ASIC has warned anyone thinking of sending money overseas to an organisation called LifeWealth8 that the scheme’s website contained information of concern to ASIC.
ASIC is concerned the scheme could be a pyramid-selling operation, which is illegal in Australia.
It is also concerned about the combination of three factors – the company is offshore, claims people can earn money by recruiting their friends, and seems to offer financial products to Australians without a licence.
ASIC has received complaints which seem to indicate that memberships have been promoted through ‘recruitment meetings’ in clubs and other venues across Australia.
Those with information about the scheme can contact ASIC on 1300 300 630 or at email@example.com.
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