Switzerland’s Financial Market Supervisory Authority has warned Paraiba World of fraud for the second time (FINMA).
The first fraud warning from FINMA about Paraiba World was sent to Paraiba World Switzerland in March.
The second warning from FINMA is about the shell company Unique Private Bank LTD, which is also involved.
According to FINMA’s second warning from July 19, neither Paraiba World nor Unique Private Bank LTD are in the commercial regulator.
In other places, this is the same as a warning about securities fraud.
Unique Private Bank is just a front for Paraiba World, which says it is an alternative to banks.
Mwali International Services Authority says that Unique Private Bank has a license to do business as a bank.
But the Banque Centrale des Comores has said that licenses from Mwali International Services Authority are fake.
BehindMLM said earlier this month that it looked like Paraiba World was about to fall apart.
As of July 1, the wait time to get money out of Paraiba World had grown to three weeks. As far as I know, the delays have still not been fixed.
Most of the people who were hurt by Parabia World are thought to be from Germany, the United States, and Switzerland.
Erich Ely, a German who stole money from OneCoin, runs Paraiba World (right).
After the Ponzi scheme Paraiba World fell apart, Ely is trying to bring it back as Trillant.
The plan seems to be to turn Paraiba World losses into Trillon Coin and ride off into the sunset.
Trillant is paired with “Unique Crypto LLC,” as far as I can tell. This is a copy of how Paraiba World and Unique Private Bank use shell companies.
On July 18, FINMA warned about securities fraud by Unique Crypto LLC.
Aside from BaFin’s warning about securities fraud at the end of 2020, German authorities haven’t done anything about Ely or his Ponzi schemes, Paraiba World and Trillant.