Beware of Paraiba – Review Part 3

Austria’s Financial Market Authority has issued a second securities fraud notice to Paraiba (FMA).

Austria’s leading financial watchdog is the FMA (SEC equivalent).

based on the FMA’s warning from March 16;

Attention! The FMA advises investors not to enter into agreements with:

World of Paraiba

with what appears to be its registered address in:

Fomboni Island of Mohéli, Bonovo Road, Comoros Union

In Austria, this service is not permitted to conduct banking operations that call for a license.

By Article 1 Para, the supplier is not allowed to receive money as a deposit from third parties. Second no. 1 Austrian Banking Act lawsuit.

In other countries, this would be the equivalent of a securities fraud notice.

In September 2020, the FMA released its initial Paraiba World securities scam alert.

The second alert from the FMA concerns the website “,” which seems to be aimed at German and Austrian investors.

In September 2020, Germany’s BaFin also issued a warning on the Paraiba World securities scam.

The administrators of the Facebook page for the “” domain are located in Slovenia and Austria. It seems that it was given up in September 2021.

Private registration of the “” domain occurred in October 2020. The asking price at the moment is $55,000.

False bank Ponzi scam Paraiba World promises returns of between 130% and 150%.

CEO Erich Ely, who is thought to be a German citizen, started the con.

Ely was an investor in the famed OneCoin Ponzi scam before he founded Paraiba World.

German authorities have not taken any further action against Ely or his Ponzi scheme past the Paraiba World securities fraud warning that BaFin issued.

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