The regulator further claimed that BorrowMoney.com has not yet acknowledged that the previous revenue statements were fictitious or did not meet revenue recognition criteria.
BorrowMoney SEC Suit : CEO’s Undisclosed Stock Ownership and Audit Issues
Piscitello is also accused of failing to disclose his beneficial ownership of BorrowMoney.com’s stock, despite owning the vast majority of shares and profiting nearly $38,000 from stock sales. The SEC highlighted that four audit firms had dropped the company as a client over five years, and it currently has no auditing firm.
Company Operations and Investor Solicitation
BorrowMoney.com, based in Fort Lauderdale, began trading over the counter in October 2019, with its stock registered in June 2020. The company purports to operate an online marketplace connecting borrowers and lenders. Its website claims to help consumers find “every conceivable type of loan, insurance, credit card, and card product available at competitive rates.”
BorrowMoney SEC Suit : SEC’s Detailed Allegations
According to the SEC, BorrowMoney.com also solicits investors via its website, claiming in an investor presentation that it generates revenue from subscription lead packages, pay-as-you-go lead sales, ads, and listing services. The company touted its domain name, BorrowMoney.com, as providing a distinct advantage over other online lending competitors.
