Today's announcement by the SEC concerns allegations made against Ashraf Mufareh and ONPASSIVE LLC regarding an illegal and unauthorized investment scheme.
Click on any Blue link below to read previous articles about OnPassive through the past 5 years….
International investments were also involved by the defendants according to the SEC's accusations; they deceitfully obtained money from nearly one million investors across the globe – specifically within the US – during the time frame specified (since 2018). Defendants were charged with deceiving investors about their AI software development claims. Investors were promised a source of continuous revenue via a chain of sales with repeated fee collections. At the time of June 2023, there was supposed to be payment initiation through ONPASSIVE‘s deployment of computer software; alas, defendant failed to accomplish said tasks. Per the filing, ONPASSIVE functions like a pyramid scheme.
To advance the pyramid scam, defendants allegedly deceived individuals concerning the release date of the commercial offering, projected returns, and validity of their business practices. Creating additional websites with favorable feedback about them was part of the plan devised by the accused, who also placed glowing endorsements on current platforms to combat unfavorable comments regarding MLM initiatives. Apparently copying legitimate website identities and branding, phony domains aimed to mislead users into assuming they saw disinterested assessments distant from the defendant parties.
Watch the YouTube Zoom Video below
where Ash Mufareh addresses the allegations……
A lawsuit was filed by the SEC in a federal court situated within the Middle District of Florida against Mufareh and ONPASSIVE regarding allegations related to violating securities act registration prerequisites under sections five A (a) and C of said act, in addition to accused wrongdoings towards fraud committed via subsections eleven (a) Of section fifteen or section ten B—five thereof Of the Security Exchange Act of nineteen hundred And thirty four; specifically regarding offering unregistered security interests during the sale of digital products designed To supposedly aid people manage chronic pain And discomfort. In addition to individual accountability, our request includes provisions for corporate responsibility via the sought-after barring of Mufareh's officers. Civil charges further entail financial compensations, complemented by an order to desist from any more wrongdoings in future endeavors. In addition to Mufareh himself, his partner Asmahan is also listed as a defendant.
Supervised by Nina B. Finston and Carolyn M. Welshhans, John Crimmins worked alongside Benjamin Perlman on the SEC investigation. Led by Gregory Miller and Michael Friedman, with oversight from David Nasse, the litigation will proceed.
Investor caution is urged by the SEC regarding warnings of probable pyramid schemes masquerading as multilevel marketing ventures.