The Norwegian Gambling Authority has issued Daxio a pyramid scheme fraud notice (Lottstift).   

Lottstift published their Daxio fraud alert in a letter addressed to “Daxio Norway” on May 20. Frode Jorgensen is listed as the CEO of Daxio.   

Lottstift recalls that she had communicated with Jorgensen in 2019 regarding Global Game Arena (GGA).   

Jorgensen initiated the GGA Ponzi scheme in 2019.   

After three failures, Jorgensen relaunched GGA as Daxio in mid-2020.   

After establishing that Daxio is “a continuation of Global Game Arene Ltd.”, Lottstift explains that the purpose of their letter to Daxio is to provide “information for everyone associated with the business concerning the rules governing pyramid schemes.” 

The letter implies that Lottstify has initiated an investigation against Daxio. 

The Norwegian Lotteries Authority will ensure compliance with the Lottery Act.  It is illegal to originate, operate, participate in, or distribute pyramid or similar schemes.

In accordance with the Lottery Act The Lottery Act’s prohibition on pyramid schemes and pyramid-like trading systems applies to direct sales concepts when more than fifty percent of revenue is derived from membership fees and similar sources. In other words, the company must sell actual goods or services, and the revenue from these sales must account for at least 50% of its total revenue in order to avoid being an illegal pyramid-like turnover scheme.  

The company does not sell any items or services.   

The Norwegian Lotteries Authority assumes that the company’s activities are structured as a multi-tiered pyramid in which participants can earn money by recruiting new members at a lower level. We have documented the existence of informational meetings for Norwegians and the recruitment of Norwegians into the firm.

On the basis of our understanding, we suspect that the company is a pyramid scheme. You recruit people and market speculative investment goods with the promise of a huge income.

Our recommendation is that individuals avoid pyramid schemes, investment fraud, and other schemes of a similar nature. Based on the evidence at hand, it appears that Daxio also facilitates illegal gambling in Norway.

The Lottery Act and the Gambling Act ban the offer, marketing, and mediation of unlicensed gambling, including the mediation of payment. We anticipate you forwarding this letter to all participants in the company’s operations in Norway, since it is addressed to them.   

Lottstift continues by advising Daxio to “immediately discontinue” operations in Norway.   

Daxio operates through a British Virgin Islands-incorporated shell corporation.   

The British Virgin Islands (BVI) is a country conducive to fraud, which immediately raises red flags for any MLM organization claiming ties to it.   

The domains “daxio.com” and “mydaxio.com” are used by Daxio.   

SimilarWeb says that both domains’ traffic has decreased during the past three months. Insofar as Daxio is operating in Norway, it appears that recruitment is negligible. The top three traffic sources for “daxio.com” are Malta (36%), Vietnam (30%), and Sweden (15%). Traffic to “Mydaxio.com” is dominated by Sweden (45%), Hungary (18%), and Moldova (17 percent).   

Frode Jorgensen resides in Thailand as a Norwegian citizen.

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