OmegaPro has obtained a securities fraud stop and desist from Argentina’s Comision Nacional de Valores.
After receiving two client complaints, the CNV launched its personal investigation into OmegaPro.
On March third regulator confirmed the Ponzi scheme was providing
exorbitant charges of return ranging between 300% and 400%, all inside a interval of 16 months and in US {dollars}.
That is increased than the 200% ROI charge BehindMLM famous in our 2019 OmegaPro evaluation.
The CNV’s investigation revealed OmegaPro is “making a public provide of unauthorized marketable securities”.
OmegaPro and Messrs. SZAKACS, SIMS, SINGH and REYNOSO are usually not registered as certified or in any of the classes of brokers supplied for in Legislation No. 26,831.
OmegaPro and Messrs. SZAKACS, SIMS, SINGH and REYNOSO, are finishing up a public provide of negotiable securities listed on overseas markets, which do not need authorization from
public providing of the CNV.
That is the equal of a securities fraud warning in different jurisdictions.
The CNV additionally referred to as out OmegaPro’s “restricted jurisdictions” pseudo-compliance, particularly the US and St Vincent and the Grenadines.
Curiously, in clause 7.3. of (OmegaPro’s) T&C (it) mentions quite a lot of restricted international locations to function with POs, amongst which which is the USA of America and paradoxically, the identical nation that may have licensed it as dealer, Saint Vincent and the Grenadines.
The CNV notes OmegaPro represents it’s based mostly out of St Vincent and the Grenadines, but it surely in actual fact run by Andreas Szakacs, Mike Sims and Dilawar Singh.
Szakacs, Sims and Singh function OmegaPro from Dubai.
Dubai supplies a safe-haven for scammers on account of non-existent regulation and restricted extradition treaties. It’s the MLM rip-off capital of the world.
The CNV additionally references Juan Carlos Reynoso, recognized as OmegaPro’s Supervisor for Latin America.
Reynoso is believed to be a Mexican nationwide with ties to the US.
The CNV goes on to order OmegaPro and its executives to stop and desist working in Argentina instantly.
The CNV … notifies OMEGAPRO LTD. and Messrs. Andreas SZAKACS, Mike SIMS, Dilawar SINGH and Juan Carlos REYNOSO to right away stop their conduct as a safety measure.
Argentina is the seventh jurisdiction to take regulatory motion in opposition to OmegaPro.
The CNV’s warning follows related fraud warnings from Colombia, Spain, France, Peru, Belgium and Chile.
Alexa ranks prime sources of visitors to OmegaPro’s web site as Colombia (20%), Japan (17%) and Nigeria (10%).