South Africa’s Monetary Sector Conduct Authority has issued a pyramid scheme fraud alert for the Prosperity Grid. In accordance with the report, “many considerations acquired from the general public” sparked the Prosperity Grid probe.
The FSCA has warned that it “seems to be a pyramid rip-off, whose functioning is prohibited” after conducting an preliminary examination of The Prosperity Grid. The FSCA is a monetary regulator, which is unlucky.
In mild of the FSCA’s place that it lacks authority over pyramid schemes, now we have concluded our investigation however urge warning on the a part of most people.
Which means that if there was securities fraud concerned in an MLM alternative, then the matter can be pursued.
Nonetheless, the FSCA is broadly identified to be gradual to behave when confronted with apparent circumstances of securities fraud. At the least the FSCA is taking motion right here, even when it’s only deflecting accountability.
The FSCA has knowledgeable different South African regulatory and authority our bodies of the state of affairs and requested them to assessment it and take applicable motion.
The Prosperity Grid was evaluated by us. We found a simple giving plan that relied on a pyramid of latest members. The decline of the Prosperity Grid was first seen by us final month.
This was as a result of discount of preliminary registration charges from $500 to simply $12. Guests to the webpage for The Prosperity Grid are scarce. It appears the rip-off has failed, which will definitely lead to extra complaints being filed with the FSCA.
We talked about in our assessment that South Africans are in command of and the target market for The Prosperity Grid.