LegacyX, the second reboot of the collapsed Trust Your Universe Ponzi scheme, is under investigation in Germany.

BaFin’s investigation into LegacyX
began with Trust Your Universe
in December 2022. In May 2023 BaFin
updated its investigation
to note Trust Your Universe had rebooted as Universe Academy.

The investigation was again updated on February 28th, 2024, to note Universe Academy had been rebooted as LegacyX.

Neither Trust Your Universe, Universe Academy or LegacyX are registered to offer securities in Germany. This is the basis for BaFin’s fraud warnings and investigation.

Neighboring Austria also issued a
Trust Your Universe securities fraud warning
in April 2023.

Trust Your Universe
,
Universe Academy
and LegacyX are fronted by CEO Dada Saghdoshpey (aka Dada Pey).

Pey, a German national originally from Iran, is
based out of Dubai
.

Since the Austrian and German Trust Your Universe fraud warnings began, Pey has gone underground.

LegacyX’s website is currently password protected. Traffic to LegacyX’s website is so low that SimilarWeb doesn’t track it.

Pending further action by German authorities, how many victims Dada Pey has scammed through his Ponzi schemes remains unclear.

🤖 Quick Answer

What is LegacyX and why is it under investigation in Germany?
LegacyX is the second reboot of the collapsed Trust Your Universe Ponzi scheme, currently under investigation by BaFin, Germany's financial regulator. The investigation began in December 2022 and has tracked the scheme through its various iterations, including Universe Academy. BaFin's investigation focuses on the scheme's unregistered securities offerings.

Who leads LegacyX and what is its connection to previous schemes?
LegacyX is fronted by CEO Dada Saghdoshpey, also known as Dada Pey. He previously led Trust Your Universe and Universe Academy, the scheme's earlier incarnations. All three entities operate under the same leadership structure and represent successive rebranding attempts of the same fraudulent operation.

What regulatory actions have been taken against these schemes?
B

🔗 Related Articles

- Lifestyle Marketing Group Review 2.0: Matrix points pyramid
- Daniel Filho criminal case moved back to Massachusetts
- PetronPay securities fraud warning from QC, Canada
- Crown Global securities fraud warning from ON, CA
- DoJ on TelexFree: Fraud, dishonesty & gross mismanagement