NewNetQuest - Advisory Warning No. 2 of 2008 (2008-07-25)

Summary

This is a public advisory issued by the BVI Financial Services Commission warning that NewNetQuest appears to be operating as a pyramid scheme targeting BVI residents. The Commission confirms it does not regulate, authorise or endorse NewNetQuest and urges caution.

• Nature of warning: NewNetQuest is flagged as a potential pyramid scheme, described as a chain letter style arrangement relying on new investors to pay earlier investors.
• Regulatory status: The Commission states it does not regulate such schemes and has not authorised or endorsed NewNetQuest.
• Public guidance: Members of the public are advised to exercise extreme caution when dealing with NewNetQuest and other pyramid schemes due to risk of financial loss.
• Reporting channel: The public is invited to provide the Commission with information on questionable entities operating in or from the Territory, via email or telephone.

The advisory is informational in nature and does not create ongoing compliance obligations for regulated entities; it is aimed at protecting the general public from a specific unregulated scheme.

Applies to

general public