YEM and the YEM Basis have acquired a securities fraud warning from Austria.
As per the Monetary Market Authority’s thirteenth Could warning;
The FMA warns traders in opposition to concluding transactions with: YEM / YEM Basis
This supplier is just not authorised to hold out banking transactions in Austria that require a licence.
That is the equal of a securities fraud warning in different jurisdictions.
For these not accustomed to YEM, it stands for Your On a regular basis Cash. Past that, YEM is an ERC-20 shitcoin and there’s not a lot else to it.
YEM ties into MLM via the failed MLM firm Wazzub.
Wazzub launched in 2011 as a “we’re gonna be the following Google and pay you!” MLM firm. That flopped and after numerous failed observe up schemes, circa 2019 what was left of Wazzub was funneled into the Unicorn Community.
That didn’t go anyplace and in 2021, the final time BehindMLM revisited Wazzub, serial scammer Anthony Norman was feeding Wazzub traders into his personal secure of scams.
Norman’s scamming had run its course by late 2021. His post-YEM Ponzi schemes didn’t go anyplace.
As of April 2023, listed below are the scammers behind and working what’s left of YEM:
- Jorge Sebastiao – President
- Dan Settgast – Vice President
- Andrew Reid – Treasurer
- Amante C. Elnar – Secretary
- Rodolfo Abalos – Provisional Director
- Henry Mbidde – Director
- Empress Namagembe – Director
Sebastiao and Settgast are in cost. Each look like hiding in Dubai, making YEM one more Dubai-based rip-off.
On its web site, YEM Basis offers shell firm particulars for a nonprofit registered in Nevada. YEM in fact has no precise bodily or enterprise ties to the US.
Different shell corporations and/or web sites hooked up to YEM embrace:
- YEMChain
- Yem Alternate
- Digital Pockets Heart
- Digital Alternate Heart
- Digital Property Consulting
- Paid with YEM
- DigiRank On-line
- Financial institution Bene Merenti and
- YEM Supporters Membership
Visitors to YEM’s numerous web sites is negligible such that SimilarWeb doesn’t present geo info.
Evidently YEM continues to be being marketed in Austria although, prompting the FMA to take discover and concern a warning.
