Keep It 100 securities fraud D&R order from California
Keep It 100 has received a securities fraud desist and refrain order from California’s Department of Financial Protection and Innovation (DFPI).
DFPI’s August 20th, 2024 order cites the following respondents:
- K100 4Real LTD, dba K-100
- the website domain “k-100.net” and
- Terrence L. Pounds
As per the DFPI’s Keep It 100 fraud order;
Beginning at least as early as June 2023, K-100 offered and sold securities in the form of investment contracts in California through general solicitations on its website.
K-100 facilitated investor deposits and withdrawals using crypto assets.
As part of its solicitation efforts, K-100 used a pyramid scheme structure that would reward investors for inducing others to send money to K-100.
The investments offered by K-100 were securities that were neither qualified nor exempt from the qualification requirement under the CSL.
The Department has not issued a permit or other form of qualification authorizing K-100 to sell these securities in California.
Pursuant to Corporations Code section 25532, K100 4REAL LTD d/b/a K-100 and Terrence L. Pounds are hereby ordered to desist and refrain from the further offer or sale of securities in California, including but not limited to investment contracts, unless and until the qualification requirements of the CSL have been met.
DFPI also published an accompanying Keep It 100 fraud awareness video on its official YouTube channel.
Keep It 100 was an MLM crypto Ponzi launched in mid 2023.
Within days of BehindMLM outing owner Terrence Pounds’ COVID-19 fraud guilty plea, Keep It 100 collapsed on July 29th, 2023.
Pounds was sentenced to 94 months in prison and ordered to pay back $4.2 million in restitution in March 2024.
Consumer losses through Keep It 100 and multiple Ponzi schemes Pounds promoted prior to sentencing, remain unaccounted for.