Regulators are belatedly turning up the heat on Crowd1 in South Africa. The latest regulatory body to announce it is investigating the Ponzi scheme is the National Consumer Commission (NCC).
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Following confirmation on Twitter that Crowd1 operates illegally in South Africa, the FSCA has now issued a formal statement.
After doing nothing for almost a year while the Crowd1 Ponzi scheme spread like wildfire, South African authorities have clarified the company operates illegally. Well, sort of.
Vietnam’s Competition and Consumer Protection Department has issued fraud warnings against Crowd1 and OneLink.
A Crowd1 investment warning has been issued across Central Africa. In related news Crowd1 investors in South Africa are upset at the company’s latest round of low payouts.
A Crowd1 securities fraud warning has been issued by New Zealand’s Financial Markets Authority.
Crowd1 has been identified as a “pyramid scam” by Gabon’s Ministry of Economy and Finance.
Mauritius’ Financial Service Commission has issued a securities fraud warning against Crowd1.
Crowd1 affiliate investors have been given a glimpse of how the company plans to respond to regulatory action. By throwing them under the bus and abandoning them.
The Philippine SEC has issued a securities fraud warning against Crowd1.