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Law
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What the FMA learnt from Validus

The financial watchdog opens up to NBR about the Validus saga.

Validus co-founders Parwiz Daud and Mansour Tawafi were connected to the infamous OneCoin scam.

Key points
  • What’s at stake: The Financial Markets Authority believes it is ready to act swiftly when it encounters the next Validus.
  • Background: The FMA issued Dubai-based multi-level marketing company Validus a permanent stop order in July, prohibiting the company from offering financial products in New Zealand.
  • Key players: Liam Mason, Financial Markets Authority, Validus, Parwiz Daud, Mansour Tawafi, Will Irving, Mark Schroder.

The Financial Markets Authority had never come across a company quite like Validus when it began to descend on the country’s Tongan community in 2022.

It married together multi-level marketing, cryptocurrencies, financial products and foreign exchange trading courses into an unholy union that was

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Contact the Writer: nicholas@nbr.co.nz
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Key points
  • What’s at stake: The Financial Markets Authority believes it is ready to act swiftly when it encounters the next Validus.
  • Background: The FMA issued Dubai-based multi-level marketing company Validus a permanent stop order in July, prohibiting the company from offering financial products in New Zealand.
  • Key players: Liam Mason, Financial Markets Authority, Validus, Parwiz Daud, Mansour Tawafi, Will Irving, Mark Schroder.
What the FMA learnt from Validus
Law,
102001