Paraiba World has received a second securities fraud warning from Switzerland’s Financial Market Supervisory Authority (FINMA).
FINMA’s first Paraiba World fraud warning was issued in March and targeted Paraiba World Switzerland.
FINMA’s second warning pertains to the associated shell company Unique Private Bank LTD.
As per FINMA’s second July 19th warning, neither Paraiba World or Unique Private Bank LTD are entered into the regulator’s commercial regulator.
This is the equivalent of a securities fraud warning in other jurisdictions.
Unique Private Bank is the shell company behind Paraiba World representing it is a banking alternative.
Unique Private Bank is represented to have a banking license through Mwali International Services Authority.
Banque Centrale des Comores however has confirmed licenses through Mwali International Services Authority are bogus.
Earlier this month BehindMLM noted Paraiba World appeared to be the verge of collapse.
As of July 1st, Paraiba World withdrawal delays had blown out to three weeks. As I understand it the delays still haven’t been rectified.
The majority of Parabia World victims are believed to be from Germany, the US and Switzerland.
Paraiba World is run by former OneCoin scammer and German national, Erich Ely (right).
Following Paraiba World’s collapse, Ely is trying to reboot the Ponzi scheme as Trillant.
The intention seems to be to convert Paraiba World losses into Trillon Coin and ride off into the sunset.
As I understand it Trillant is paired with “Unique Crypto LLC”. This is a copy of the shell company relationship between Paraiba World and Unique Private Bank.
FINMA issued a Unique Crypto LLC securities fraud warning on July 18th.
Beyond BaFin issuing a securities fraud warning in late 2020, German authorities have failed to take action against Ely and his Paraiba World and Trillant Ponzi schemes.