SkyWay Invest seminars criticised for 'preying' on the poor, Kiwis warned to 'steer clear'

Fresh warnings have been issued over a controversial scheme promising people the "chance to be a millionaire".

The Salvation Army has joined those raising concerns over the SkyWay Invest seminars, warning people to "steer clear".

Two-hundred Aucklanders attended a Skyway Invest gathering over the weekend, intrigued by its promises of riches and making dreams come true. 

The Financial Markets Authority (FMA) has already issued two warnings over the group's seminars.

"My advice would be to steer clear," Jono Bell from the Salvation Army told Newshub.

The Salvation Army is concerned the group is preying on desperate people looking for a way out.

"SkyWay has come in with a hiss and a roar and has focused on some of our most poorest communities, people that don't have jobs and people that are struggling financially," says Bell.

They're also concerned it will put people in further debt.

"The danger we see is that people are having to front up with cash, are having to front up and pay for a service that probably does not deliver on what they're promising," says Bell.

The Financial Markets Authority is telling people to "stay away" from SkyWay.

"We'd advise people to exercise extreme caution and not hand over their money," FMA spokesperson Andrew Park told Newshub.

SkyWay Invest says it does not sell shares or investment deals, but educational packages.

Manukau Ward councillor Alf Filipaina fears the Pacific community is being hoodwinked.

"Our concerns are, you're basically giving your money away for nothing," he says.

The educational packages also entice people with bonus gifts called 'crypto unit security tokens'. 

"You know that old saying, 'show me the money' - well I'll be interested to find out what the cryptocoin bitcoin coins they have, and what profits they've got," Filipaina says.

SkyWay Invest has made it clear they are not a registered broker or advisor and does suggest people to seek independent financial advice.  

Its critics say be cautious, talk to budgeters and get a professional opinion.

Newshub.

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