Spain’s Comision Nacional del Mercado de Valores (CNMV) has issued a securities fraud notice to Mavie Global’s FinUp subsidiary.
Pursuant to the CNMV’s FinUp alert from January 13th;
Regarding the financial instruments listed in Article 2 of the Spanish Securities Markets and Investment Services Act, including, for those purposes, foreign currency transactions, the [CNMV] cautions that FinUp is not authorised to offer investment services and activities subject to activity restrictions under Article 129 of said Act.
Originally introduced as Ultron in 2022, FinUp is the fourth offshoot of the Mavie Global Ponzi scam.
In December 2024, the sixth Mavie Global offshoot, Travelution, a cheap travel multilevel marketing opportunity, was revealed.
Although the main Mavie Global Ponzi fell apart in June 2024, its offshoots continue to operate like zombies.
AI cryptocurrency trading is FinUp’s Ponzi scheme. FinUp not only doesn’t register with financial regulators, but it also doesn’t offer any concrete proof that it makes money from trading.
SimilarWeb recorded about 10,600 monthly visitors to FinUp’s website as of December 2024.
Ukraine accounts for half of FinUp’s website traffic, with France coming in third with 36% and the US with 4%.
Michael Prazenica, also known as Michal Prazenica, was and still is the CEO of Mavie Global, FinUp, and the other spinoffs.
Prazenica, who is originally from Europe, currently hides out in Dubai.
