A big proportion of that seems to have been sourced from US traders.
Paraiba is an easy sufficient Ponzi scheme.
You make investments as much as $49,000 in bitcoin, you get 0.3% a day. You make investments $50,000, you get 0.5% a day.
Paraiba solicits funding in and pays out returns in bitcoin. This takes place by means of the corporate’s inner alternate, Distinctive Alternate (“unique-exchange.co”).
Paraiba pretends it generates ROI income by way of cryptocurrency buying and selling. In violation of securities legislation in each jurisdiction it solicits funding in, Paraiba World has by no means offered audited monetary stories to regulators or traders.
Due to this Paraiba has no verifiable supply of exterior income. That is by design, as all Paraiba does is recycle invested funds to pay returns.
Connected to Paraiba’s fraudulent funding is a recruitment pushed compensation plan. With out fixed new recruitment, Paraiba collapses.
Within the webinar Nash used his Paraiba backoffice earnings to pitch the Ponzi scheme to new recruits.
As at January nineteenth, Paraiba has 432,248 investor accounts. Nash himself oversees 219 accounts.
Nash signed up and invested in Paraiba in April 2020.
- $100 on April twenty second
- $900 on April twenty fourth
- $3550 on Could twenty fifth
This makes Nash one among Paraiba’s earliest traders.
Since becoming a member of Paraiba, Nash has personally recruited eighty-seven traders. Collectively they’ve deposited $458,744.
I had one man, he needed to place in 1,000,000.
We simply advised him, simply put in $500,000 to start out and check it out. (laughs)
Along with his personal recruitment, Nash sits atop a downline of 7402 traders.
Having invested $4550 of his personal cash, Nash’s introduced knowledge reveals whole withdrawals of $525,978 (click on to enlarge each screenshots):
Nash claims his whole withdrawals have since exceeded $600,000.
I’ve made $698,000 however I’ve solely rolled again (reinvested) $50K of that, not even.
I might say I’ve pulled out over $600,000, into my very own pockets beneath my very own management. And compounded in about $50,000.
As of January 2022, Nash is withdrawing over $6500 a day trip of Paraiba.
Nash claims his uplines are withdrawing a whole lot of hundreds of {dollars} in bitcoin a month.
My sponsor is making $175,000 a month. His sponsor is making about $275,000 a month.
Firm-wide, since Nash joined Paraiba the Ponzi scheme has taken in $407,239,660.
Nash claims he’s seen the company-wide funding whole, and it’s about ten million greater than his personal backoffice worth. This could come to about $417 million.
Nash states Paraiba is at present taking in round $30 million in bitcoin a month.
At that fee, Paraiba will change into a half billion greenback Ponzi scheme by the top of April.
Whereas Paraiba does maintain promotional occasions in Dubai, the MLM rip-off capital of the world, I don’t imagine Ely has fled there but.
He has no motive to.
German authorities have been fast to find Paraiba. BaFin, Germany’s high monetary regulator, issued a securities fraud warning towards the rip-off in June 2020.
Neighbouring Austria issued a Paraiba securities fraud warning even earlier, in February 2020.
Whereas Paraiba recruitment in Germany and Austria tanked, neither nation has finished something about Erich Ely.
A reality not misplaced on Wayne Nash;
Even BaFin, which is like an SEC form of factor in Germany, in Austria … I believe it was like 2020, they are saying, “Oh nicely Paraiba’s not a registered or monetary establishment.”
Properly, yeah. So what? (laughs)
Germany’s continued inaction has led to Paraiba rising into an virtually half billion greenback Ponzi scheme.
BehindMLM reviewed Paraiba in September 2020. On the time recruitment had already died in Germany and Austria. Honduras had emerged as an unlikely supply of recruitment.
Since then recruitment in Honduras has additionally collapsed. Paraiba has unfold to Switzerland (32%), the US (21%) and Russia (14%), ranked as the highest three sources of site visitors to Paraiba’s web site by Alexa.
Alexa ranks high sources of site visitors to Distinctive Alternate as Switzerland (48%), the US (46%) and Vietnam (6%).
Now the alternate in Europe, you possibly can wire cash to the alternate – as a result of it’s an alternate.
However the alternate simply occurs to be owned by Paraiba. So Paraiba has labored, they’ve built-in with the alternate, as a result of they personal it …
Up to now authorities in Switzerland and the US have taken no motion towards Paraiba.
Wayne Nash’s Paraiba webinar was primarily pitched at US traders.
But regardless of this, and proof above that the Ponzi is being closely promoted throughout the US, Nash denies the corporate is lively there.
The US just isn’t a market they’re actually even specializing in. They’re not making an attempt to open up the market.
They’re mainly saying, “Yeah you possibly can be part of” … it’s not likely a US centered firm.
Truly only a few folks, I believe proportion clever … like that Dubai factor? 100 and eighty folks in Dubai?
Most of them have been German audio system. I believe there was solely, I counted perhaps twenty or forty People or one thing there?
Nonetheless, the vast majority of potential recruits watching Nash’s webinar are believed to have been US residents.
Is there any probability that the US authorities is gonna fiddle round and and and…
Nash cuts him off, however it’s fairly clear what Ghazarian was asking.
Properly, the US authorities has sure issues they will do.
For instance, if persons are … in case you’re within the US and you might be… um, promoting this, which you’re not speculated to, initially Paraiba would kick you out. (laughs)
You’re not allowed to place something on social media. You’re not allowed to promote this wherever in the USA or every other nation.
It’s phrase of mouth, personally referral solely …
This firm is owned by varied international companies in numerous international locations.
There’s no German entity, there’s no Austrian entity. Although the administration is in Germany …
(The) US has jurisdiction over US {dollars}. Okay? In order that’s why this firm is only bitcoin in and bitcoin out …
They’ve additionally received seventeen attorneys, a number of of them are in the USA, who’re simply ensuring they’re compliant on a regular basis with each main market.
For the document, neither Paraiba, Erich Ely or Wayne Nash are registered with the SEC.
And if there was a problem in that market, whether or not it’s the USA or New Zealand, they’d simply say, “OK, we’re not gonna function there anymore …
They’re not regulated in the USA, or Austria, or Germany the place they function.
Securities are very a lot regulated within the US, Austria and Germany.
By not registering with monetary regulators and offering audited monetary stories, Paraiba operates and solicits funding illegally in all three jurisdictions.
Discuss of regulatory compliance from Nash is after all lip-service. He has no downside with Ponzi schemes and securities fraud.
We’ve had folks are available in (at) $550,000. They’ve received all their a reimbursement and are making $100,000 or extra after 5 months.
I’m speaking like a yr in the past. That’s like outdated data like a yr in the past. These persons are nonetheless making over $100,000 a month.
So if anybody thinks… in the event that they know any Ponzi schemes on the market that try this, that you simply put your $4000 in and also you get, y’know, $130,000 a month, let me know as a result of I’ll become involved myself.
That seems like a great Ponzi scheme.
BehindMLM first got here throughout Nash in late 2015.
MyAdvertisingPays had simply introduced it was abandoning the US. This was seen as the start of the Ponzi scheme’s collapse.
Nash, an MyAdvertisingPays investor, confirmed up in BehindMLM’s feedback to threaten everybody with authorized motion.
Anticipate lawsuits to be taking lots of people down fairly quickly on this one. MAP just isn’t going to take unfounded slander sitting down.
Disclosure: I’m a member and I DO promote MAP as a result of I do imagine it is going to change lots of lives for the higher.
24 hours after Nash left his remark, MyAdvertisingPays slashed ROI charges company-wide.
MyAdvertisingPays limped alongside until September 2016, whereby it formally collapsed.
Nash is believed to be a Canadian citizen. A social media profile cited by BehindMLM claims Nash has been a “resident in Japan since 1985”.
The earliest MLM I used to be capable of hint Nash’s involvement in was Dubli in 2008.
