Intelligence Prime Capital has received a securities fraud warning from the Central Bank of Ireland.

No that’s not a typo. This is the same Intelligence Prime Capital that collapsed a year ago.

As per the
CBI’s April 25th warning
;

It has come to the Central Bank of Ireland’s (‘Central Bank’) attention that a firm, calling itself, Intelligence Prime Capital Ltd (no longer operational) has been operating as an investment firm / investment business firm in the absence of an appropriate authorisation and purporting to be based in Ireland.

This is the equivalent of a securities fraud warning in other jurisdictions.

While the CBI does acknowledge Intelligence Prime Capital is “no longer operational”, you’re probably still wondering why the warning now?

To fool investors, apparently at some point Intelligence Prime Capital was using a CBI “authorization number”.

As noted by CBI;

The entity cloned the authorisation number of a legitimate Central Bank authorised firm in order to deceive consumers.

It should be noted that there is no connection whatsoever between the Central Bank authorised firm and the unauthorised Intelligence Prime Capital.

What this highlights is that, even when an MLM company appears to have registered with a financial regulator, 
where
matters.

If an MLM company has registered in a jurisdiction it’s not soliciting investment in, the registration is meaningless. MLM companies need to be registered in jurisdictions they are soliciting investment in.

With that out of the way, what on Earth is going on over the CBI?

Intelligence Prime Capital
was a largeish MLM Ponzi scheme that surfaced in mid to late 2021.

Following timely fraud warnings from Russia, Canada and Spain, Intelligence Prime Capital
collapsed
in February 2022.

Apparently it’s taken CBI 
fourteen months
after the fact to realize Intelligence Prime Capital’s CBI authorization number was bogus.

And this isn’t the first weirdness out of CBI this year either. Back in January CBI issued a
BeOnWise securities fraud warning
.

BeOnWise
was again an MLM Ponzi scheme that collapsed eight months earlier in May 2022.

I’m not sure if this is a delay on CBI’s part in getting these warnings out or if they just move really slowly. Either way from a regulatory standpoint, issuing warnings eight to fourteen months after a Ponzi scheme has collapsed seems pointless.

Someone at CBI is either overwhelmed or slacking off. Hopefully it’s the former, with internal procedures now in place to deal with future backlogs.

🤖 Quick Answer

What is Intelligence Prime Capital?
Intelligence Prime Capital Ltd is an investment firm that operated without proper authorization from the Central Bank of Ireland and collapsed approximately one year before the CBI issued its fraud warning in April. The firm falsely claimed to be based in Ireland while conducting unauthorized investment activities.

Why did the Central Bank of Ireland issue a warning about Intelligence Prime Capital?
The Central Bank of Ireland issued a securities fraud warning to alert investors about Intelligence Prime Capital's unauthorized operations. Despite the firm being no longer operational, the warning was necessary to inform the public about potential ongoing investment fraud schemes and protect potential victims from similar deceptive practices.

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