WeWe Global and LyoPay have received a “ponzi and pyramid” fraud warning from New Zealand.
As per the Financial Markets Authority’s February 8th warning;
FMA are aware that WEWE Global and LYOPAY are offering cryptocurrency products and services via webinars and public event in New Zealand.
We note they are not registered on the Financial Service Providers Register or regulated for providing their services and products to New Zealand retail clients, as required by the Financial Service Providers (Registration and Dispute Resolution) Act 2008 Act and Financial Markets Conduct Act 2013.
We recommend exercising caution when dealing with these entities.
The FMA’s warning cites WeWe Global and LyoPay, operating from the domains:
- LyoSwapBot (Telegram group) and
BehindMLM reviewed WeWe Global in July 2021. The first incarnation of the scam revolved around WEWEX Ponzi points.
In 2022 WeWe Global expanded its Ponzi scheme with LyoFI and LyoPay. This introduced LYO token to replace WEWEX.
LYO collapsed towards the end of 2022, prompting the launch of LFI token.
The FMA’s WeWe Global and LyoPay fraud comes amidst a February 4th to 15th “Oceania Tour“.
The “tour”, which consists of various marketing events targeting Australia and New Zealand, is headed up by Diego Endrizzi.
Diego Endrizzi, WeWe Global Presidential Ambassador & Global Master Distributor, was involved with this unique project since its inception and is touring Australia and New Zealand in February 2023. At these events Diego will unveil the Vision, Mission and Road Map to what promises to be one of the most compelling business opportunities of our life time.
Before pushing MLM crypto Ponzi schemes, Endrizzi was Jeunesse Global and Organo Gold distributor.
Originally from Italy, Endrizzi transition to crypto fraud coincided with him relocating to Dubai.
Dubai, a notorious crime den that harbors wanted fugitives, is the MLM scam capital of the world.
David Farrier from Webworm has been tracking WeWe Global promotion in New Zealand.
In a February 1st Webworm article, Farrier cited one of WeWe Global’s New Zealand promoters as Jonathan Callinan.
After his “Online Business Accelerator” business failed, Callinan seems to have gotten into MLM crypto fraud sometime last year.
Farrier noted Callinan running a “WeWe Global Opportunity & Training Session” last November. He also reached out for comment;
I am currently looking in the Wewe MLM, and understand you recruited people into WeWe.
I wanted to know if you are still involved in recruiting for this scheme, and if so, are you bothered by the pyramid scheme nature of this business.
To which Callinan replied;
None of your business.
Two days after publishing his WeWe Global article, Farrier received a cease and desist from Callinan. In the notice Callinan alleges “defamation of character”.
It remains unclear how documenting Jonathan Callinan as a promoter of the WeWe Global and LyoPay Ponzi scheme, an indisputable fact, constitutes “defamation of character”.
Tellingly, Callinan appears to have since backed down.
SimilarWeb currently tracks top sources of traffic to WeWe Global’s website as Germany (26%), Italy (25%), Argentina (17%) and Bulgaria (12%).
Italy appears to be collapsing (down 20% month on month), which has likely behind Diego Endrizzi targeting victims in other regions.
WeWe Global is not registered with a financial regulator in any jurisdiction. The Ponzi scheme commits securities fraud the world over.