Crowd1’s attraction to the Philippine SEC has been denied.
Efficient instantly, Crowd1 is completely banned within the Philippines.
In a press-release issued on July twentieth, the SEC reveals Crowd1 filed a movement to raise the stop and desist order issued towards it.
Crowd1 was issued the stop and desist in April. The corporate’s movement was filed in late June.
On July 2nd the movement to raise was denied. The SEC claims
Crowd1 didn’t current proof in help of its declare that it isn’t engaged within the sale and/or provide on the market of securities within the type of funding contracts.
In its protection, Crowd1 had argued
the academic packages it was promoting to the general public was allowed since its goal is to teach the associates of the group on potential wealth to be gained from advertising services.
The SEC didn’t purchase it.
BehindMLM maintains that regardless of what you add to a Ponzi scheme, it’s nonetheless a Ponzi scheme.
Continued promotion of Crowd1 within the Philippines runs the chance of a 5 million PHP (~$415,000 USD) high quality, or a twenty-one yr jail sentence.