The Toga Restricted Ponzi scheme has misplaced its sham SEC registration.
As a part of efforts to dupe traders in Asia, Toga Restricted closely touted its SEC registration in its advertising.
Toga Restricted integrated in Nevada as a shell firm. It then used that shell firm to register with the SEC as “TOGL”.
A legit monetary firm would then file periodic studies, as is required by legislation.
Being a Ponzi scheme, Toga Restricted did file some studies however in fact omitted their TC Factors Ponzi scheme.
TOGL has did not adjust to Change Act Part 13(a) and Guidelines 13a-1 and 13a-13 thereunder as a result of it has not filed any periodic studies with the Fee for the reason that interval ended April 30, 2020.
The above is quoted from an SEC Administrative Continuing, revoking Toga Restricted’s sham SEC registration as of September twenty seventh, 2023.
Pursuant to Part 12(j) of the Change Act, the registration of every class of Respondent’s securities registered pursuant to Change Act Part 12 be, and hereby is, revoked.
Toga Restricted is a Malaysia-based MLM funding scheme constructed round TC Ponzi factors.
When BehindMLM reviewed Toga Restricted in February 2019, we famous Michael Toh Kok Quickly (proper) offered as founder and President.
Whereas Toga Restricted is predicated out of Malaysia, early on the Ponzi scheme focused the Philippines.
This prompted the Philippine SEC to revoke Toga Restricted’s Philippine SEC license in 2020.
Toga Restricted tried to bypass Philippine regulators with Berhad rebranding, solely to get banned once more.
If it hasn’t already, immediately Toga Restricted seems to be on the breaking point. Over the previous few months SimilarWeb has tracked just a few thousand visits to Toga Restricted’s web site.
Issues bottomed out in July 2023, with Toga Restricted’s web site receiving solely ~2800 guests the whole month.
Pending motion by Malaysian authorities, what number of Toga Restricted victims there are and the way a lot they’ve misplaced stays unclear.