New Zealand’s Financial Markets Authority (FMA) has issued a securities fraud warning against AkashX, a company that promises passive returns through a trading bot.
The warning comes after the FMA became aware of online webinars hosted by AkashX promoters in New Zealand, where the company is not authorized to provide financial services.
Here are The Red Flags
AkashX has several red flags associated with it. The company is not licensed or registered to provide advice about financial products to New Zealand investors.
Additionally, its parent company, My Daily Choice, and CEO Josh Zwagil’s other company, MLM Protec LLC, are not registered with the SEC or CFTC.
This lack of transparency and regulatory compliance raises serious concerns about the legitimacy of AkashX’s business practices ¹.
The fake Domains
The FMA has also identified several domains associated with AkashX, including:
– (link unavailable) This domain has been disabled as of May 3rd, 2025.
– wealthmaster101: This domain is registered to Three Son Marketing LLC, a Florida shell company owned by Lynette Henk.
– (link unavailable) This domain is registered to Thomas Dewerzeny, a German AkashX promoter who has been promoting the company since December 2024.
The potential Risks
Investing in AkashX or any other unregistered company can be risky.
Without proper regulatory oversight, investors may be exposed to scams, Ponzi schemes, or other financial malfeasance.
AkashX’s promise of passive returns through a trading bot may be too good to be true, and investors should exercise caution when dealing with the company or its promoters.
Get to know AkashX’s History
AkashX is not a new company, having been registered in 2019. However, its first iteration collapsed in August 2023.
CEO Josh Zwagil has been promoting the company through various means, including online webinars and social media.
Despite its claims, AkashX’s website has a mixed reputation, with some users questioning its legitimacy ¹ ².
What to Watch Out For
When dealing with AkashX or any other investment opportunity, watch out for these warning signs:
– Unregistered companies: Make sure the company is registered with the relevant regulatory authorities.
– Unlicensed financial advisors: Ensure that the company’s financial advisors are properly licensed and registered.
– Too-good-to-be-true promises: Be wary of investment opportunities that promise unusually high returns with little risk.
– Lack of transparency: Be cautious of companies that lack transparency in their business practices or financial dealings.
Conclusion
AkashX’s securities fraud warning from New Zealand’s FMA is a serious red flag that investors should not ignore.
While the company promises passive returns through a trading bot, its lack of regulatory compliance and transparency raises serious concerns about its legitimacy.
Investors should exercise caution when dealing with AkashX or its promoters and do their due diligence before investing in any company.
If you’ve invested in AkashX or any other unregistered company, it’s essential to take action to protect yourself. Here are some steps you can take:
– Report the scam: File a report with the relevant authorities, such as the FMA or SEC.
– Seek legal advice: Consult with a lawyer who specializes in securities law to explore your options for recovering your investment.
– Warn others: Share your experience with others to prevent them from falling victim to the same scam.
