World Capital Market, Inc. (WCM777)
The California Department of Business Oversight issued a Desist and Refrain Order against three companies, World Capital Market, Inc., WCM777, Inc. and WCM777 Limited, which collectively ran an investment scam marketed under the name “WCM777.” The order was also issued against the principals of WCM777, Ming Xu and Zhi Liu, and salesperson, Harold Zapata. The order directs WCM777 to cease all operations in California.
The Department has not issued WCM777 a permit, license or qualification to offer or sell securities. In connection with security offerings, WCM777 makes a number of material misrepresentations, including the claim that WCM777 operates outside the jurisdiction of United States regulators.
The Department advises consumers that using a licensed securities broker or investment professional affords protections under state law related to disclosures and provides recourse should there be a dispute with the broker or investment professional. Please check the background of your broker or investment professional by using Financial Industry Regulatory Authority (FINRA) BrokerCheck.
All California investors in WCM777 are strongly encouraged to contact the Department of Business Oversight to file a formal complaint at (866) 275-2677. The January 8 order is available on the Department’s website at this link (PDF).
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