Crowd1 has been recognized as a “pyramid rip-off” by Gabon’s Ministry of Economic system and Finance.
In a June 1st communication, Gabon’s prime monetary regulator warns that Crowd1 is
akin to community advertising pyramid rip-off methods wherein revenue doesn’t come gross sales exercise however from the recruitment of latest members.
Thus, solely the designers of (these) methods profit, to the detriment of the members.
The Ministry notes that it has noticed elevated promotion of Crowd1 all through Gabon.
The regulator states it’s investigating how the scheme is being promoted regionally, with the purpose of “defending customers from rip-off platforms”.
BehindMLM reviewed Crowd1 in August 2019. At greatest Crowd1 is engaged in securities fraud, at worst it’s full-blown Ponzi scheme with pyramid recruitment.
Alongside Gabon’s warning, regulatory motion has been taken in opposition to Crowd1 in Norway, Namibia, Paraguay, the Philippines and Mauritius.