BE and local promoter Rhemuel Lunio have received a securities fraud warning from the Philippines.
As per the Philippine SEC’s October 31st warning,
BETTER EXPERIENCE (be.) is NOT REGISTERED as a Corporation or a Partnership with the Commission.
Likewise, BETTER EXPERIENCE (be.) has not secured prior registration and/or license to solicit investments.
This is the equivalent of a securities fraud warning in other jurisdictions.
In addition to securities fraud, the Philippine SEC goes on to advise BE appears to be a Ponzi scheme.
Further, the scheme employed by BETTER EXPERIENCE (be.), shows indication of a possible “Ponzi Scheme” where monies from new investors are used in paying “fake profits” to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors.
In conclusion, the Philippine SEC classifies BE’s business model as illegal as per Phillipine law.
Selling of securities in the form of investment contracts using the “Ponzi Scheme” which is fraudulent and unsustainable.
R.A. No. 11765 or the Financial Products and Services Consumer Protection Act (FCPA) prohibits the commission of “Investment fraud”, defined as any form of deceptive solicitation of investments from the public which includes Ponzi schemes.
Rhemuel Lunio, aka DJ Loonyo, is singled out for inclusion in the SEC’s fraud warning.
Lunio appears to be an actor from the Philippines:
Lunio promotes BE through “Sky Team”, “Royal Family” and “Team Pangasinan” branding:
And just last week, Lunio boasted that BE “prioritized legalities and compliance”.
This is of course false.
BE is a pyramid scheme run by Monir, Moyn and Ehsaan Islam.
Monir and Moyn Islam are former OneCoin scammers.
Originally from the UK, the Islam brothers fled to Dubai after OneCoin collapsed in 2017.
Safe from authorities investigating OneCoin, the Islam brothers went on to launch Melius in 2018.
Melius pitched a $50,000 passive forex trading account for just $3000. Attached to this was a pyramid scheme compensation plan.
Melius collapsed in early 2020, prompting the Islam brothers to reboot as Better Experience, typically shortened to “Be”.
In what appears to be an attempt to dodge regulatory attention, Be continues to spawn new domain names to operate from.
Past and present website domains linked to Be include:
- befactor.com (original domain)
- be.club (current domain as of March 2023)
Authorities in Norway are also investigating Be for being a pyramid scheme.