Of all the news we reported last week, the news that Pennywise Wealth Management site crashed hurts the most.
Worried investors have expressed their fear and anger on Twitter and Nairaland since Pennywise Wealth Management Ltd site became unreachable. The company, which promised its investors 2% daily returns recently demanded a $50 maintenance fee and allegedly deleted customer accounts that didn’t pay.
Pennywise issued a statement that its site would be under maintenance until August 21 so people thought everything would be fine. But it hasn’t come back, and investors have not been able to contact the organisers 💔. There have also been reports of deleted Pennywise Telegram groups.
According to an investigation by Nogofallmaga, Pennywise may not be a legitimate company. Another report published in 2012, says that a company with a similar name (Pennywise Royal Ltd) disappeared with 1.93 billion in investor funds between 2006 and 2008. We hope that this is not history repeating itself. Investors are hopeful that the company is only experiencing some delays and will be back soon. But as with all schemes which the reports mentioned declares this one to be, this could truly be the end.
In the conclusion of its analysis on Pennywise Wealth Management, the site Nogofallmaga stated “we advise the general public to not conduct any form of business with the above-listed domains. Furthermore, anyone who has funds to invest should always make sure that the entity they are going to hand over their funds to is duly registered with the appropriate authorities in their country of operation.”