Their statement makes it clear that as a body registered and operating overseas NBFIRA have no power over them but that doesn't stop them warning people about scams, Ponzi schemes in particular.
The full text reads as follows:
I like NBFIRA. They have backbone and a determination to get off their backsides and do what needs to be done."PUBLIC NOTICEThe purpose of this notice is to alert the general public of persons who are marketing “high-yield” and possibly illegal investment schemes which purport to offer ‘guaranteed’ and above average returns. Such investment programs are often the latest iteration of the classic Ponzi or pyramid investment scheme where unsuspecting ‘investors’ have lost significant amounts of money.
The NBFIRA is aware of an investment vehicle currently being sold in Botswana by persons representing a company by the name of EUREX TRADE LTD, wherein a number of citizens of Botswana have invested their personal savings.
The NBFIRA hereby states the following:
In view of the above, the public is hereby notified that investments in EurEx Trade are considered to have been completed strictly at the investor’s own risk and states that NBFIRA is not in a position to provide assistance to persons who have invested in the above mentioned entity.
- EurEx Trade Ltd, a company registered in Panama and is not domiciled or registered to conduct investment business within the Republic of Botswana.
- EurEx Trade Ltd does not fall within the regulatory purview of NBFIRA and has not been registered, licensed, approved and/or endorsed by NBFIRA to sell investment instruments locally.
- NBFIRA has not licensed any fund management companies nor their agents to sell EUREX Trade products in Botswana
- As EurEx Trade is conducting an offshore internet-based business only, NBFIRA has been unable to conduct an in-depth analysis or verification of the true nature of this business and consequently has multiple concerns regarding the financial credibility and conduct of business ethics of such an operation.
NBFIRA has noted with concern the recent rise in reported incidences of fraudulent financial schemes being promoted to the public and intends to regularly issue public notices in cases where the problem can be clearly identified. As a part of our financial literacy program, the Authority will shortly release an informative paper discussing the warning signs of Ponzi schemes and other financial scams though our website-www.nbfira.org.bw
Lastly, the public is advised to always seek professional advice from trained and licensed financial consultants as well as undertake its own due diligence in all investment decisions. The public should be aware and take heed of the well-known Latin axiom: Caveat Emptor—’let the buyer beware’; before investing personal savings.
Mr. Melville Brown
ACTING CHIEF EXECUTIVE OFFICER"
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