Avlitex Faces Fraud Securities Warning in Ontario
On May 23, 2025, the Ontario Securities Commission (OSC) flagged Avlitex faces fraud, noting the company lacks registration to trade securities in Ontario. The OSC pointed to two now-disabled Avlitex websites, “avlitex.global” and “avlitex.com.” The company has since shifted to a new domain, “avlitex-global.com,” registered privately on February 21, 2025.
Behind the Avlitex Fraud
Avlitex, a crypto Ponzi scheme, is fronted by a fictional CEO, “Raymond Norbury,” portrayed by an actor with an Eastern European accent. This aligns with typical Russian/Ukrainian Ponzi tactics using fake personas. Initially pitched as a crypto mining venture, Avlitex has pivoted to a “shitcoin” exit scam centered around its AVL Token.
Recent Developments
In a June 10, 2025, video on Avlitex’s YouTube channel, “Norbury” discussed the company’s vision, AVL Token pre-sale phases, and plans for a public launch on major exchanges. The scam is likely to convert investor funds into AVL Tokens before the operators vanish.
Avlitex’s Fading Footprint
Modere’s private equity owner, Capital Group LLC, reportedly sold the company to Shaklee, leaving employees and suppliers empty-handed. Former CEO Nate Frazier, accused of misleading stakeholders, has remained silent. While CSB’s lawsuit in Utah state court limits public details, the employee class-action continues to unfold. Stay tuned for updates.