Charged by SEC with Fraud

The Securities and Exchange Commission (SEC) has charged with allegations of fraud.

The enforcement action by the SEC also cites Aldo Piscitello, who is said to be the sole officer and majority shareholder of the firm.

According to the BorrowMoney website, the company claims:

“ is a leading online fintech loan marketplace with one of the largest networks of lenders in the nation. Our service provides consumers with a way to connect with multiple lenders for a number of financial borrowing needs. From the comfort of their homes, consumers can fill out one simple form and are able to shop, compare, and save on the loans they need. By creating a My Borrowmoney account, consumers are able to track their credit score – updated monthly with insights into which factors are negatively impacting their score, review all loan and credit card accounts, and are even notified when Borrowmoney identifies a savings opportunity based on real-time loan offer data. And the best part? It’s free.”

The SEC’s complaint claims that, as filed in Forms 10-Q filed with the Commission, BorrowMoney represented that its revenue was related to lead generation. The SEC alleges that the majority of the revenue reported was fictitious.

The complaint also alleges Piscitello failed to make required disclosures related to his beneficial ownership of securities. The complaint further alleges did not report Piscitello’s failure to file beneficial ownership filings.

The SEC seeks permanent injunctions, disgorgement of ill-gotten gains plus prejudgment interest, and civil money penalties against and Piscitello, as well as an officer and director bar and penny stock bar against Piscitello.

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