Ellev8 Securities Fraud: Truth Exposed 2023

Ellev8 – Offering financial advice without registration, misleading promotions

Ellev8 operates as an investment management and financial advising platform. Recent user feedback suggests potential issues, with some claiming it’s fraudulent and withholding users’ funds.

Concerns raised in user comments, evaluations, and reviews highlight Ellev8 Securities Fraud and the potential risks associated with the platform. Caution is advised for those considering involvement. For further details, refer to this warning from New Zealand.

FMA: Ellev8 – Offering financial advice without registration, misleading promotions

Exercise caution when dealing with Ellev8, its affiliates, or anyone endorsing its services. Ellev8 provides courses on foreign exchange and cryptocurrency trading, seemingly utilizing multi-level marketing strategies.

A key concern is Ellev’s provision of financial advice without regulatory oversight in New Zealand. Not being registered on the Financial Service Providers Register raises doubts about its authorization to offer financial advice to New Zealand residents.

Moreover, Ellev8’s promotional efforts may create a misleading perception that substantial profits are easily attainable in financial markets through its training courses.

Trading in foreign exchange and cryptocurrencies carries inherent risks, potentially leading to financial losses.

Ellev8 operates as an unregulated platform, lacking information about its location, founders, or team. Negative reviews and complaints dominate the available feedback.

In evaluating a trading partner, iBuumerang’s association with Ellev within the MBA framework raises concerns.

Ellev’s touted technique resembles a “too good to be true” scenario. Expectations of special treatment should be reevaluated. The company remains opaque about its founders and team.

For those considering trading platforms, it’s crucial to exercise diligence and consider well-established, regulated alternatives to mitigate risks.

As per the FMA’s October 12th warning;

As a result of Ellev8 committing securities fraud, the FMA goes on to

FMA also notes concerns about how Ellev8 is being marketed.

Ellev8, owned by Holton Buggs, is associated with iBuumerang, a company in the MLM industry.

Buggs initially gained recognition in the MLM industry through Organo Gold (now Organo).

Around 2018, Buggs shifted from Organo to engage in cryptocurrency fraud.

Subsequently, he introduced several MLM Ponzi schemes, directing iBuumerang distributors into them.

In a complex web, Buggs integrated his own MLM Ponzi schemes into The Trader’s Domain.

Unfortunately, The Traders Domain experienced a collapse in late 2022. Reports suggest Buggs embezzled over a hundred million dollars through this and his personal Ponzi schemes.

Ellev8 operates through its dedicated website, “ellev8.com.” In November 2023, the site garnered approximately 5,000 visits, as reported by SimilarWeb.

Analyzing Ellev’s web traffic, 52% originated from the Czech Republic, 16% from New Zealand, 12% from Australia, and 11% from the United States.

Comparatively, iBuumerang faced a similar scenario, with SimilarWeb recording around 4,200 visits to its website during the same period.

What Do The Users Say About Ellev8 Securities Fraud

No Regulation

A crypto enthusiast has labeled this company as a scam, echoing the sentiments of numerous investors who have not received their funds. He strongly advises against trusting or investing in an unregulated broker.

Ellev8 is surrounded by misleading positive reviews, attempting to present itself as a legitimate company. However, this is far from the truth. When we attempt to expose their true identity in an article, they accuse us of competition.

Attempting to withdraw your capital or profits from Ellev leads to a barrage of excuses. They insist on commission payments or other fees, reinforcing suspicions of fraudulent activities. Be cautious; these commissions are deceptive, and designed to extract more money from unsuspecting users.

Stay vigilant and avoid falling into the trap set by Ellev. The so-called commissions are not legitimate; they are merely a tactic to increase their profits at your expense.

How Ellev8 Scams People

A user shared a concerning experience with Ellev, claiming to have fallen victim to a scam. According to the user, he was unaware of the return policy when he joined, and the company allegedly coerced him into spending $440. Despite promises of a monetary return, he has yet to receive any funds.

The user followed the guidance of his mentor, but the payment process was never explained. Instead, he felt pressured to invest his last remaining funds, leading to significant financial hardship. In his view, the entire experience with Ellev has proven to be a deceptive scheme.

In 2020 or 2021, the mushroom coffee MLM underwent a name change to become the Happy Co. However, a user has raised concerns, labeling it as yet another Crypto/Forex trading scam.

How ibuumerang & Ellev8 Work 

iBuumerang lacks a clear operational style, predominantly leaning towards multi-level marketing services, with an associated business partnership with Ellev8 through MBA. Engaging with a trading broker like Ellev8 in this scenario raises concerns.

In the highly unpredictable market, anticipating guaranteed returns on your investment is unrealistic. Both iBuumerang and Ellev follow a strategy that mirrors numerous others, making the expectation of preferential treatment impractical. Notably, the broker maintains a lack of transparency regarding its leadership.

In the volatile market, achieving consistent profits is challenging. Caution is advised when considering iBuumerang and Ellev, as their approach aligns with common industry practices. Additionally, Ellev8, linked to iBuumerang, poses questions about its leadership, adding an extra layer of uncertainty to the trading partnership.

Conclusion:

Ellev8 raises serious concerns about its legitimacy as a trading platform due to its lack of regulation and undisclosed location. A thorough search for information and reviews reveals a notable presence of negative feedback, complaints, and unfavorable opinions.

Compounding these issues is the absence of Ellev on the radar of reputable regulatory bodies. Operating without the necessary regulatory procedures is not only suspicious but also illegal. Many countries have established responsible authorities tasked with authorizing and overseeing the operations of trading platforms.

In light of these findings, potential users should exercise caution and consider more transparent and regulated alternatives for their financial activities. Always prioritize platforms that adhere to regulatory standards to ensure the security and legality of your investments.