The FMA is warning 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, promoting various cryptocurrency and financial-related products and services, none of which appear to be regulated either in New Zealand or overseas.
She 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.
You can find out more about that case on the Commerce Commission’s website.
Lion’s Share and Shelly Rose Cullen
ComCom secures conviction against promoter who claimed they'd be "one of the biggest scammers in NZ
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.
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.
Mavie Global is directly associated with the following entities, which we are also concerned about:
- Ultron Foundation,
- LottoDay,
- FlipMe, and
- FinUp.
If you have invested money and have concerns, please feel free to contact us.
ENTITY NAME: Shelly Cullen; Dvyneways; Mavie Global; Miracle Cash&More; DvyneCard
WEBSITE: Dvyneway.com; Mavie.Global; MiracleCash.com
ASSOCIATED WEBSITES: Ultron.Foundation; LottoDay.io; Flip-Me.com; FinUp.ai
