The Central Bank of Hungary (MNB) has added Crowd1 to its list of banned companies.

We’re not sure when MNB added Crowd1 to it securities fraud warning list, we were tipped off by a reader yesterday.

At the time of publication Crowd1 appears under “C” of the MNB’s securities fraud warning list.

As per the MNB;

Due ot the fact that (Crowd1) is not included in the records kept by the MNB, it is not entitled to provide activities subject to the supervisory supervision or notification, in particular financial services, in Hungary.

The translation is a bit clunky but this is the equivalent of a securities fraud warning in other jurisdictions.

To date Crowd1 has attracted the attention of regulators in New Zealand, Mauritius, South Africa, the Philippines, Norway, Namibia, Paraguay, Gabon, Vietnam, Cote d’Ivoire and Slovakia.

Crowd1 was founded by Jonas Erik Wener in mid 2019. The Ponzi scheme is operated by CEO Johan Stael Von Holstein from Sweden.

To date Swedish authorities have failed to take any action against Crowd1 or its executives.

Crowd1 is currently being heavily promoted across Russia, Azerbaijan and Qatar.

 

Update 10th December 2020 – It is believed both Johan Stael Von Holstein and Jonas Erik Wener have relocated from Sweden to Spain.

As of yet Spanish authorities have taken no action against Crowd1, Holstein or Wener.