Ellev8 has received a securities fraud warning from New Zealand’s Financial Market Authority.
As per the
FMA’s October 12th warning
;
We are concerned that Ellev8 is providing financial advice without being regulated in New Zealand.
It is not registered on the Financial Service Providers Register or authorised to provide any financial advice to New Zealand residents.
As a result of Ellev8 committing securities fraud, the FMA goes on to
recommend caution when dealing with Ellev8, or any individuals or entities promoting its services or products.
FMA also notes concerns about how Ellev8 is being marketed.
We are also concerned that its promotional activity potentially creates an overall misleading impression that easy money can be gained in financial markets after subscribing to its training courses.
Ellev8 is part of
iBuumerang
, both owned by disgraced MLM veteran Holton Buggs.
Buggs initially made a name for himself within the MLM industry through
Organo Gold
(now Organo).
Circa 2018, Buggs transitioned away from Organo into cryptocurrency fraud.
Buggs would go on to
launch multiple MLM Ponzi schemes
, which he
funnelled iBuumerang distributors into
.
On the backend Buggs in turn fed his own MLM Ponzi schemes into The Traders Domain.
The Traders Domain collapsed in late 2022. Buggs is
reported to have stolen over a hundred million
through it and his own Ponzi schemes.
Ellev8 is set up on its own “ellev8.com” website domain. SimilarWeb tracked around ~5000 visits to Ellev8’s website in November 2023.
52% of Ellev8’s website traffic originated from the Czech Republic, 16% from New Zealand, 12% from Australia and 11% from the US.
iBuumerang isn’t doing much better. SimilarWeb tracked ~4200 visits to iBuumerang’s website over the same period.
🤖 Quick Answer
What is the Ellev8 securities fraud warning from New Zealand?The Financial Market Authority (FMA) issued a warning on October 12th regarding Ellev8, which provides financial advice without regulatory authorization in New Zealand. Ellev8 is not registered on the Financial Service Providers Register, making its operations illegal. The FMA recommends caution when dealing with Ellev8 due to potentially misleading marketing practices.
Why did New Zealand's FMA issue this warning?
The FMA expressed concerns that Ellev8 operates without proper regulation and authorization to provide financial advice to New Zealand residents. The organization's marketing creates a misleading impression that easy financial gains are achievable in markets. The FMA also noted irregularities in how Ellev8 and its promotional partners market their services to consumers.
What actions should consumers take regarding Ellev8?
The FMA recommends
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