Eaconomy LLC

Eaconomy offers financial services and products in the foreign exchange market, including financial contracts for difference (CFDs), through the trading tools Eminus and Manara. There are several restrictions on the marketing, distribution, and sale of CFDs to retail clients in Norway.

The Norwegian Consumer Authority (Forbrukertilsynet) urges consumers to be critical of marketing that promises high returns and low risk, attempts to recruit new members/customers, and companies that make promises in their marketing that seem too good to be true.

Forbrukertilsynet monitors pyramid schemes, and we have also received several complaints about Eaconomy. Based on the information from Finanstilsynet's investigations and the complaints we have received, we see that Eaconomy has several similarities with illegal pyramid schemes.

It is illegal to establish, operate, or market such schemes. Pyramid schemes can be enticing for many. Therefore, it is important to remember that even though the people marketing such concepts and the company's websites may seem professional and trustworthy, they are not necessarily so in reality. For more information about pyramid schemes and the characteristics to look for to identify them, Forbrukertilsynet has prepared an information page on the topic

Finanstilsynet and Forbrukertilsynet therefore warn against entering into agreements or using the services of Eaconomy. If one does so, one must be prepared to lose all the money invested in the system.

Finanstilsynet and Forbrukertilsynet are aware that private individuals in Norway who are members of the "Eaconomy community" are actively trying to recruit new customers to the company, promising high and quick profits. Finanstilsynet reminds that both providing investment services without the necessary authorization and assisting in this are illegal, and Finanstilsynet can impose fines and/or report such activity to the police.

Forbukertilsynet points out that pyramid schemes are prohibited, although it has not concluded in this specific case. Forbrukertilsynet notes that when a company does not have permission to operate in Norway or when the business is in violation of Norwegian law, the marketing of the company in Norway is also prohibited. In case of violations of the ban on pyramid schemes and the ban on unfair commercial practices, Forburkertilsynet can impose both coercive fines and infringement fines.