John Dalli is a former EU Commissioner for well being. He’s additionally Malta’s former Minister of Finance and Financial system.
In what isn’t a lot of a shock, Dalli is likely one of the faces selling the QuickX Ponzi scheme.
Dalli (proper) resigned as well being commissioner again in 2012, following an anti-fraud investigation into tobacco associated bribery.
That case is ongoing, with Dalli pleading not responsible final month.
In 2018 Dalli was appointed to QuickX’s Advisory Board.
QuickX is an crypto Ponzi scheme run from India by Kshitij and Vaibhav Adhlakha.
BehindMLM first got here throughout QuickX by means of Crypto Recommendation in 2019.
Crypto Recommendation was a Ponzi scheme constructed round QuickX’s QCX token.
The rip-off was fronted by Boris CEO Jordan Lucas…
…however believed to be operated from India by the Adhlakha brothers.
Presumably tying in to Dalli, Crypto Recommendation was arrange as a Maltese shell firm.
In 2021 BehindMLM reviewed Riseoo, one other MLM crypto Ponzi confirmed to be run by the Adhlakha brothers.
Crypto Recommendation has collapsed and its web site is lengthy gone. Riseoo’s web site continues to be up however recruitment has collapsed outdoors of Algeria.
Not tracked on any public change by CoinMarketCap, QCX token additionally seems to have collapsed.
QuickX’s former FaceBook web page has been deleted. The QuickX Twitter profile was deserted in December 2021.
Once more, tying into Dalli, QuickX operates by means of the Maltese shell firm QuickX Restricted. The Maltese deal with used to register QuickX belongs to Dalli.
Registered in 2018, QuickX Restricted to this point has didn’t file any annual or monetary studies.
Dalli’s ties to QuickX was not too long ago reported on by The Shift Information. A November sixth report additionally reveals the Malta Monetary Providers Authority not too long ago issued a QuickX securities fraud warning.
The Shift Information has been making an attempt to get the MFSA to take motion on QuickX and Dalli since early 2021.
The Shift has been engaged on the story for months. Questions have been despatched to the MFSA in January 2021, however the one reply obtained was that the Authority was wanting into the case.
Greater than a 12 months later, the MFSA has issued a warning when issues had gone too far, and numerous folks had suffered as a result of regulator’s lack of motion.
That is an all too acquainted story.
Previous to getting concerned in crypto fraud, Dalli was tied to
an operation scamming Christian believers out of their financial savings by persuading them to place their cash into her nonexistent scheme to ‘assist small-time gold-miners in Thailand’.
Dalli’s first crypto fraud scheme was Genius Capital Markets (Gen Arb), a collapsed Ponzi scheme Dalli heaped reward on in 2017.
Consistent with the state of MLM associated securities fraud regulation throughout Europe, Dalli’s first QuickX advertising and marketing speech noticed him converse on
how cryptocurrencies will enable folks to shift cash round with out being “spied upon” by legislation enforcement.
QuickX itself acknowledged in a press-release that
Dalli’s presence on the QuickX advisory board, in keeping with the corporate, “…can’t be understated because it may enable the start-up to acquire unequalled entry to authorities regulators – minimising regulatory uncertainty for the corporate”.
“Presently you’ll be hard-pressed to seek out token gross sales which were green-lighted by an institution participant.
That is what makes QuickX’s token sale [ICO] so distinctive, because it has the backing of Malta’s former finance minister John Dalli.”
Apart from MFSA’s “after the actual fact” warning, Maltese authorities have taken no motion in opposition to QuickX, Dalli or the Adhlakha brothers.
BehindMLM has lengthy lamented on the failure of European authorities to successfully fight MLM associated securities fraud.
An ex-Finance Minister and former EU Commissioner overtly defrauding shoppers by means of Ponzi schemes, whereas not stunning, displays extraordinarily poorly on Maltese authorities.
