Following criminal charges being filed against Teddy Teow back in May, promotion of the MBI International Ponzi scheme appears to have shifted to New Zealand.
This has attracted the attention of the Financial Markets Authority, who yesterday issued an “unregistered business” warning.
According to the FMA, MBI International scammers have been targeting Auckland’s Chinese speaking community.
We understand that MFC Club is being promoted via seminars and presentations and have had reports of statements being made about MFC Club that may be either unsubstantiated and/or false and misleading, including that MFC Club is an investment and the value of any investment will double each year.
The FMA observe that MBI International isn’t registered to offer an investment opportunity in New Zealand, meaning there’s no regulatory recourse once investors realize they’ve been duped.
Last October Malaysian authorities estimated MBI International had duped around 350,000 affiliates out of $165 million dollars.
BehindMLM reviewed MBI International in June 2016. Based on analysis of the company’s business model and compensation, we concluded MBI International was a Ponzi scheme.