Fundsz has received a securities fraud warning from Ontario, Canada.
As per the Ontario Securities Commissions
November 6th warning
, Fundsz
is not registered in Ontario to engage in the business of trading in securities.
OSC’s warning is a bit odd time-wise, seeing as Fundsz was
shut down by US regulators
back in August.
BehindMLM
reviewed Fundsz
in June 2022, correctly identifying it as a “staking” model Ponzi scheme.
California was the first regulator to publicly take action against Fundsz. DFPI issued a
Fundsz securities fraud warning
in December 2022.
Rene Larralde, one of the defendants and a Fundsz admin, passed away on September 6th. Larralde’s cause of death remains unknown.
The outcome of the CFTC’s civil regulatory fraud case against three other Fundsz admins
is pending.
🤖 Quick Answer
What is the Ontario Securities Commission warning against Fundsz?The Ontario Securities Commission issued a November 6th warning stating that Fundsz is not registered in Ontario to conduct securities trading operations. This warning followed similar regulatory actions by California's DFPI in December 2022, after Fundsz was shut down by US regulators in August.
What type of scheme was Fundsz identified as?
Fundsz was identified as a staking model Ponzi scheme. BehindMLM conducted a review in June 2022, correctly characterizing the platform's fraudulent structure before subsequent regulatory enforcement actions.
Who was Rene Larralde and what happened to him?
Rene Larralde was one of Fundsz's defendants and administrators. He passed away on September 6th, with his cause of death remaining undisclosed at the time of reporting.
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