Worldwide Investors Growth Group Loans Inc. - "WIGGL"

Published on: 23 August 2002

This notice is issued by the Financial Supervision Commission (“the Commission”) in accordance with the powers conferred upon it under Section 22 of the Financial Supervision Act 1988.

Worldwide Investors Growth Group Loans Inc. – “WIGGL” www.wiggl.com

WIGGL is believed to be an entity holding itself out as being a company incorporated in the Commonwealth of Dominica in the Caribbean. Registration details for the WIGGL website show an address of 7 Canefield Industrial Park, Canefield, Commonwealth of Dominica.

WIGGL is understood to be promoting itself as operating a High Yield Investment Program offering extremely high returns on money paid into the Program by investors. It is understood that WIGGL continues to solicit new investors into the Program.

The Commission would like to draw attention to the following in relation to WIGGL:

The authorities in the Commonwealth of Dominica have confirmed that WIGGL is not registered in that jurisdiction, and is not a tenant at the address at the Canefield Industrial Park given in the registration details for the WIGGL website.
WIGGL was the subject of a Summary Order to Cease and Desist the offer and sale of unregistered securities in Pennsylvania by the Pennsylvania Securities Commission in October 2001. The text of the Order can be viewed at: http://sites.state.pa.us/PA_Exec/Securities/actions/wiggl.html
The Commission considers High Yield Investment Programs (which are also known by a number of other names such as High Yield Deposit Programs, Bank Debenture Trading Programs, Bank Debenture Roll Programs, and more) to be bogus schemes that have no purpose other than to defraud investors. Numerous advisories, alerts and warnings have been issued by regulators and law enforcement agencies worldwide in relation to such schemes. Further information on these fraudulent schemes can be found at:

http://www.met.police.uk/fraudalert/prime.htm

http://www.publicdebt.treas.gov/cc/ccphony9.htm

The Commission believes that finance-themed Internet chat rooms are being used to promote WIGGL and to entice new investors. It is understood that the Isle of Man may be being recommended to investors as a suitable jurisdiction in which to set up bank accounts to receive payments promised to investors from WIGGL.

The Commission would urge any persons considering entering into a business relationship with WIGGL to exercise the greatest possible caution before proceeding, bearing in mind the content of this Public Notice and the other warnings listed above.

Any persons who are already involved in any dealings with WIGGL and have concerns should contact the Enforcement Division on +44 1624 689312 or by email to fsc@gov.im.