\u201cWhile the investigation is in its early stages, we believe we have a duty to publicise this potentially illegal scheme so Kiwis are aware of the risk of becoming involved,\u201d Callinan said.<\/p>\n
\u201cIt is important that any potential harm is limited.\u201d<\/p>\n
The commission said the scheme has relatively low-cost joining fees, meaning many participants have multiple memberships.<\/p>\n
\u201cIt is crucial people do their due diligence before becoming involved in schemes of this nature \u2013 if something seems too good to be true, there\u2019s a good chance it is,\u201d Callinan said.<\/p>\n
The commission also issued a warning about a Wellington-based scheme encouraging people to invest in cryptocurrency investment trading platforms, informing them they will receive a significant return on investment.<\/p>\n
While the commission said that in its interim view it did not believe the scheme was a pyramid scheme, it had received concerns about it.<\/p>\n
The scheme originates internationally and was initially known as TXEX, but has several other names, including: UICEX, CR GLOBAL, Signal Trader, BG Wealth Sharing Group and DSJ EX.<\/p>\n
\u201cSchemes present themselves in different forms, with different investment requirements and methods of promotion. These schemes entice people by promising high returns quickly and an opportunity to create ongoing wealth, which is typical of these scams,\u201d Callinan said.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cWhile the investigation is in its early stages, we believe we have a duty to publicise this potentially…\n","protected":false},"author":2,"featured_media":325287,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[175430,138,7520,2371,1976,134,17709,29819,175432,111,139,69,3545,6046,29538,175431,3170,17197],"class_list":["post-325286","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-baybased","tag-business","tag-commerce","tag-commission","tag-hawkes","tag-health","tag-investigating","tag-involving","tag-livegood","tag-new-zealand","tag-newzealand","tag-nz","tag-platform","tag-potential","tag-probes","tag-pyramid","tag-scheme","tag-supplements"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/325286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=325286"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/325286\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/325287"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=325286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=325286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=325286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}