Crowd1 Red Flagged!

Image:itsnewsafrica

After reading that Excerpt in a local Newspaper of a warning from the Kenyan Government to those carrying out operations with Crowd1, I delved into the matter and dug deeper to understand what really Crowd1 is.?

Here are some of the countries that Crowd1 have been red flagged with reasons. My experience with them too.

JOHANNESBURG, SOUTH AFRICA: the regulator of Financial Services Providers (FSPs) has issued a public warning about Crowd1 being a suspected pyramid scheme that has been banned in Namibia and the Philippines. ‘Crowd1 is neither an authorised FSP nor a representative of one, and there is also no record of it having applied for a licence with the FSCA’, the regulator said. The FSCA has referred Crowd1 to the SA Reserve Bank, where it is being investigated.

This is after reports surfaced of Eben Etzebeth and Duane Vermeulen- Springbok Rugby Players, being investors in Crowd1. The       FSCA is advising the public to only contract business with registered institutions.

DAVAO CITY, PHILLIPINES: The Securities and Exchange Commission-Davao Extension Office (SEC-DEO) has warned the public against dealing with a certain person enticing people to join an illegal investment scheme.

In a statement, SEC-DEO identified person of interest Ronnie John Dohina Barrientos, who has reportedly been inviting people into investing in a company called Crowd1, registered in the country under the Crowd1 Asia Pacific Inc., which has been ordered by SEC to cease operation. Barrientos, the SEC said, “continues to solicit investments for and in behalf of Crowd1 despite the issuance of advisory and CDO by the Commission against the subject entity.

The Commission found that Barrientos, who claimed to be the youngest in the country to earn PHP10 million in eight months after joining Crowd1, is soliciting investments on behalf of the entity using social media platforms without authority from the Commission.

                                               

WINDHOEK, NAMIBIA: Crowd1, the “get-rich-quick” business operation has just been banned in Namibia with the Bank of Namibia declaring the business’ operations to be an “undesirable practice” – meaning 10 years in prison or about a $66,000 fine for anyone caught promoting it.

“Crowd1 does not sell tangible products or render any service of essential value, but the primary source of income for Crowd1 is the sale of membership packages to new members,” says the BON, describing its classic pyramid scheme. The bank continues to say, that since the organisation’s model is not sustainable it will “result in members of the public, especially those at the bottom of the scheme, losing their money.”

                                                               My Experience with Crowd1.

My experience with a sales lady for Crowd1 was really nasty. She managed to talk me over about subscribing to being a member of the entity and I was into her idea. I was to pay Kes 10,000 to join the group and had promised to go make a bank payment rather than what she had proposed (Send money to her top manager via mobile money. On arrival at the bank, she called me and asked me to check my WhatsApp, she had send a personal current bank account where I was supposed to make my money transfer to. I grew tentacles! How would a global organisation lack an operating bank account?

 

                                                    

                                                              Screenshot:What Crowd1 proposes its members