Authorities in New Zealand issued a securities fraud warning the same day BehindMLM published its Mido Finance study.
The Financial Markets Authority’s warning is especially significant because New Zealand is a victim of Mido Finance’s Ponzi scheme.
Mido Finance Limited is a phony corporation that was registered in New Zealand.
Basic incorporation is not a replacement for financial regulator registration.
To that purpose, the FMA has issued a warning to Mido Finance.
claims to be regulated in New Zealand, however the firm is not a licensed financial service provider in New Zealand
This implies they can’t provide financial goods or services to New Zealanders.
In other countries, this is analogous to a securities fraud warning.
Mido Finance Limited is still in business for the time being. It remains to be seen if the New Zealand Companies Office deregisters Mido Finance Limited.
According to BehindMLM’s Mido Finance assessment, the Ponzi scheme is handled by crooks who are said to be hiding out in Dubai.
In recent years, Dubai has developed as a safe haven for white-collar offenders.
There are few extradition treaties in the UAE, and there is no active regulation of MLM-related securities fraud.