YEM Foundation is under investigation by Germany’s BaFin regulator.

As part of BaFin’s ongoing regulation, a
YEM Foundation securities fraud warning
was issued on March 22nd, 2024.

BaFin warns consumers “against offers from the YEM Foundation”.

According to BaFin ‘s findings, the company offers banking transactions and/or financial services without permission.

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

For those not familiar with YEM Foundation, “YEM” 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.

A March 1st, 2024 message published on YEM Foundations website advises;

The YEM Foundation BID has been working quietly in the background for a while. You can be sure that our silence was not due to passivity.

There are some very interesting projects and ventures in planning and development that cannot yet be communicated.

Why?

Because the world is not just full of well-meaning people and we therefore do not want to give anyone the opportunity to interfere with the safeguarding of the projects and their success.

But what we can already tell you is that we want to move the YEM Foundation to a European country. And in the course of this, the reference and presentation of the YEM will also have to be adapted to the new requirements.

We expect to be able to share more in the foreseeable future.

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

As of February 2024, SimilarWeb tracked less than 1000 monthly visits to YEM Foundation’s website. 57% of YEM Foundation website traffic originated from Germany, 23% from Hungary and 20% from Morocco.

In addition to Germany, Au

🤖 Quick Answer

What is YEM Foundation and why did Germany's BaFin issue a warning?
YEM Foundation, standing for Your Everyday Money, is an ERC-20 cryptocurrency that faced regulatory action from Germany's BaFin in March 2024. BaFin warned consumers against YEM Foundation's offers, citing unauthorized provision of banking and financial services without proper regulatory permission.

How is YEM Foundation connected to previous MLM schemes?
YEM Foundation connects to the failed MLM company Wazzub, launched in 2011. Wazzub operated as a multi-level marketing scheme promising extraordinary returns. Following Wazzub's collapse, YEM emerged as a cryptocurrency continuation within the same organizational network.

What regulatory classification applies to YEM Foundation's activities?
BaFin classified YEM Foundation's conduct as securities fraud equivalent, issuing an official warning against unauthorized financial services provision. The foundation

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