The Financial Markets Authority (FMA) of New Zealand issued a securities fraud warning against AkashX on May 2nd, following reports of online webinars targeting New Zealand residents. AkashX operates without proper authorization, lacking the necessary licenses and registration to provide financial services or investment advice to Kiwi investors under New Zealand law. The FMA urges extreme caution when dealing with AkashX or any individuals promoting its products.
Operating unregistered financial services in New Zealand constitutes a direct violation of the Financial Markets Conduct Act 2013. This legislation mandates that any entity offering financial products or advice to the public must be licensed and regulated by the FMA to protect investors. Without this oversight, investors have no regulatory recourse if things go wrong, and their funds are at significant risk.
The FMA specifically highlighted several promoter websites associated with AkashX. One domain, startittransform.com, ceased operation on May 3rd, the day after the FMA's warning became public. Another site, wealthmaster101.com, is registered to Three Son Marketing LLC, a Florida-based shell company. Lynette Henk, who owns Three Son Marketing LLC, has actively promoted AkashX for an extended period.
Thomas Dewerzeny, a German promoter, manages tap-to-trade.com and has been involved with AkashX since December 2024. Neither AkashX nor its parent company, My Daily Choice, has ever registered with the FMA. This failure to register is a key component of the alleged securities fraud under New Zealand statutes, designed to prevent unlicensed entities from soliciting investments.
Josh Zwagil serves as CEO for both AkashX and My Daily Choice. Through AkashX, consumers are promised passive returns, often through the use of an automated trading bot. This current iteration follows a previous version of AkashX that collapsed in August 2023, leaving investors without their capital. Such "trading bot" schemes frequently operate as unregistered investment contracts, often masking Ponzi-like structures where early investors are paid with funds from newer participants.
Zwagil has also expanded his activities into developing investment schemes for other parties via his company, MLM Protec LLC. While Zwagil's LinkedIn profile indicates operations out of Maryland, neither AkashX, My Daily Choice, nor MLM Protec LLC is registered with the US Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). This pattern of unregistered activity across multiple jurisdictions raises serious concerns about investor protection and regulatory compliance. The FMA's warning underscores the critical importance of verifying an entity's registration status before committing any funds.