WEWE Global is an international financial services platform that experienced a significant increase in its clientele in 2023, particularly from Italy, through the use of virtual tokens (WEWEX Tokens) to execute transactions and generate profits. However, this success has not been without discrepancies, as many Italian customers are now considering legal avenues to resolve disputes and controversies related to the services offered by the company.

The company rapidly gained ground in Italy, touting a purported wide range of financial services and the ease with which customers can access personalised solutions. Its online presence, apparent transparency, and efficiency in providing services contributed to its popularity in the country. In particular, investment services attracted a large number of Italian clients seeking convenient innovative financial solutions and easy gains without actively managing their investments in the digital world.

Unfortunately, what seemed like easy enrichment for all now appears to be turning into a global scam. Many WEWE Global investors have been reporting issues with unauthorised transactions, delays in money transfers, and discrepancies on the website in recent weeks.

The most significant concern that has emerged is that the investment system proposed by WEWE Global may turn out to be a "Ponzi Scheme": a well-known fraudulent model that promises lucrative returns to investors, but in fact the returns are generated by using the money that new members believe they are investing; no money is actually invested and therefore does not generate real profits, the wrongdoers are the only ones that benefit. As a Ponzi scheme progresses it inevitably crashes as there are insufficient new investors to support the financial expectations of the existing investors. 

Vito Anello,  a Senior Associate, commented "Frequently the individuals targeted in Ponzi schemes are novice investors 133196a.jpgand are promised returns that are not feasible, which as novices they do not recognise as such. Also, the new investors are often "befriended" by the wrongdoers and believe that they are being given  the opportunity of a lifetime". Vito further pointed out "The novice investors therefore, in good faith, frequently recruit new investors from amongst their own circle as they innocently believe they are dealing with a legitimate trading platform. This is not to be confused with a Pyramid scheme where targets are actively encouraged to recruit new members by suggesting that they can make money through the scheme. Both schemes are illegal in many jurisdictions."

As evidence of WEWE Global being an unreliable investment entity, it appears that the company recently changed its name to "The Blockchain Era" in an attempt to evade negative reviews and clarification requests from its users.

Italian authorities, especially the Guardia di Finanza, have already targeted the platform and the fraudulent network of promoters operating in various involved countries. Additionally, the Financial Markets Authority (FMA) in New Zealand declared in a statement, that there is a complete lack of authorisations permitting WEWE Global to offer investment services.

In response to numerous recent assistance requests, Giambrone & Partners is spearheading a Class Action (group litigation) on behalf of all clients, both Italian and non-Italian, who have paid sums of money for the alleged lucrative investments with WEWE Global. The lawyers from the international financial litigation department of Giambrone & Partners are developing a collective legal action against WEWE Global to obtain compensation for the clients who appear to have suffered losses. Group litigation is a compelling strategy that demonstrates to a court that the deception complained of has been repeated many times and therefore is a deliberate attempt to defraud rather than a one-off anomaly that was unintended.

Giambrone & Partners banking and financial fraud litigation team have a wealth of experience in dealing with the consequences of financial fraud and have had considerable success in restoring our clients' lost funds. We are one of the leading law firms dealing with crypto fraud having developed a strategy to enable the courts to target the wrongdoers through blockchain technology and successfully persuaded the court of England & Wales to allow a worldwide freezing order, minted as a non-fungible token (NFT), to be served though the blockchain to persons unknown in the case D'Aloia -v-. (1) Persons Unknown (2) Binance Holdings Limited and others, the first in Europe has been a turning point in the legal pursuit of crypto fraudsters and offers hope to the victims of crypto investment fraud.

This achievement has been further bolstered by a further decision by the England & Wales court to grant summary judgment in a crypto fraud case where both the victim and the perpetrators are based abroad.

Vito Anello, specialises in the regulation of online trading platforms and the recovery of investment funds made in the financial world. Advice and legal assistance to clients undertaking investment activities involving financial instruments of all types, both for contractual matters in compliance with Italian and European regulations. 

He deals with the regulation of financial markets, with a specific focus on investment services and activities and collective asset management. In particular, he assists private clients, companies and financial intermediaries, both Italian and international, in the wide areas of sector compliance, prudential rules and financial regulation. He also has experience in the field of crypto-assets and blockchain.

Vito possesses in-depth professional experience and communication skills, along with a solid commitment and research orientation. The principal activities are to manage the various activities related to legal assistance and advice, seeking to establish strong relationships of trust with clients.

If you believe you have been targeted by WEWE Global and would like to know more about Giambrone & Partners' proposed group litigation, please click here.