Public Statement - MR. LEVERE WENT and FLOW MONEY SYSTEM (2018-04-19)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission (FSC) warning that Mr. Levere Went and an entity called Flow Money System (FMS) have never been licensed or regulated by the FSC to conduct any financial services business in or from the BVI.

• Allegation: Mr. Levere Went and FMS are believed to be promoting or carrying on unauthorised financial services business, including unauthorised investment business, without the requisite FSC licence.
• Scheme details: The scheme reportedly induces participants to purchase Bitcoin cryptocurrency to join, then earn multi-level rewards through a matrix reward system by recruiting others.
• Public warning: The FSC warns the public against participating in such schemes.
• Call for information: The public is invited to provide the FSC with relevant information about this matter or other questionable entities purportedly operating in or from the BVI.

The statement is issued under Section 37A(2)(a) and (c) of the Financial Services Commission Act, 2001, and is purely informational in nature, alerting the public to an unlicensed operator rather than imposing new regulatory requirements on licensed entities.