NZ FMA Alerts People to Financial Services Offered by Convicted Pyramid Scheme Promoter Shelly Cullen

On June 18, 2024, the Financial Markets Authority of New Zealand (NZ FMA) issued a warning to alert the public to be cautious of financial and cryptocurrency products and services being promoted by Shelly Rose Cullen (Ms. Cullen).

“Ms. Cullen is known to target different communities in New Zealand to promote a variety of cryptocurrency and financial-related products and services, none of which appear to be regulated either in New Zealand or overseas,” the FMA stated.

Ms. Cullen is the Director of Dvyneways Limited, which offers payment card systems loaded with cryptocurrency (rather than traditional money). Dvyneways is a registered company but is not registered on the Financial Service Providers Register to provide financial products or services, as required by the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

Ms. Cullen was recently convicted on five counts of breaching Section 24 of the Fair Trading Act 1986, for her part in a pyramid selling scheme known as Lion’s Share, where around 83% of participants lost money.

The FMA has also received complaints about Ms. Cullen promoting other cryptocurrency schemes, including Mavie Global and Miracle Cash&More, which appear like Lion’s Share and are unregulated entities in New Zealand.

The New Zealand regulator further cautions against the following entities that are directly associated with Mavie Global:

• Ultron Foundation
• LottoDay
• FlipMe
• FinUp