SEC stops CROWD1 from selling securities

The Securities and Exchange Commission issued a cease-and-desist order against CROWD1 Asia Pacific Inc., which it found to be soliciting and accepting investments from the public under a scheme disguised as a digital marketing business.

The SEC in an order directed CROWD1 to immediately stop from engaging in activities of selling or offering securities in the form of investment contracts or other similar schemes without prior registration and permit to sell.

The SEC also ordered CROWD1 to stop promoting its investment scheme in social media and other online platforms.

It also prohibited CROWD1 from transacting any business involving funds in its depository banks, and from transferring, all related assets for the benefit of the investors.