Market regulator CMVM has sounded the alert over Viral Angels – the virtual club that claims to be the world’s largest private investment network and whose slogan is “If you’re not in, you’re out”.
The ethos of Viral Angels is to invite people to back start-up companies, saying the “secret” of success is to work with companies before they become public.
CMVM warns that Viral Angels is not registered to operate in Portugal.
It’s a warning that follows similar alerts sounded by consumer association DECO last year, which stressed that VA was offering a “dangerous combination”: the “promises of high returns with virtually no risks, using the pyramid structure where members are compensated for the recruitment and activity of other members”.
