Australian promoters are actively marketing investment schemes Auratus and Billionico, defying two explicit fraud warnings issued by the Australian Securities and Investments Commission (ASIC) in August and September 2024. Many of these promoters are former participants in the failed GSPartners investment scheme, a company previously flagged by ASIC.
GSPartners operated under Gold Standard Corporation AG, known as GSB. Auratus and Billionico maintain close ties to GSB, with the same individuals holding leadership positions across these entities. ASIC first warned the public about GSPartners in November 2023. The regulator followed up with a specific warning about Auratus in August 2024. A second warning arrived in September 2024 concerning Auratus's now-defunct marketing tactic of "digital gold vaults."
The current promotional efforts are spearheaded by a group in Australia called "The Legacy Project." This collective is led by Kirsten Duggan, Jessica Schembri (also known as Jessica Sol), Lorien Cameron, and Nyoni Holm. Their private Facebook group has attracted 369 members as of this report.
The Legacy Project's promotional materials, despite ASIC's warnings, claim Auratus and Billionico offer "many methods" for investment. The group specifically recommends a payment method called "Pay It Now," or PIN. New recruits are instructed to download the PIN app from official app stores and complete a Know Your Customer (KYC) process, which includes verifying their bank accounts.
To circumvent potential scrutiny from Australian financial institutions, The Legacy Project advises new investors to keep individual transactions below $9,000 AUD or NZD. They are also told to avoid any mention of "gold," "crypto," or similar terms in bank transfer descriptions, instead using only the provided reference code.
After transferring funds from their Australian bank accounts to PIN, a process that may contravene Australian financial laws, recruits are directed to obtain a deposit address from either Billionico or Auratus. The withdrawal process mirrors this, with funds moving from Billionico or Auratus back to PIN, and then to local Australian bank accounts. This circular flow of funds also raises questions about compliance with Australian financial regulations.
The Legacy Project's marketing guide includes financial licensing details for PIN. This documentation lists an Australian Company Number (ACN), a Financial Services Provider (FSP) number for New Zealand, and an AUSTRAC registration number. PIN’s website, payitnow.io, also displays a Legal Entity Identifier (LEI) code. In Australia, an LEI code is mandatory for companies engaging in specific trading markets, including over-the-counter (OTC) trades, commodities, contracts for difference (CFDs), securities, and self-managed superannuation funds.
Pay It Now was launched in New Zealand in 2021 by co-founders Craig Duffield and Jitendra Maharaj. The company also has operations in the United States through PIN USA, with Trenton Stanley listed as a director.