The Australian Securities and Investment Commission has issued a securities fraud “scam notice” to Validus (ASIC).
According to ASIC’s November 18th fraud notice;
Validus looks to be running a financial services firm in a way that will entice Australians to invest in its services.
However, it is not regulated to provide financial services in Australia, so clients are not covered if something goes wrong.
In other countries, this is the equivalent of a securities fraud warning. Last month, New Zealand issued a Validus securities fraud notice.
Validus is a Ponzi scheme located in Dubai headed by former OneCoin fraudsters Parwiz Daud and Mansour Tawafi.
ASIC writes about Validus’ business model;
Validus’s claimed returns are unreasonable. Exorbitant rates of return should be approached with considerable caution.
Validus encourages existing investors to bring in new investors. This is a common symptom of a pyramid scam.
ASIC then advises Validus investors to “not transmit any additional money,” report Validus to their local financial authority, and “be aware” of recovery scams.
You do not need to file a report with ASIC because we have enough information at this point. ASIC is unable to help you reclaim your money.
ASIC’s attitude to MLM-related securities fraud has long been criticized by BehindMLM. The above paragraph exemplifies why.
In October 2022, SimilarWeb recorded well under a million visitors to Validus’ website, up from 924,000 visits the previous month.
33% of Validus’ internet traffic comes from France, 16% from the United States, 12% from the Netherlands, and 8% from Colombia and the United Kingdom.
Validus is not registered to provide securities in any of the countries where it seeks investment.