The Prosperity Grid has acquired a pyramid scheme fraud warning from South Africa’s Monetary Sector Conduct Authority.
The Prosperity Grid investigation was prompted by “a number of complaints acquired from the general public”.
The FSCA advises that, following a preliminary investigation, it concluded The Prosperity Grid “seems to be a pyramid scheme, which operation is unlawful”.
Sadly the FSCA are a monetary regulator.
As pyramid schemes don’t fall inside the jurisdiction of the FSCA we’ve got closed our investigation however warn the general public to take care and train warning.
With respect to MLM, this implies they’d solely pursue the matter if securities fraud was current.
Even then although, the FSCA has a repute for dragging its toes within the face of blatant securities fraud.
In any occasion fortunately that is one occasion the FSCA have carried out one thing – even when it’s simply passing the buck.
The FSCA has referred the matter to different related regulators and authorities in South Africa, for them to think about and take additional motion if crucial.
BehindMLM reviewed The Prosperity Grid in August 2021. We discovered a easy gifting scheme, requiring pyramid recruitment to maintain it going.
Final month we famous The Prosperity Grid was collapsing. This was primarily based on the slashing of entry prices from $500 to only $126.
Site visitors to The Prosperity Grid’s web site is negligible. This implies the scheme has in all probability collapsed – and that doubtless lastly prompted complaints to the FSCA.
As famous in our evaluate, The Prosperity Grid is run by South Africans and primarily pitched to South African residents.