Forbrukertilsynet Warns Against Unlicensed Investment Services
On March 23, 2026, Norway’s Consumer Authority (Forbrukertilsynet) issued a public securities fraud warning against Be Club (also known as Better Experience), SageMaster, and DeepSage. The authority stated that these entities are not licensed to offer investment services in Norway, yet they continue to market such services, including through large events held abroad.
The warning emphasizes that using these platforms is highly risky, as investors could lose all their money. It also reminds the public that it is illegal in Norway to offer investment advice or services without proper authorization from the Financial Supervisory Authority of Norway (Finanstilsynet).
Similarities to Illegal Pyramid Schemes
Forbrukertilsynet noted that, while it has not conducted a full investigation, the business model of Be Club shows several similarities to illegal pyramid schemes based on tips received and marketing observed on social media. Advertising or participating in such illegal services can result in fines or police reports.
This latest warning builds on previous alerts:
- Finanstilsynet issued a fraud warning against Be Club in 2023.
- The Norwegian Gambling Authority also stated in 2023 that Be Club has “clear similarities with illegal pyramid schemes.”
Background of Be Club and Its Iterations
Be Club is the latest version of a long-running scam operated by co-founders Monir, Moynul (Moyn), and Ehsaan Islam. The founders previously promoted OneCoin, a notorious Ponzi scheme.
The scheme has undergone multiple rebrands:
- Started as Melius in 2018, promising $50,000 trading accounts for $3,000.
- Rebooted as Be (Better Experience) in mid-2020.
- Later renamed Be Rules, and now operates as Be Club.
Current offerings include SageMaster (another investment scheme) and DeepSage (an AI-related grift). In late 2025, SageMaster shifted from sagemaster.io to sagemaster.com, likely to evade earlier warnings.
Global Regulatory Actions
Be Club and its predecessors have faced regulatory scrutiny in multiple jurisdictions:
- Quebec (2020)
- Colombia (2022)
- Uruguay (2023)
- Philippines (2023)
- New Zealand (2024)
- Ontario (2025)
- Luxembourg (2025)
- Austria (2025)
- Finland (2025)
- Poland (2025)
- Denmark (2026)
In January 2025, Moynul Islam downplayed the warnings, claiming it is “very common” for companies to receive such notices.
Current Traffic and Target Markets
As of February 2026:
- Be Club website: ~10,500 monthly visits, mainly from Italy (63%), India (7%), Germany (7%), Colombia (7%), and Vietnam (6%).
- SageMaster website: ~10,000 monthly visits, mainly from Italy (66%), Germany (12%), Colombia (9%), and Norway (6%).
Investor Warning
These platforms are not supervised by Norwegian authorities and operate without the required licenses. Investors should avoid them entirely. If you have already invested or been approached, report it to Forbrukertilsynet or your local financial regulator.
Always verify that any investment service is properly licensed before committing funds. High-return promises, especially in multi-level or “cashback” style programs, are major red flags for potential scams.
Stay safe and conduct thorough due diligence on any crypto or investment opportunity.
