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@Crowd1Official is a classic pyramid scheme Click below to see the evidence #BBCAfricaEye uncovered to come to that conclusion.
And we're not the only one. A chronological thread about other reviews, bans, and warnings.
#Crowd1 #PyramidKings https://twitter.com/BBCAfrica/status/1323268410977984514
The first to ever raise concerns about Crowd1 and say it is a scam is Oz on their BehindMLM blog. Their first article was published in August 2019.
Here are the links to all the posts they have made about Crowd1 since: https://behindmlm.com/companies/crowd1/
Here are the links to all the posts they have made about Crowd1 since: https://behindmlm.com/companies/crowd1/
In January 2020, the police in Burundi raided a Crowd1 meeting where 300 people were present and arrested 17 of them.
On the same day, the then-Minister of Internal Security declared that Crowd1 was operating without permission: https://www.bbc.com/gahuza/amakuru-51117805
On the same day, the then-Minister of Internal Security declared that Crowd1 was operating without permission: https://www.bbc.com/gahuza/amakuru-51117805
A month later, the @BankofNamibia declared Crowd1 a pyramid scheme and ordered promoters/participants to stop their operations in Namibia immediately. https://twitter.com/bankofnamibia/status/1230790945970556933?lang=en
Five days after that, the @cnvparaguay issued a securities fraud warning against Crowd1, stating that Crowd1 operates illegally without a license in Paraguay.
Here is the link to the full document > https://www.cnv.gov.py/normativas/circulares/directorio/2020/circularCNV_DIR0102020.pdf
Here is the link to the full document > https://www.cnv.gov.py/normativas/circulares/directorio/2020/circularCNV_DIR0102020.pdf
In April 2020, @succeodor wrote for @TrijoNews an excellent analysis of Crowd1, collecting evidence pointing at the fact that it is a pyramid scheme. https://news.trijo.co/en/news/major-network-marketing-company-crowd1-accused-of-being-a-pyramid-scheme/
Now we're in May 2020 and the Securities and Exchange Commission of the Philippines issues a Cease and Desist Order (CDO) against the Asian branch of Crowd1.
Crowd1 tried to fight it, but it was made permanent in July.
Docs:
- https://www.sec.gov.ph/wp-content/uploads/2020/05/2020CDO_Case-No.-05-20-064-Crowd1-CDO.pdf
- https://www.sec.gov.ph/wp-content/uploads/2020/07/2020Resolution_CROWD1.pdf
Crowd1 tried to fight it, but it was made permanent in July.
Docs:
- https://www.sec.gov.ph/wp-content/uploads/2020/05/2020CDO_Case-No.-05-20-064-Crowd1-CDO.pdf
- https://www.sec.gov.ph/wp-content/uploads/2020/07/2020Resolution_CROWD1.pdf
Two days after the SEC Philippines initial CDO in May, the @FSCMauritius publishes an investor alert against Crowd1.
Full document > https://www.fscmauritius.org/media/84895/investor-alert-against-crowd1.pdf
Full document > https://www.fscmauritius.org/media/84895/investor-alert-against-crowd1.pdf
Early June, the Ministry of Economy and Finances in Gabon warned its citizens against Crowd1 and labelled it a pyramid scheme.
Link to the document (in French) > http://www.economie.gouv.ga/object.getObject.do?id=1573
Link to the document (in French) > http://www.economie.gouv.ga/object.getObject.do?id=1573
The New Zealand financial authorities followed four days later when the @FMAmedia put out a warning on their website against Crowd1 and its affiliate Spanish-based company Impact Crowd Technology S.L.
https://www.fma.govt.nz/news-and-resources/warnings-and-alerts/crowd1-and-impact-crowd-technology-s-l/
https://www.fma.govt.nz/news-and-resources/warnings-and-alerts/crowd1-and-impact-crowd-technology-s-l/
Then, the financial regulatory arm of the CEMAC African economic community issued a statement saying that Crowd1 was engaging in illegal solicitations.
Document in French below.
Document in French below.
If you're still not convinced by now that @Crowd1Official is a scam, don't worry. There is more coming.
Still in June 2020, @iamkoshiek tweeted an excellent thread reviewing Crowd1. https://twitter.com/iamkoshiek/status/1273308566884057089?lang=en
This prompted the South African @FSCA_ZA to start looking into Crowd1 and issue a warning.
As FSCA rightly concludes, "it is also important to remember that if it sounds too good to be true – it probably is."
Full document > https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20FSCA%20statement%20on%20Crowd%201%2023%20June%202020.pdf
As FSCA rightly concludes, "it is also important to remember that if it sounds too good to be true – it probably is."
Full document > https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20FSCA%20statement%20on%20Crowd%201%2023%20June%202020.pdf
After receiving a complaint, the South African National Consumer Commission also stated that it was investigating Crowd1 "to determine if there are reasonable grounds to launch a formal investigation".
Their statement > https://www.thencc.gov.za/sites/default/files/news/Media%20Statement%20NCC%20is%20looking%20into%20Crowd1.pdf
Their statement > https://www.thencc.gov.za/sites/default/files/news/Media%20Statement%20NCC%20is%20looking%20into%20Crowd1.pdf
End of June, Swedish journalists @wisterberg and @johanna_ekstrom published for @svd and @breakit_se their brilliant reviews of Crowd1 and concluded that Crowd1 is a pyramid scheme.
Here are the link to their series (in Swedish):
https://www.breakit.se/artiklar/crowd1 https://www.svd.se/om/svd-granskar-crowd1
Here are the link to their series (in Swedish):
https://www.breakit.se/artiklar/crowd1 https://www.svd.se/om/svd-granskar-crowd1
Around the same time, the Competition and Consumer Protection Department of Vietnam put out a fraud warning against Crowd1.
https://www.moit.gov.vn/web/guest/tin-chi-tiet/-/chi-tiet/canh-bao-cac-du-an-mo-hinh-hoat-%C4%91ong-co-dau-hieu-kinh-doanh-%C4%91a-cap-trai-phep-tren-nen-tang-thuong-mai-%C4%91ien-tu-19801-1001.html
https://www.moit.gov.vn/web/guest/tin-chi-tiet/-/chi-tiet/canh-bao-cac-du-an-mo-hinh-hoat-%C4%91ong-co-dau-hieu-kinh-doanh-%C4%91a-cap-trai-phep-tren-nen-tang-thuong-mai-%C4%91ien-tu-19801-1001.html
In July 2020, the government of Ivory Coast announced a ban against Crowd1, stating that the company engages in illegal financial investment activities.
Original announcement here in French:
Original announcement here in French:
And finally, a consumer alert on pyramid schemes from August 2020 by the COMESA African common market mentions specifically Crowd1.
Link > https://www.comesacompetition.org/wp-content/uploads/2020/08/Consumer-Alert-Crowd1-1_-8_2020.pdf
Link > https://www.comesacompetition.org/wp-content/uploads/2020/08/Consumer-Alert-Crowd1-1_-8_2020.pdf
Crowd1 will go on denying all of this, saying that the warnings or bans are based on incorrect presumptions or that the media is doing "negative stories" on them for clicks.
But contrast this to the words of this mother in South Africa, who got taken by Crowd1 like many others.
But contrast this to the words of this mother in South Africa, who got taken by Crowd1 like many others.
