The Financial Markets Authority of New Zealand has issued a warning against securities fraud against Quwiex.
George Bennet, the CEO of Boris, has announced a rebranding for Quwiex Global after being exposed.
According to their warning from April 8th, the FMA notes;
We worry that Quwiex Limited could be a victim of fraud.
Queen Limited is also making claims about the returns an investor would receive from the financial services offered that seem to be false, misleading, and/or unsupported. The entity is offering to provide financial services without being registered on the Financial Service Providers Register (FSPR) as a registered financial service provider in New Zealand.
Naturally, Quwiex does not conduct business in New Zealand. It isn’t even listed with the FMA.
It is thought that Russian con artists operating out of Dubai or Russia itself are behind the Ponzi scheme.
George Bennet, the CEO of Boris, was featured in a video on April 13 that inadvertently addressed Quwiex’s fraud alert for New Zealand.
Bennet reiterates the false claim that Quwiex is based in New Zealand while appearing in front of a green screen.
He laments the distance between New Zealand and “other financial hubs” after referring to it as “the center of cryptocurrencies [sic]”.
The answer? Queen Limited is becoming Quwiex Global.
The business Quwiex expands internationally.
By April 21 will not only have a US license but also a New Zealand license that has been updated.
Additionally, the business will be known as Quwiex Global.
According to this BehindMLM assessment, Quwiex provides a 5% passive return. The SEC registration is the sole registration that would be relevant in the US.
Scammers posing as the Boris CEO won’t do it for obvious reasons. I believe a shell company will be used to incorporate Quwiex Global. This is irrelevant for MLM’s due diligence.
Quwiex was never registered with the FMA in New Zealand, hence there is no “new license” to get.
It should be highlighted that the necessity for audited financial reporting that goes along with registration with financial authorities like the SEC and FMA is the reason registration matters.
This is the only method to confirm that an MLM business that offers securities is not a Ponzi scam.
MLM businesses that provide passive income choose not to register and engage in securities fraud. This is because they are Ponzi schemes.
Scammers employ simple incorporations, actors posing as CEOs, false promises, etc. to con unsuspecting investors. as demonstrated by Quwiex.
Quwiex had hinted at a Ponzi party in Vietnam in the future.
Vietnam was listed as the third-largest source of traffic when BehindMLM evaluated Quwiex last month. However, whatever Quwiex recruiting efforts there may have been having since failed.
Quwiex has thus relocated its first promotional event to Dubai.
The Board also decided to plan several international conferences to expand on our success.
The first two will occur in Korea and Dubai.
The world’s MLM fraud capital is Dubai. Dubai and Boris CEO Ponzis go hand in hand.
According to Alexa’s study of website traffic, Quiex is now hiring in Algeria, Saudi Arabia, and Egypt.
Update April 20, 2022: Quwiex has dissolved.