QubitLife has been formally banned by Italian regulators.
The transfer by CONSOB, Italy’s high monetary regulator, got here every week earlier than QubitLife knowledgeable 250,000+ victims it was disabling withdrawals.
When CONSOB started investigating QubitLife is unclear. What we do know is the investigation started previous to QubitTech rebranding as QubitLife.
CONSOB’s investigation noticed the regulator conclude QubitTech was providing unlicensed “monetary merchandise” to Italian residents.
In relation to the described exercise, no prior communication to Consob seems to have been made, nor does the prospectus meant for publication seem to have been despatched.
In different phrases QubitLife was committing securities fraud.
That is consistent with BehindMLM’s personal revealed July 2020 QubitTech evaluate.
On February twenty fifth CONSOB issued QubitTech with a 90 day short-term suspension.
As per the suspension, QubitTech was prohibited from working in Italy. CONSOB additionally ordered the corporate’s web sites blocked.
The concept behind the suspension was to provide QubitTech time to reply and clear their identify.
QubitTech didn’t reply. As a substitute barely every week after CONSOB issued it’s suspension, QubitTech rebranded as QubitLife.
No official purpose for the rebranding was ever offered. In hindsight, it’s straightforward to see the Ponzi scheme hoped name-change would get CONSOB off their again.
That didn’t occur.
Noting QubitLife had failed to answer their enquiries, CONSOB completely banned QubitLife on Could nineteenth.
This timeline supplies perception into QubitLife’s just lately initiated exit-scam.
As revealed within the exit-scam webinar hosted by Iakov Ashurov on Could twenty sixth, Greg Limon went into hiding three months in the past.
That locations Limon’s disappearance on or round late February. QubitLife, then QubitTech, was made conscious of CONSOB’s suspension on or round February twenty sixth.
After the QubitLife rebranding in early March, QubitLife introduced its deliberate QDT exit-scam every week or so later.
Every week after CONSOB banned QubitLife completely, the QDT exit-scam was initiated.
250,000+ QubitLife affiliate traders are believed to have misplaced cash to the Ponzi scheme.
Now, in an additional signal issues are amiss, QubitLife CMO Marc Swickle has introduced he too is cashing out and fleeing.
Swickle made his announcement on a webinar hosted by Religion Sloan.
After Sloan launched Swickle as a “particular visitor” to her QubitLife victims, Swickle promptly knowledgeable them;
[6:01] I’m not a part of (QubitLife’s) company construction anymore.
Let me simply set the stage by saying, that as of proper now I’m not the Chief Advertising Officer of QubitLife.
Swickle claims he realized of QubitLife’s collapse twenty-four hours previous to Ashurov’s announcement.
Swickle states he didn’t host the Could twenty fifth exit-scam webinar, as initially deliberate, as a result of he was “completed with the corporate”.
Swickle goes on to say QubitLife collapsing wasn’t the explanation he left the corporate.
[12:37] The rationale why I left the corporate is as a result of I disagree with one thing very, quite simple.
And that’s that the individuals who have lower than 100%, between the interval of the ninth and the twenty fifth, that the corporate needed to have recognized, ought to have recognized and most likely would have recognized … that they have been going to move within the path that they finally took to alter on the twenty fifth.
And so in that capability, I don’t suppose that they need to have carried out the method the best way they did.
I believe they need to have supplied to the individuals who had lower than 100%, the chance for his or her a refund or one thing in variety.
Naturally with QubitLife being a Ponzi scheme, Swickle’s proposal is inconceivable.
Swickle after all is conscious of this. You need to bear in mind the aim of Sloan’s webinar is to placate victims.
That mentioned, Sloan did make it abundantly clear she has no intention of paying any of her victims again.
[20:06] I see some individuals asking me, “Queen with all the cash you’ve made, are you going to discover a method to reimburse us?”
You don’t know the way a lot I’ve spent. Will you reimburse your group?
Y’know I don’t suppose it’s about reimbursement. What it’s about is all of us made a alternative.
QubitLife’s 250,000+ victims can and most certainly will entice regulatory consideration.
Previous to their cashing out and happening the run, Greg Limon and Marc Swickle have been the general public face of QubitLife’s govt group.
Greg Limon has ties to Canada, the UK and Russia.
Marc Swickle claims to have “labored on Wall Road for thirty years”. He’s believed to be a US resident.
Whether or not Swickle remains to be within the US after abandoning QubitLife is unclear.
Religion Sloan is a resident of Chicago, Illinois. She is at present on trip in Dubai, following a lavish QubitLife high promoter occasion held there earlier this month.
Sloan, who types herself as “Queen Wiki”, settled TelexFree fraud allegations with the SEC in early 2019.
As a part of that settlement, Sloan was expressly prohibited from persevering with to commit securities fraud.
In violation of that settlement, Sloan continues to advertise unregistered securities choices equivalent to QubitLife.
Replace fifth June 2021 – Marc Swickle and Religion Sloan are funneling QubitLife victims into eOracle, a reboot of the Espian International Ponzi scheme.
Replace 18th June 2021 – The “Workforce Queen Wiki” webinar that includes Marc Swickle has been deleted from YouTube.
I had initially offered a hyperlink to the webinar however on account of the video being pulled have disabled it.