The Ontario Securities Commission (OSC) issued a fraud warning on November 27th targeting Liyeplimal, a cryptocurrency scheme previously identified as an MLM Ponzi by ScamTelegraph in 2020. The warning also named related entities Global Investment Trading, Simtrex Commercial Brokers, SimbCoin, and LimoCoin.
Liyeplimal, built around various digital coins including the latest LimoCoin Swap, collapsed in February 2022. Despite this failure, the scheme's website remains active. The OSC's alert suggests recruitment efforts persist, drawing about 50,000 monthly visits in October 2023. Traffic data shows a significant portion originating from France, Angola, the U.S., Indonesia, and Senegal. Canada did not appear as a major source of website traffic, indicating potential promotion by French speakers within Ontario.
The scheme is linked to Emile Parfait Simb, an African national with a history of Ponzi operations. Cameroonian authorities arrested Simb in May 2022, but he subsequently vanished under unclear circumstances and remains a fugitive in his home country.
This latest warning from Ontario adds to a series of international regulatory actions against Liyeplimal. Previous fraud advisories were issued by COSUMAF in 2020, West Africa and Quebec in 2021, Angola in 2021, and British Columbia in 2021. The consistent regulatory scrutiny points to ongoing investor deception across multiple jurisdictions.
Investors who believe they may have been defrauded by Liyeplimal or similar schemes can seek assistance from the OSC's Investor Office.