Kenya Capital Markets Authority warns of 15 investment scams

Kenya’s Capital Markets Authority (CMA) has issued a public warning against 15 investment platforms accused of operating unlawfully and fraudulently soliciting funds from the public. The regulator stated that these entities are offering investment services, including cryptocurrency, forex trading, and Money Market Funds (MMFs), without the necessary licenses or approvals.

Among the flagged entities is Ultima, which is identified as a current iteration of a long-running multi-level marketing (MLM) cryptocurrency Ponzi scheme allegedly run by Alex Reinhardt. Reports indicate that Reinhardt has been linked to several previous schemes, including SwissCoin, PlatinCoin, and PlatinWorld, which also collapsed.

The CMA confirmed that the listed entities and individuals are currently under active investigation by the Directorate of Criminal Investigations (DCI) in collaboration with other law enforcement agencies. The regulator has urged the public to avoid these platforms and to report any fraudulent activities to the DCI.