SEC orders shutdown of outsourcing firm CROWD1
The Securities and Exchange Commission (SEC) has ordered the shutdown of business process outsourcing (BPO) firm CROWD1 Asia Pacific, Inc. for operating a “fraudulent investment scheme.” The company was found to be selling investments without permits through educational packages ranging from P6,000 to P240,000.
A cease-and-desist order was issued by the commission on May 12. The order read that CROWD1 is not authorized to sell its educational packages to the public because they are securities in the form of investment contracts, and CROWD1 does not have the requisite license from SEC.
The SEC has since warned the public of engaging with CROWD1.
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