The Mongolian Financial Regulatory Commission has warned PLC Ultima about fraud.
Alex Reinhardt’s PlatinWorld is a Ponzi scheme, and PLC Ultima is a part of it.
As the FRC said on April 22nd;
As financial markets grow and products and services get better, schemes like financial fraud, fraudulent schemes, and multi-level financial pyramids change and get harder to spot.
But all of these scams have one thing in common: they offer short-term investments with no risk, promise high returns, and pay people to join so they can recruit more people.
As financial fraud goes up, so does the number of people who are hurt by it. Only the first few investors or people who start it make money, so it is important for countries to set up a system to prevent, find, and stop it quickly.
One example is the Platinum Coin (PLC) scheme in Mongolia, which gets people to get official approval from the FRC, raises money, gives bonuses for recruiting new members, and promotes the group with the most members.
Reinhardt’s PlatinCoin Ponzi scheme got a new start with PlatinWorld.
Reinhardt (on the right) tries to get people to put money into PLC Ultima (PLCU) by promising passive returns.
Alex Reinhardt, PlatinWorld, PLC Ultima, or PlatinCoin are not registered to sell securities in Mongolia, and neither is PlatinWorld.
Alex Reinhardt, the CEO of the company, used to own SwissCoin or Platinum Coin, and it is thought that he was one of the main people involved in the Ponzi scheme soon after it started.
In other countries, the people in charge of the financial system have put out warnings and statements.
People who buy Platinum Coin think that it is run by a group of umbrella companies in places like Dubai, Switzerland, Hong Kong, and Slovenia.
Platinum Coin and PLC Ultima don’t have any licenses or registrations from international organizations or foreign financial regulators because they are high risk and no one has invested in them, and there is a chance that they could be part of a scam.
The FRC goes on to say that Reinhardt is running his Ponzi scheme outside of Mongolia, so Mongolians will be on their own when PlatinWorld and PLC Ultima fail.
As we explained in the article about the change from PlatinCoin to PlatinWorld, Reinhardt runs his Ponzi scheme out of Dubai.
Dubai is the MLM scam capital of the world, so this isn’t a surprise.
Reinhardt is believed to be a German citizen. Also, Alexa says that 19% of the people who visit PlatinWorld’s website come from Germany.
Even though PlatinCoin was first released in 2017, the German government hasn’t done anything about Reinhardt or his scams as of yet.
Change on October 16, 2022 – PlatinWorld and PLCU are falling apart, so Reinhardt has to start over as PLCUX.