Beurax has acquired a securities fraud warning from South Africa’s Monetary Sector Conduct Authority.
As per the FSCA’s nineteenth February warning;
The Monetary Sector Conduct Authority (FSCA) warns the general public in opposition to doing any monetary providers enterprise with Beurax Buying and selling which isn’t authorised to offer any monetary recommendation or render any middleman providers by way of the Monetary Advisory and Middleman Companies Act, 2002 (FAIS Act).
The entity is … conducting monetary providers enterprise and requires a South African monetary providers supplier licence from the FSCA, to conduct enterprise with South African residents.
It’s subsequently extremely doubtless that they’re conducting unregistered enterprise, which is a felony offence.
That is the equal of a securities fraud warning in different jurisdictions.
The FSCA’s goes on to notice Beurax pretending to function from Australia, stating they ‘will verify this with our Australian counterparts.’
Of significance nevertheless is that Beurax nonetheless requires a South African licence to function regionally.
Securities fraud apart, the legitimacy of Beurax’s enterprise mannequin can be questioned.
It’s the FSCA’s view that Beurax is luring South African residents to do enterprise with it with guarantees of unrealistic returns.
The declare on the web site of a return of 28% monthly is solely not reasonable and raises a significant concern concerning the legitimacy of the enterprise.
The FSCA reminds the general public of the numerous latest crypto scams the place the operators of the schemes had been in impact conducting a Ponzi scheme.
BehindMLM reviewed Beurax on November 4th, 2020. Based mostly on its enterprise mannequin, we concluded Beurax was a Ponzi scheme.
Initially the scammers behind Beurax employed Boris CEO “Brandon Watts” because the face of the corporate.
A month or so in Watts was changed by “Susan Pope”, one other actor taking part in Beurax’s CMO.
Beurax advertising materials that includes Watts has since been deleted.
Each the actors taking part in Brandon Watts and Susan Pope have distinct japanese European accents.
As per Alexa’s present estimates, South Africa (11.4%), the US (11%) and Canada (9%) are prime sources of visitors to Beurax’s web site.
Replace twenty eighth February 2021 – Beurax’s Susan Pope has been outed as a Russian actor from Moscow.
Replace 2nd March 2021 – Beurax has collapsed.