Cloud Token to continue securities fraud with ASIC’s help
In a bid to continue to entice investment into their illegal unregistered securities investment scheme, Cloud Token has registered itself with the Australian Securities and Investments Commission (ASIC).
Cloud Token has no physical business operations in Australia. Nor is Australia a significant source of investment revenue for the company (Alexa).
Rather Cloud Token is run by scammers in Singapore, who are currently soliciting investment primarily from Japan, the US and Brazil.
So why register with ASIC?
ASIC aren’t known for timely regulation of securities fraud. By the time they cotton on Cloud Token’s owners and top affiliate investors will be long gone with invested funds.
In the meantime Cloud Token can parade their May 10th “Cloud Technology & Investments” ASIC registration around, effectively making it a securities fraud marketing tool.
To be clear, the extent of Cloud Token’s registration with ASIC is at this stage nothing more than a three-page application for registration as a proprietary company.
This is otherwise known as a Form 201.
All that’s required in a Form 201 filing are general details about the company.
These can be made up or organized through a shell incorporation and local agents.
Again, by the time ASIC initiates a fraud investigation and tries to verify it’ll be far too late for Cloud Token investors.
As of yet Cloud Token has not filed any audited accounting reports with ASIC, so there remains no verifiable proof the company is using external funds to pay affiliate investor returns.
But let’s cut to the chase. Even if we take the ASIC registration at face value, it means absolutely bugger all outside of Australia.
Cloud Token is still an illegal investment opportunity in every other jurisdiction it solicits investment in. Namely the US and Japan.
Furthermore you have to wonder why Cloud Token hasn’t registered itself with financial regulators in Singapore itself.
Well, why is actually pretty obvious:
Cloud Token is another app-based MLM crypto Ponzi scheme.
While I’d like to assert this time ASIC won’t drop the ball and instead be quick to act on Cloud Token’s bogus registration, history has repeatedly shown us otherwise.
A recent example I can give you is the AWS Mining Ponzi scheme.
AWS Mining pulled the same “look we’re registered in Australia” bullshit as Cloud Token.
Worse still, they’ve been registered since 2017. And during all of that time, not once did AWS Mining file any audited accounting reports.
So uh yeah, take Cloud Token’s ASIC registration for what it’s worth. Less than used toilet paper.
And if you’re committed to actualdue-diligence, ask why Cloud Token hasn’t registered with the Financial Services Agency (Japan), the Securities & Exchange Commission (US) or the Monetary Authority of Singapore.