Quebec’s Autorité des Marchés Financiers Issues Fraud Warning Against Be Club
On March 31, 2023, the Autorité des marchés financiers (AMF) in Quebec issued a significant warning regarding Be Club, identifying it as a potential securities fraud operation. According to the AMF, Be Trading Group, the entity behind Be Club, is not registered with the regulator and is unauthorized to solicit investments within the province.
Details of the Fraudulent Activities
The AMF's warning states that Be Trading Group, also known as SageMaster and TechHost Worldwide Inc., has been operating under the domain sagemaster.io. The solicitation of investments from individuals in Quebec without proper registration constitutes a violation of the province's financial regulations, categorizing it as securities fraud.
Background on Be Club and Its Founders
Be Club is the latest manifestation of an ongoing scheme linked to founders Monir Islam, Moynul Islam, and Ehsaan Islam. Notably, Monir and Moynul previously promoted OneCoin, a notorious Ponzi scheme that collapsed in 2017. After the downfall of OneCoin, the founders rebranded their operations multiple times, starting with Melius in 2018, which was marketed as a trading opportunity offering significant returns for a relatively low initial investment.
The rebranding continued with Be (also known as Better Experience or BE Factor) in 2020, followed by further iterations including Be Rules and the current Be Club. The offering associated with Be Club—SageMaster—has been identified as yet another fraudulent investment scheme, further solidifying the reputation of the company as one to be wary of.
Regulatory Actions and Warnings
This is not the first time Be Club has come under scrutiny. The AMF previously issued a fraud warning against Be Factor in December 2020. In addition to the recent warning in Quebec, several other jurisdictions have raised alarms about Be Club's activities, including:
- Colombia (2022)
- Norway (2023 and 2026)
- Uruguay (2023)
- The Philippines (2023)
- New Zealand (2024)
- Ontario (2025)
- Luxembourg (2025)
- Austria (2025)
- Finland (2025 and 2026)
In January 2025, Moynul Islam attempted to downplay the significance of these regulatory warnings, suggesting that such alerts are commonplace for many companies. However, the frequency and scope of the warnings regarding Be Club and its associated entities raise considerable concerns about the legitimacy of their operations.
Current Operations and Traffic Analysis
As of February 2026, tracking data from SimilarWeb indicates that Be Club’s website is attracting approximately 10,500 monthly visits. The majority of this traffic originates from Italy (63%), with additional sources from India (7%), Germany (7%), Colombia (7%), and Vietnam (6%). SageMaster, operating under its standalone domain, is seeing similar traffic patterns, with about 10,000 monthly visits and a significant portion of visitors from Italy (66%) and Germany (12%).
In an apparent bid to evade regulatory scrutiny, SageMaster changed its domain from sagemaster.io to sagemaster.com in late November 2025. This tactic suggests a continued effort to maintain operations despite ongoing warnings.
Conclusion
The AMF's warning against Be Club highlights the ongoing challenges regulators face in curbing fraudulent investment schemes within the MLM industry. For potential investors, this serves as a critical reminder to conduct thorough due diligence and remain vigilant against entities that may not be compliant with regulatory standards.
