Controversial SkyWay Invest Group's scheme 'disgusting': Councillor Alf Filipaina

A South Auckland councillor says a controversial financial scheme by SkyWay Invest Group (SWIG) is "disgusting".

SWIG sells financial education packages, but Manukau Ward Councillor Alf Filipaina says he has seen too many people lose money to the company.

"I've seen too many things like this where they've just sucked in our people, they've got all their money, and they've gone. And they get none of that money back."

"I just think it's disgusting."

Filipaina is urging anyone interested in the scheme to get professional advice. 

The Financial Markets Authority (FMA) has issued various warnings against SWIG. 

"Skyway Capital may be involved in a scam," the company said in a statement last month.

"All entities associated with Skyway are not registered as financial service providers in New Zealand and therefore not permitted to provide financial services or products to New Zealand residents."

Hundreds of people have been attending meetings by SWIG, with the company also offering potential clients cryptocurrency as a bonus gift.

But many people accuse SWIG of targeting those most vulnerable in the community.

"While the scheme by SkyWay sounds good, it's not substantiated and our financial experts in this country are saying beware, and we want to make sure that message goes out as well," says Jono Bell, of the Salvation Army.

"We would be encouraging people to participate in positive financial education that is already existing in Aotearoa, that is contextualised for us in our country and our situation."

SWIG's New Zealand representative Neil Morrison has denied allegations that the company is focussing on those who can least afford it.

He maintains the FMA has got it wrong, and says no one has even contacted SWIG.