The trial of Sakaria Namwandi, one of the members of Asset Legacy Ponzi Scheme, for alleged forex investment fraud began at the High Court in Windhoek, Namibia, where Namwandi is accused of defrauding investors of 4.3 million Namibian dollars in 2019.
Members of the Asset Legacy platform have been charged with defrauding investors of $4.3 million
Namwandi solicited funds from early investors by luring people with promises of unusually high Investment returns through Asset Legacy Investment between June 2019 and October 2019, and then using money from later investors to repay them. This is a classic Ponzi scheme.
According to the indictment, which lists allegations against Namwandi and Asset Legacy Investment, more than 80 people who signed Investment agreements with Asset Legacy Investment were defrauded of a total of about S $4.3 million.
They also allegedly promised investors that they would earn 50 percent interest on their investment within 30 working days. They also encourage people to "pull heads," promising a promised return of 5% of the amount new investors put in.
According to the police investigation, the only source of income for Namwandi and Asset Legacy Investment was the money invested by investors, but the money was not traded on any foreign exchange platform, and Namwandi used some of the money from investors to buy a Mercedes-Benz E300 car for personal use. The property they rent and use as an office is also paid with investors' money.
In October 2019, the bank accounts of Namwandi and his associated companies were frozen, and in June of the following year, Namwandi was arrested and charged, and was granted bail at his first court appearance after his arrest.
When they went to trial this month, Namwandi and Asset Legacy Investment faced 123 counts of fraud, including theft under false pretenses, money laundering, racketeering, unauthorized banking, running a Ponzi scheme, as well as fraud (tax evasion) and non-payment of taxes. Namwandi denies the charges.
The prosecution adjourned his trial until April 18, 2023, when state counsel Constance Moyo is expected to begin presenting prosecution evidence to the court. Namwandi remains free on bail.
Namwandi was not the only member of Asset Legacy Investment to be charged in October 2019. Two other members of Asset Legacy Investment, Michael Amushelelo and Gregorie Cloete, were arrested. According to court records cited by the media, S $17.5 million was allegedly wired into and paid out of Amushelelo's Amushe Hello Investment bank account; S $15.5 million was transferred to Amushelelo's personal bank account. The funds were frozen by the Bank of Namibia (BON). The incident also prompted 50 investors to march in Windhoek in August 2020, asking BON to return their money.
FX110 survey: Asset Legacy is an unregulated platform
According to the investigation, the Asset Legacy Platform is advertised as a company legally registered in Australia to provide online foreign exchange investment trading services, Asset Legacy LIMITED registration number 102 177 917.
Upon enquiry, the Australian company registration number 102 177 917 corresponds to the company name ASSET CO PTY LIMITED, but the company does not have an AFSL and AR license licensed by ASIC Australia, and is obviously not regulated by ASIC Australia!
In other words, Asset Legacy is an unregulated black platform! FX110 has added it to the list of fake traders to warn the public!
FX110 reminds that the biggest common feature of the capital plate is that in the absence of a profit model and no external capital input, it promises you high returns, and then it will really cash you in the early stage, so that you think you can really get rich, inducing you to invest more capital and pull more people in, but the final result is that it hurts money and hurts people. It is not difficult to identify the capital plate, if you want to participate in the investment project to promote high returns, there are multiple layers of market commission system, basically you can be sure that this is the capital plate! Remember, stay away from the money plate! Before entering the gold must find out the platform details, choose a formal platform investment.
