Spain’s Comisión Nacional del Mercado de Valores has issued a securities fraud warning against QubitTech.
As per the CNMV’s January 11th warning, QuibiTech
is not authorised to provide the investment services detailed in Article 140 of the Spanish Securities Markets Act, which include investment advice, nor to provide the auxiliary services detailed in Article 141(a), (b), (d), (f) and (g) of said Act in relation to the financial instruments detailed in Article 2 of said Act, including, for those purposes, foreign currency transactions; and neither authorized to perform the activities reserved for collective investment institutions detailed in paragraph 1 of Article 1 of Law 35/2003, of 4 November, on Collective Investment Institutions.
This is the equivalent of a securities fraud warning in other jurisdictions.
BehindMLM reviewed QuibitTech last July. Based on its business model, we concluded QubitTech was a Ponzi scheme.
QubitTech committing securities fraud and operating illegally the world over reenforces this conclusion.
To the best of my knowledge Spain is the first country to issue a securities fraud warning against QubitTech.
QuibitTech is run by Greg Limon, who is believed to travel between the UK, Canada and Russia.
At the time of publication Alexa cites the top three sources of traffic to QubitTech’s website as Russia (23%), Italy (7%) and the Ukraine (6%).
I believe there is also a significant US investor base, who access QubitTech’s website through VPNs. For its part the company turns a blind eye to this activity.