SEC bars CROWD1 from soliciting investments
The Securities and Exchange Commission (SEC) has permanently barred CROWD1 Asia Pacific Inc., which represents itself as a digital marketing business, from soliciting investments from the public.
On May 12, SEC issued a cease-and-desist order against CROWD1 after finding out that it was operating “a fraudulent investment scheme consisting of the sale and/or offer for sale of (nonexistent) securities in the form of investment contracts to the public.” CROWD1 submitted a motion to lift the order, which was denied by the SEC in a resolution on July 2 for lack of merit.
“A careful review of the motion to lift will show that except for its general denials, CROWD1 failed to present any evidence in support of its claim that it is not engaged in the sale and/or offer for sale of securities in the form of investment contracts,” the resolution said.
