled down its web site on Might twenty fifth, following its collapse earlier within the month. It seems South African ivnestors filed complaints following these occasions.
With out commenting on the enterprise of QZ Asset Administration or its services, the FSCA factors out that for an organization to supply monetary services or products in South Africa, it have to be authorised by the FSCA and in some situations additionally the Prudential Authority.
The FSCA can verify that QZ Asset Administration will not be authorised or registered underneath any laws administered by the FSCA or Prudential Authority.
Albeit late, that is the equal of a securities fraud warning in different jurisdictions.
QZ Asset Administration was a 400% ROI Ponzi scheme, headed up by Blake Yeung Pu Lei (beneath).
Lei, assumed to be an alias, fronted a bunch of Chinese language scammers believed to function out of Hong Kong.
South Africans made up the overwhelming majority of QZ Asset Administration buyers. Côte d’Ivoire and Kenya are different areas in Africa that have been focused.
BehindMLM earlier as we speak reported on the same QZ Asset Administration fraud warning from the Philippines.
QZ Asset Administration recruitment within the Philippines was spearheaded by South African resident Valuable Pria Chiradza.
One other South African ringleader was Gabisile Nlengiwe Lucky Nxongo (aka Nxongo Hlengiwe).
QZ Asset Administration launched in late 2022. Hlengiwe obtained in early and labored straight with the Chinese language scammers behind it.
Hlengiwe is reported to have assisted QZ Asset Administration with organising shell corporations to defraud South Africans by.
Following QZ Asset Administration’s collapse, Hlengiwe has gone into hiding. How a lot she stole from South Africans by the Ponzi scheme is unknown.
Whereas they’re unlikely to have the ability to do something in opposition to Chinese language scammers hiding in Hong Kong, the FSCA can and will be capable to go after South African promoters.
Whether or not they achieve this although stays to be seen.
Of their June 1st press-release, the FSCA advises they “will inform the general public of the result of its investigation.”