Quebec Issues Investor Alert On WCM777

This image of a golden pyramid appeared on the Global-Unity website last month.

UPDATED 6:42 P.M. EDT (U.S.A.) The Autorité des marchés financiers (AMF) has issued an Investor Alert on the WCM777 MLM “program.”

Quebec’s securities regulator now joins at least nine other jurisdictions issuing Investor Alerts or filing actions against WCM777, also known as World Capital Market, Kingdom777 and Global-Unity. Global-Unity recently used a photo of a golden pyramid on its website, a possible taunt at regulators.

Some WCM777 pitchmen claimed that $14,000 sent to the “program” returned $500,000 in a year.

“World Capital Market, Inc., WCM777, Inc. and WCM777 Limited and their officers and representatives, Ming Xu, Zhi Liu and Harold Zapata, are not registered with the AMF and did not obtain a receipt for a prospectus from the AMF,” AMF said. “Consequently, any solicitation of Québec investors by these firms and individuals could violate the Québec Securities Act.”

AMF said the “scheme originated in California and is offered mainly as part of hotel presentations and through Internet ads and webinars.”

Quebec’s move brings the unofficial total of jurisdictions or regulatory agencies filing actions or issuing Investor Alerts against WCM777 to 10. The others are the country of Peru, the country of Colombia, the state of Massachusetts, the state of California, the state of Colorado, the state of Louisiana, the state of New Hampshire, the state of Alaska, the province of New Brunswick.

There are many mysterious things about WCM777.

From AMF (italics added):

If you have responded to solicitations related to WCM777 or any similar scheme, please contact an officer at our Information Centre.

Read the Quebec Investor Alert.