Preserve It 100 has obtained a securities fraud desist and chorus order from California’s Division of Monetary Safety and Innovation (DFPI).
DFPI’s August twentieth, 2024 order cites the next respondents:
- K100 4Real LTD, dba Ok-100
- the web site area “k-100.web” and
- Terrence L. Kilos
As per the DFPI’s Preserve It 100 fraud order;
Starting at the very least as early as June 2023, Ok-100 supplied and bought securities within the type of funding contracts in California by way of basic solicitations on its web site.
Ok-100 facilitated investor deposits and withdrawals utilizing crypto belongings.
As a part of its solicitation efforts, Ok-100 used a pyramid scheme construction that might reward buyers for inducing others to ship cash to Ok-100.
The investments supplied by Ok-100 have been securities that have been neither certified nor exempt from the qualification requirement below the CSL.
The Division has not issued a allow or different type of qualification authorizing Ok-100 to promote these securities in California.
Pursuant to Firms Code part 25532, K100 4REAL LTD d/b/a Ok-100 and Terrence L. Kilos are hereby ordered to desist and chorus from the additional supply or sale of securities in California, together with however not restricted to funding contracts, except and till the qualification necessities of the CSL have been met.
DFPI additionally revealed an accompanying Preserve It 100 fraud consciousness video on its official YouTube channel.
Preserve It 100 was an MLM crypto Ponzi launched in mid 2023.
Inside days of BehindMLM outing proprietor Terrence Kilos’ COVID-19 fraud responsible plea, Preserve It 100 collapsed on July twenty ninth, 2023.
Kilos was sentenced to 94 months in jail and ordered to pay again $4.2 million in restitution in March 2024.
Client losses by way of Preserve It 100 and a number of Ponzi schemes Kilos promoted previous to sentencing, stay unaccounted for.