Austria's financial regulator has banned SageMaster from operating in the country, marking the latest enforcement action against a scheme that has drawn warnings from authorities across the globe.
The Financial Market Authority (FMA) issued the ban on November 3rd, declaring that SageMaster TechHost Worldwide Inc. lacks authorization to conduct securities transactions in Austria. Under Austrian law, the company cannot execute orders on behalf of customers—a core function of any investment operation.
The core problem: SageMaster operates as an unregistered multilevel marketing investment scheme. Austrian financial law requires MLM investment operations to register with the FMA. SageMaster never did, making its activities illegal under the Securities Supervision Act 2018.
SageMaster runs through Be Club, a pyramid scheme operated out of Dubai by three co-founders: Monir Islam, Moynul Islam (known as Moyn), and Ehsaan Islam. The two Islam brothers have previous connections to OneCoin, the infamous Ponzi scheme that defrauded investors of billions before collapsing.
Austria is not alone in cracking down. Be Club has triggered fraud warnings from regulatory authorities in Quebec (2020), Colombia (2022), Norway (2023), Uruguay (2023), the Philippines (2023), New Zealand (2024), Ontario (2025), and Luxembourg (2025).
When confronted about the mounting warnings in January 2025, Moynul Islam brushed them off as routine. He claimed it was "very common for most companies to get some level of warning and fines"—a statement that strains credibility given the pattern of enforcement actions across multiple continents.
Despite the warnings, both schemes continue attracting users. SimilarWeb data from September 2025 shows Be Club's website pulled approximately 13,500 monthly visits. Italy accounted for 69 percent of that traffic, followed by Colombia at 13 percent, Switzerland at 10 percent, and Canada at 10 percent.
SageMaster drew even more traffic: roughly 51,800 monthly visits during the same period. Italy again led the way at 47 percent, Japan accounted for 30 percent, and Spain made up 5 percent.
The geographic spread of both schemes and their traffic patterns suggest they continue recruiting investors despite official warnings. The concentration of visits from Italy—which leads traffic for both operations—points to particularly active recruitment in that country.
The persistence of Be Club and SageMaster in the face of international enforcement actions raises questions about the difficulty regulators face in shutting down digital-based MLM operations. While authorities can issue bans and warnings, stopping schemes that operate across borders and rely on social recruitment remains challenging.
🤖 Quick Answer
What is SageMaster and why has it been flagged by regulators?SageMaster TechHost Worldwide Inc. is an unregistered multilevel marketing investment scheme that has drawn warnings from financial authorities worldwide. Austria's Financial Market Authority (FMA) banned the entity on November 3rd, declaring it lacks authorization to conduct securities transactions under the Securities Supervision Act 2018.
Why did Austria's FMA ban SageMaster from operating in the country?
The FMA determined that SageMaster operates without the required registration to conduct securities transactions in Austria. Under Austrian financial law, multilevel marketing investment operations must register with the regulator. SageMaster never obtained authorization, rendering its activities illegal under the Securities Supervision Act 2018.
What legal framework did Austria use to act against SageMaster?
Austria relied on the Securities Supervision Act 2018 (W
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