However, the SEC alleges that the company’s reported revenue in its quarterly filings was attributed to lead generation services and that most of these purported customers were unaware of or had no business with BorrowMoney.com. The SEC claims that nearly 99% of the reported customer payments were actually personal funds from Piscitello, transferred to company accounts to simulate revenue.
BorrowMoney SEC Suit : Response to the Allegations
On Thursday, the SEC declined to comment on the case, and representatives for BorrowMoney.com did not immediately respond to requests for comment. The SEC is represented by Russell Koonin, and counsel information for the defendants was not immediately available.
