Paraiba World securities fraud warning issued by Austria

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Paraiba World has received a securities fraud warning from Austria’s Financial Market Authority.

The FMA’s warning pertains to Pariaba World, cited as a Hong Kong shell incorporation.

The FMA warns Paraiba World is “not entitled to carry out banking transactions in Austria that require a licence.”

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

BehindMLM reviewed Paraiba World earlier this month. Based on the company’s business model, we concluded it was a daily ROI bitcoin Ponzi scheme.

Paraiba World is run by CEO Erich Ely (right) out of Germany.

In June 2020 BaFin, Germany’s top financial regulator, issued a securities fraud warning against Paraiba World and Ely.

Paraiba World’s current website statistics, as provided by Alexa, suggest the scam is primarily targeting victims in Honduras and Switzerland.

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By Tucker

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