MBI International/MFC Club – Legal Proceedings Commenced

Background

MBI International or MFC Club (MFC) began operating in New Zealand around 2015. It has been promoted as an investment scheme via seminars and presentations, predominantly within the Chinese speaking community in Auckland.

Investors were encouraged to recruit other friends and family to invest.

Warnings from the Financial Markets Authority

The Financial Markets Authority (FMA) issued several warnings over the conduct of MFC.

The FMA had reports of statements being made about MFC Club that may be either unsubstantiated and/or false and misleading, including that MFC Club is an investment and the value of any investment will double each year.

The FMA noted that the scheme may not be a regulated product in New Zealand and suggested that people exercise caution when dealing with MFC Club.

Summary

McLean Law Limited has commenced proceedings on behalf of Plaintiffs who alleged losses due to investing in MFC. If you have lost money through investing in MFC and would like advice on your rights or legal representation, contact us today.