Multi-Level Marketing within the cryptocurrency markets has left a good number of investors stranded in 2018. The new form of selling Security Tokens gained popularity based on the lucrative ROI’s promised. Berlin Group is among the latest MLM crypto oriented firm to find itself in the Ponzi mess after promising a 168% Return on Investment every two months.
The operations of this firm were not laid out clearly apart from the existence of a ‘recycle bot’ which is tasked with the revenue generation. Berlin Group is barely a year old yet its investors are sad market participants as of press date; the crypto hopefuls are currently buying excuses from the firm’s management.
At the moment, Berlin Group’s website is non-functional which makes their credibility highly questionable. The journey has been quite eventful especially with the disappearance of investment funds and everyday ‘stories’ from the custodians.
On record, Berlin Group’s CEO was Joachim Pydde. However, the happenings within the past few months indicate otherwise whereby the main man appears to be Laurie Suarez. Mr. Suarez has a record of engaging in fraudulent activities in Australia where he was convicted of scamming within the construction arena. It is therefore no surprise that Suarez managed to pull off as a crypto expert and run Berlin Group’s activities.
In efforts to save the company’s face, Suarez communicated to the stakeholders referring to a recording done earlier by Pydde. He disagrees with the sentiments shared by Pydde that probably signalled Berlin Group is indeed another MLM Ponzi scheme. However, this recording is yet to be found for proper interpretation.
Suarez defends himself by claiming that Pydde ran away with a good portion of the investors’ money. On the other hand, Suarez continues to fraud unsuspecting investors with the ‘recycling bot’ idea although it’s now an uphill task.
The most recent news sold to the Berlin Group investors was an alliance with an East Africa based Oil & Gas company. Suarez put word out that Pellegrino, will be a venture partner with Berlin Group & act as their new Financial Instrument. Furthermore, the ‘partnership’ is meant to improve the ecosystem of Berlin Group’s crypto community. It is clear for any crypto or investment expert that the affirming words by Suarez are a mere market PR stunt for an almost dead Ponzi scheme!
In addition, Pellegrino Oil and Gas has insufficient online information to verify its operations which leaves a probability that it is non-existent. The truthfulness of this joint venture is also almost valueless to the ‘recycle bot’ design promised to investors despite Suarez’s efforts to use it as a tool for neutralization.
Based on the information analysed so far, Pydde made away as soon as the opportunity presented itself and Suarez is on a mission to milk unsuspecting investors dry. The two involved jurisdictions that is Uganda & Australia are not likely to pursue any claims that may arise from this fraud due to its crypto nature. As of press date, the two scammers might have already laundered their money via crypto friendly nations and integrated it into the system with almost no traces.
Most or all Ponzi schemes have a bad ending for investors who realize the trick when it’s too late. This is the same scenario with Berlin Group where Suarez is buying time for an abrupt exit that will leave investors stranded.