WCM777 News and Press Releases
WCM777 News |
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WCM777 Issued Cease and Desist by California WCM777 Acknowledges Selling Unregistered Securities For more information on WCM777 including the company's current rank in our home business index, please click here. |
WCM777 Issued Cease and Desist by California |
Npros.com | 1/29/2014 On January 15, the State of California Business, Consumer Services and Housing Agency Department of Business Oversight issued a Desist and Refrain Order naming World Capital Market, Inc., WCM777, Inc., WCM777 Limited, Ming Xu (CEO and Chairman of WCM and Chairman of WCM777), Zhi Liu (CEO of WCM777), and Harold Zapata, a Director and affiliate of WCM777 (described in the Desist and Refrain Order as ''one of WCM777's primary salespersons on YouTube.''The order states that the California Commissioner of Business Oversight is of the opinion that WCM777 and the executives named in the order ''sold securities in the form of WCM777 membership units, by means of written and oral communications including untrue statements of material fact and omission of material facts necessary to make the statements not misleading.'' The cease and desist order also makes the case that WCM777 is operating a Ponzi scheme, stating that ''from March 2013 to the end of September 2013, WCM777 and WCM generated over $20 million in sales of WCM777 membership units. During the same period,over 99% of the income of WCM777 and WCM came from sales of WCM777 membership units,while less than 1% of their income came from WCM's alleged global 'merchant banking' or any other business.'' |
WCM777 Acknowledges Selling Unregistered Securities |
Npros.com | 11/23/2013 Following an investigation by the Massachusetts Securities Division, WCM777 is banned from doing business in the state and was ordered to refund more than $300,000 to affiliates in Massachusetts.WCM777 recently posted a short statement on the company's website stating that "the sale of securities failed to fully comply with laws and regulations in the United States, our operations in the U.S. will be on hold until further notice...The company will implement new compliance procedures and register with the SEC before selling securities." |
WCM777 Ceases Operating in US |
Npros.com | 10/29/2013 Hong Kong-based WCM777, which held a "grand Opening" in Los Angeles in June and claimed to have "received great support from the California government", has ceased operations in the United States. An announcement from the company says that its U.S. operation is closed, without giving a reason for its abrupt departure.Although rumors of an investigation can't be confirmed, it is possible that WCM777's business model, in which invested affiliate funds were the sole source of revenue for the MLM, attracted the attention of U.S. regulators. Companies like WCM777 (such as GoFunRewards, also based in Hong Kong) tend to set up operations in the United States long enough to take in as much investor money as possible before coming under the scrutiny of regulators, and leave the country abruptly. |
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