The Central Bank (BCU) issued a warning in the last hours aimed at the general public, investors and savers, regarding the firm called “Be” (formerly Melius) or “Sky Team Experience”, which could involve operations based on pyramid schemes.
These signatures are not registered in the registers. of the Superintendence of Financial Services under any category of entity. youNor does it have authorization to operate from the regulator.
In detail, the official communication explains that in the information disclosed through social networks, as well as under the modality of courses and training or promotional events, “Investment in cryptocurrencies and the forex market is offered through the platform, as well as the possibility of receiving alerts about operations from presumed experts that can then be replicated instantly by subscribers.”
Background in the region
“Be” or “Sky Team” operates in several countries and for several years. Their activity was warned by the Colombian Financial Superintendence in December 2021, which denounced in a statement that the firms did not have “permits” to offer stock market services in that country.
The Quebec Financial Markets Authority (AMF)Canada, Canada, also warned in December 2020 that Be is not authorized to operate in that state, charging that the company “lures people in with the promise of acquiring wealth with little effort and without knowledge of foreign exchange or cryptocurrency.”
One of the leaders of the Be firm in Argentina is Pablo Collomb, who in a video that he uploaded on his personal Instagram indicated that the company is a “trading” academy (stock trading on the stock market) in which “you will be able to generate skills” with which “you press the button and you have control of your money”.
Asked about the difference between this firm and others accused of being pyramid schemes, he excused: “What sense does it make to give your money to a company that offers you 5, 10% per month, losing control of your money when all I can do is press 2, 3, 4 buttons and generate 20, 50, 100, 200, 500”.
Several leaders of Be including they performed at the Antel Arena in December 2021. One of the leaders, Matías Píriz, posted a video of the event on his personal Instagram.
Ponzi schemes
The BCU communication adds that the indicated companies offer benefits for referencing new clients, promising high returns. In addition, it explains that the business model used by the referred companies is an indicator that they could be operating according to a scheme “pyramidal”.
In so-called pyramid schemes the presumed profits generated by the first investors, instead of being generated by the real returns of their investment, are obtained or generated by their own investments or from the money contributed by other investors that are incorporated into the business, it is explained.
When investors try to withdraw the money invested, they are usually evaded or invited to reinvest to avoid withdrawing the funds. This operation “lacks any financial sustainability,” according to the BCU.
“Investors are warned that, when investing, in addition to considering who offers them the product, verifying that it is an entity authorized to do so, they must analyze in depth the characteristics of the financial instrument that they are offeredunderstanding the risk and return of said investment”, said the BCU.
“In particular, they should take into account that promises of high rates of return may be accompanied by high risks that are not commensurate with those they are willing to take,” he added.
recommendations
The BCU urged the public to be cautious around investment offers that present, in particular, the following characteristics:
– The people or companies that offer the investment or savingsas well as the instruments offered are not registered with the Central Bank of Uruguay.
– High returns with no associated risks or low risks are promised.
– Additional benefits are granted for referencing or introducing new clients to the business or giving access to your network of contacts.
– They have the sponsorship and testimonials of public figures (frequently paid) that appeal to their personal or business experiences with the company.
Likewise, it is suggested to the public that when investing, in order to find out if the company or the product offered is registered or has authorization to operate by the Superintendence of Financial Services of the BCU, consult the records available at your website.
