YEM and the YEM Foundation have received a securities fraud warning from Austria.

As per the
Financial Market Authority’s 13th May warning
;

The FMA warns investors against concluding transactions with: YEM / YEM Foundation

This provider is not authorised to carry out banking transactions in Austria that require a licence.

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

For those not familiar with YEM, it stands for Your Everyday Money. Beyond that, YEM is an ERC-20 shitcoin and there’s not much else to it.

YEM ties into MLM through the failed MLM company Wazzub.

Wazzub
launched in 2011 as a “we’re gonna be the next Google and pay you!” MLM company. That flopped and after various failed follow up schemes, circa 2019 what was left of Wazzub was funneled into the Unicorn Network.

That didn’t go anywhere and in 2021, the last time BehindMLM revisited Wazzub, serial scammer Anthony Norman was
feeding Wazzub investors into his own stable of scams
.

Norman’s scamming had run its course by late 2021. His post-YEM Ponzi schemes
didn’t go anywhere
.

As of April 2023, here are the scammers behind and running what’s left of YEM:

Jorge Sebastiao – President

Dan Settgast – Vice President

Andrew Reid – Treasurer

Amante C. Elnar – Secretary

Rodolfo Abalos – Provisional Director

Henry Mbidde – Director

Empress Namagembe – Director

Sebastiao and Settgast are in charge. Both appear to be hiding in Dubai, making YEM yet another
Dubai-based scam
.

On its website, YEM Foundation provides shell company details for a nonprofit registered in Nevada. YEM of course has no actual physical or business ties to the US.

Other shell companies and/or websites attached to YEM include:

YEMChain

Yem Exchange

Digital Wallet Center

Digital Exchange Center

Digital Assets Consulting

Paid with YEM

DigiRank Online

Bank Bene Merenti and

YEM Supporters Club

Traffic to YEM’s various websites is negligible such that SimilarWeb doesn’t provide geo information.

Evidently YEM is still being marketed in Austria though, prompting the FMA to take notice and issue a warning.

🤖 Quick Answer

What is YEM and why did Austria issue a securities fraud warning?
YEM (Your Everyday Money) is an ERC-20 cryptocurrency associated with the YEM Foundation. Austria's Financial Market Authority issued a warning on May 13th because YEM and its Foundation are not authorized to conduct licensed banking transactions in Austria, classifying this as a securities fraud warning equivalent to other jurisdictions.

What is the connection between YEM and Wazzub?
YEM is linked to Wazzub, a failed MLM company launched in 2011 that promised high returns. After Wazzub collapsed, the remaining organizational structure was repurposed to promote YEM around 2019, maintaining the multi-level marketing business model that characterized the original venture.

Why is YEM considered problematic from an investment perspective?
YEM is classified as an ERC-20 shitcoin with minimal intrins

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