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SEC issues cease and desist order against Procap for illegal sale of securities

The Securities and Exchange Commission (SEC) has issued a cease and desist order against Procap International Inc, Procap Insure, and Procap Insurtech Ltd.

Procap, along with its officers and representatives, has been instructed to immediately halt all internet activity related to its investment scheme.

The SEC found Procap guilty of illegal offering, solicitation, and sale of securities in the form of investment contracts without the necessary secondary license from the commission.

In October 2023, an entrapment operation led to the arrest of 20 individuals, including Procap’s directors, incorporators, employees, and agents.

“Despite this, Procap has persisted in its unauthorized investment activities, as evidenced by the EIPD presenting further proof of Procap’s continuous offering/selling of unregistered securities,” the SEC said.

“Furthermore, Procap openly invited the public to attend its business presentations via the Zoom platform on January 23, 2024,” it added.

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