WCM777 Issued Cease and Desist by California
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.''
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