Crowd1 has been identified as a “pyramid scam” by Gabon’s Ministry of Economy and Finance.
In a June 1st communication, Gabon’s top financial regulator warns that Crowd1 is
akin to network marketing pyramid scam systems in which profit does not come sales activity but from the recruitment of new members.
Thus, only the designers of (these) systems benefit, to the detriment of the members.
The Ministry notes that it has observed increased promotion of Crowd1 throughout Gabon.
The regulator states it is investigating how the scheme is being promoted locally, with the aim of “protecting consumers from scam platforms”.
BehindMLM reviewed Crowd1 in August 2019. At best Crowd1 is engaged in securities fraud, at worst it’s full-blown Ponzi scheme with pyramid recruitment.
Alongside Gabon’s warning, regulatory action has been taken against Crowd1 in Norway, Namibia, Paraguay, the Philippines and Mauritius.