New Zealand Law Society - FMA warning about Skyway Capital/SWIG

FMA warning about Skyway Capital/SWIG

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The Financial Markets Authority (FMA) has repeated a warning that Skyway Capital may be involved in a scam.

The FMA says it has learned that the business is continuing to conduct seminars throughout the North Island.

It says Skyway Capital is also known as Skyway Group and has most recently branded itself ‘SWIG’ (Skyway International Group).

The FMA first issued a warning in relation to Skyway and its associated entities on 12 July 2018 and this was reissued in July 2019.

It says all entities associated with SkyWay are not registered as financial service providers in New Zealand and therefore not permitted to provide financial services or products to New Zealand residents.

"It is understood that SWIG has been promoting the sale of investments including education packages that include a component of cryptocurrency (tokens) associated with SkyWay. The business has promoted itself on social media and held seminars in Auckland, Palmerston North, Rotorua, and other provincial areas.

"The FMA understands that Skyway has been focusing on New Zealand consumers, in particular, the Pasifika community.

"The FMA advises consumers to only deal with businesses or people that have been granted a licence or have been authorised by the FMA. This means free dispute resolution services are accessible if things go wrong."