The Securities and Exchange Commission (SEC) has received a final crisis against Ashraf Mufareh of Orlando of Florida and his company, onpassive LLC, which had done the business and the possibility of orchestrating a fraudulent and non -registered mobile offer of a business that was structured as a pyramid system orchestrate the business.
The registration of these final decisions, including the voluntary dismissal of its allegations by the assistance of the defendant Asmahan Mufareh, completes the difference of the Securities and Exchange Commission in this matter.
Without admitting or refusing the allegations of the complaint, the defendants agreed to file a final decision imposing a permanent suspension, which established each of them by the breach of sections 5 (a) and (c) and 17 (a) of the 19th and 43334 B).
The final decision also imposed on Mufareh a bar officer and director for an eight -year period and ordered him to pay a $ 4,000,000 civil penalty and ordered onpassive LLC to pay the $ 26,220.364 disconnection, plus the interest of $ 1,218.528.40.
The amended complaint by the Securities and Exchange Commission, filed on November 6, 2023 at the US District Court for the middle region of Florida, claimed that, among other things, the defendants barely undertook technical intelligence. According to the complaint, the defendants sold investors’ positions in a multi -level marketing arrangement and promised passive revenue from the subscription fees paid by later investors for these computer applications.
Since June 2023, however, the defendant onpassive LLC has yet to start any product for remuneration and had not made a single payment to any investor.