Eaconomy has received a securities fraud warning from Norway’s Finanstilsynet financial regulator.

The Norwegian Consumer Protection Authority (Forbrukertilsynet), additionally warns Eaconomy “has several similarities with illegal pyramid schemes”.

As per
Finanstilsynet’s September 25th, 2024 warning
;

Finanstilsynet draws attention to the fact that Eaconomy LLC (Eaconomy) does not have permission to provide investment services in Norway, and that the company therefore does not have the necessary approval under Norwegian law.

The Norwegian Consumer Protection Authority supervises pyramid schemes, and we have also received several complaints about Eaconomy.

Based on the information that emerges from the Finanstilsynet’s investigations and complaints we have received, we see that Eaconomy has several similarities with illegal pyramid schemes.

Finanstilsynet and Forbrukertilsynet therefore warn against entering into an agreement or using the services of Eaconomy.

If you do that, you must be prepared to lose all the money you put into the system.

Finanstilsynet and Forbrukertilsynet are aware that private individuals in Norway who are members of the “Eaconomy community” are actively trying to recruit new customers to the company, with the promise of high and quick profits.

Finanstilsynet reminds that both the performance of investment services without the necessary permission and complicity in this is illegal and that Finanstilsynet can impose infringement fees and/or report it to the police.

Eaconomy is an AI trading bot MLM company run by US resident Hassan Mahmoud (right).

BehindMLM
last reviewed Eaconomy in 2021
, noting both securities and pyramid fraud concerns.

Eaconomy markets two monthly subscription memberships … the primary difference between the two options is the automated trading bot, renamed “Aithena”.

Aithena is available through Elite Pro only. Supposedly Elite Pro is not available in the US.

Outside the US Eaconomy is committing securities fraud in every jurisdiction Elite Pro subscriptions are being sold.

Today Eaconomy markets two memberships on its website; Eminus and Manara.

Eminus offers “trade ideas”. Manara is an AI grift, again offering trade ideas. No pricing is provided.

Quebec’s Autorite des Marches Financiers issued an
Eaconomy securities fraud warning
in May 2023. The CFTC also previously
fined Mahmoud $75,000 for commodities fraud
in 2019.

SimilarWeb tracked ~159,000 monthly visits to Eaconomy’s website as of August 2024. Top sources of Eaconomy website traffic are currently Poland (29%), Colombia (16%), the UK (9%), Philippines (8%) and the US (6%).

🤖 Quick Answer

What warning did Norway's financial regulator issue against Eaconomy?
Finanstilsynet issued a securities fraud warning on September 25th, 2024, stating that Eaconomy LLC lacks authorization to provide investment services in Norway and does not comply with Norwegian legal requirements for operating financial activities.

What concerns did Norway's Consumer Protection Authority raise about Eaconomy?
The Norwegian Consumer Protection Authority (Forbrukertilsynet) warned that Eaconomy exhibits multiple characteristics similar to illegal pyramid schemes and has received numerous complaints from consumers regarding the company's operations and practices.

What regulatory violations are attributed to Eaconomy?
Eaconomy operates without proper authorization from Norwegian authorities, lacks necessary approval under Norwegian law, and demonstrates operational patterns consistent with pyramid scheme structures, prompting regulatory investigations and consumer complaints.

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