Nugen Coin has obtained a securities fraud warning from British Columbia, Canada.

As per the British Columbia Securities Fee’s August sixteenth warning;

We lately turned conscious that NuGen Cryptocurrency promoted an preliminary coin providing (ICO) of NuGen Coin, wherein British Columbia (BC) residents can take part.

An ICO could also be thought of a distribution of a safety below the Securities Act, RSBC 1996, c. 418 (the Act), and, due to this fact, could also be topic to the prospectus submitting necessities of the Act.

NuGen Cryptocurrency has not filed a prospectus in BC.

As reviewed right here on BehindMLM, Nugen Coin marked Free Mart’s transition to securities fraud.

In June Nugen Coin took a backseat to “Nugen Universe”. At present Nugen Coin’s former web site area has been disabled.

Nugen Universe is an growth of Free Mart’s securities fraud providing.

On the coronary heart of Nugen Universe is the unique Nugen Coin 200% ROI Ponzi:

Whereas your cash are staked with NuGen you obtain further cash 4 occasions per day on the price of .35% making the general return per day .357%. At that compounding price the variety of cash in your account will double in 202 days.

It’s price noting that in early July, Nugen Universe instructed affiliate buyers to bury proof of securities fraud.

Whether or not that directive was triggered by a regulatory investigation into Nugen Universe stays unclear.

Being a comparatively new web site, SimilarWeb hasn’t precisely tracked visitors to Nugen Universe’s web site but.

We all know the vast majority of visits to Nugen Coin’s defunct web site have been from the US. It thus follows that almost all of Nugen Coin buyers are US primarily based.

The BCSC’s warning suggests Nugen Universe might need unfold to Canada.