| Form Funding Portal Filer Information |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM FUNDING PORTAL UNDER THE SECURITIES EXCHANGE ACT OF 1934 | OMB APPROVAL |
FORM CFPORTAL-W | OMB Number: 3235-0727 Estimated average burden hours per response: 2.75 |
| Filer CIK | 0001667145 |
| Filer CCC |
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| Is this a LIVE or TEST Filing? |  LIVE
TEST
|
| Is this an electronic copy of an official filing submitted in paper format? |  |
| Would you like a Return Copy? |  |
Submission Contact Information | |
| Name | |
| Phone Number | |
| E-Mail Address | |
| Notify via Filing Website only? | |
Schedule A must be completed as part of all initial applications. Amendments to Schedule A must be provided on Schedule B. Schedule C must be completed by nonresident funding portals. If this is a withdrawal of a funding portal's registration, complete Schedule D.
| A. Full name of the funding portal: | truCrowd, Inc |
| B. Name(s) under which business is conducted, if different from Item 1A: | TRUCROWD |
Website URL(s) under which business is conducted, if different from Item 1A: | https://trucrowd.com/ |
| C. IRS Empl. Ident. No: | 46-2242197 |
| D. If a name and/or website URL in (1A) or (1B) has changed since the funding portal's most recent Form Funding Portal, enter the previous name and/or website URL and specify whether the name change is of the: | funding portal name (1A)
business name/website (1B)
|
Previous name(s): | TRUCROWD INC |
| E. Funding portal's main street address (Do not use a P.O. Box): | |
Address 1: | 1901 N. ROSELLE ROAD |
Address 2: | STE 800 |
City: | SCHAUMBURG |
State/Country: |
ILLINOIS
|
Mailing Zip/ Postal Code: | 60195 |
| F. Mailing Address(es) (if different) and office locations (if more than one): | |
Mailing Address | |
Check here if mailing address is the same as the main address entered in Item 1.E. | |
Address 1: | 1901 N. ROSELLE ROAD |
Address 2: | STE 800 |
City: | SCHAUMBURG |
State/Country: |
ILLINOIS
|
Zip/Postal Code: | 60195 |
Other Office Locations | |
Address 1: | |
Address 2: | |
City: | |
State/Country: | |
Zip/Postal Code: | |
| G. Contact Information: | |
Telephone Number: | 8478735335 |
Fax Number: | |
E-mail Address: | vp@truCrowd.com |
| H. Contact employee information: | |
Prefix | |
First Name: | Vicent |
Middle Name: | Carolin |
Last Name: | Petrescu |
Suffix: | |
Title: | CEO |
Direct Telephone Number: | |
Fax Number: | |
Direct E-Mail Address: | |
| I. Month applicant's fiscal year ends: | December |
| J. Registrations | |
Was the applicant previously registered on Form Funding Portal as a funding portal or with the Commission in any other capacity? | Yes
 No
|
| K. Foreign registrations | |
(1) Is the applicant registrant with a foreign financial regulatory authority? Answer "no" even if affiliatted with a business that is registered with a foreign financial regulatory authority. | Yes
No
|
If "yes", complete Section K.2 below. | |
(2) List the name, in English, of each foreign financial regulatory authority and country with which the applicant is registered. A separate entry must be completed for each foreign financial regulatory authority with which the applicant is registered. |
| A. Indicate legal status of applicant. | Corporation Sole Proprietorship Partnership Limited Liability Company Other (Please specify)
|
| B. If other than a sole proprietor, indicate date and place applicant obtained its legal status (i.e., state or country where incorporated, where partnership agreement was filed, or where applicant entity was formed): | |
State/Country of formation: |
DELAWARE
|
Date of formation: | 02-07-2013 |
| A. Is the applicant at the time of this filing succeeding to the business of a currently registered funding portal? Do not report previous successions already reported on Form Funding Portal. If "yes," complete Section 3.B. below. | Yes
No
|
| In this Item, identify every person that, directly or indirectly, controls the applicant, controls management or policies of the applicant, or that the applicant directly or indirectly controls. | Vicent C Petrescu |
If this is an initial application, the applicant also must complete Schedule A. Schedule A asks for information about direct owners and executive officers. If this is an amendment updating information reported on the Schedule A filed with the applicant's initial application, the applicant must complete Schedule B.
In this Item, provide information about the applicant's disciplinary history
and the disciplinary history of all associated persons or control affiliates
of the applicant (as applicable). This information is used to decide whether
to revoke registration, to place limitations on the applicant's activities as
a funding portal, and to identify potential problem areas on which to focus
during examinations. One event may result in the requirement to answer "yes" to more
than one of the questions below. Check all answers that apply. Refer to the Explanation
of Terms section of Form Funding Portal Instructions for explanation of italicized terms.
If the answer is "yes" to any question in this Item, the applicant must complete the
appropriate Disclosure Reporting Page ("DRP") (FP) - Criminal, Regulatory Action, Civil
Judicial Action, Bankruptcy/SIPC, Bond, or Judgment/Lien, as applicable.
If the answer is "yes" to any question below, complete a Criminal DRP.
| A. In the past ten years, has the applicant or any associated person: | |
(1) been convicted of any felony, or pled guilty or nolo contendere ("no contest") to any charge of a felony, in a domestic, foreign, or military court? | Yes
No
|
The response to the following question may be limited to charges that are currently pending: | |
(2) been charged with any felony? | Yes
No
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| B. In the past ten years, has the applicant or any associated person: | |
(1) been convicted of any misdemeanor, or pled guilty or nolo contendere ("no contest"), in a domestic, foreign, or military court to any charge of a misdemeanor in a case involving: investment-related business, or any fraud, false statements, or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these offenses? | Yes
No
|
The response to the following question may be limited to charges that are currently pending: | |
(2) been charged with a misdemeanor listed in Item 5-B(1)? | Yes
No
|
If the answer is "yes" to any question below, complete a Regulatory Action DRP.
| C. Has the SEC or the Commodities Futures Trading Commission ("CFTC") ever: | |
(1) found the applicant or any associated person to have made a false statement or omission? | Yes
No
|
(2) found the applicant or any associated person to have been involved in a violation of any SEC or CFTC regulations or statutes? | Yes
No
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(3) found the applicant or any associated person to have been a cause of the denial, suspension, revocation, or restriction of the authorization of an investment-related business to operate? | Yes
No
|
(4) entered an order against the applicant or any associated person in connection with investment-related activity? | Yes
No
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(5) imposed a civil money penalty on the applicant or any associated person, or ordered the applicant or any associated person to cease and desist from any activity? | Yes
No
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| D. Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority: | |
(1) ever found the applicant or any associated person to have made a false statement or omission, or been dishonest, unfair, or unethical? | Yes
No
|
(2) ever found the applicant or any associated person to have been involved in a violation of investment-related regulations or statutes? | Yes
No
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(3) ever found the applicant or any associated person to have been the cause of a denial, suspension, revocation, or restriction of the authorization of an investment-related business to operate? | Yes
No
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(4) in the past ten years entered an order against the applicant or any associated person in connection with an investment-related activity? | Yes
No
|
(5) ever denied, suspended, or revoked the registration or license of the applicant or that of any associated person, or otherwise prevented the applicant or any associated person of the applicant, by order, from associating with an investment-related business or restricted the activities of the applicant or any associated person? | Yes
No
|
| E. Has any self-regulatory organization or commodities exchange ever: | |
(1) found the applicant or any associated person to have made a false statement or omission? | Yes
No
|
(2) found the applicant or any associated person to have been involved in a violation of its rules (other than a violation designated as a minor rule violation under a plan approved by the SEC? | Yes
No
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(3) found the applicant or any associated person to have been the cause of a denial, suspension, revocation or restriction of the authorization of an investment-related business to operate? | Yes
No
|
(4) disciplined the applicant or any associated person by expelling or suspending the applicant or the associated person from membership, barring or suspending the applicant or the associated person from association with other members, or by otherwise restricting the activities of the applicant or the associated person? | Yes
No
|
| F. Has the applicant or any associated person ever had an authorization to act as an attorney, accountant, or federal contractor revoked or suspended? | Yes
No
|
| G. Is the applicant or any associated person currently the subject of any regulatory proceeding that could result in a "yes" answer to any part of Item 5-C, 5-D, or 5-E? | Yes
No
|
If the answer is "yes" to a question below, complete a Civil Judicial Action DRP.
| H. Has any domestic or foreign court: | |
(1) in the past ten years, enjoined the applicant or any associated person in connection with any investment-related activity? | Yes
No
|
(2) ever found that the applicant or any associated person was involved in a violation of investment-related statutes or regulations? | Yes
No
|
(3) ever dismissed, pursuant to a settlement agreement, an investment-related civil action brought against the applicant or any associated person by a state or foreign financial regulatory authority? | Yes
No
|
| I. Is the applicant or any associated person now the subject of any civil proceeding that could result in a "yes" answer to any part of Item 5-H(1)-(3)? | Yes
No
|
If the answer is "yes" to a question below, complete a Bankruptcy/Disclosure, Bond Disclosure or Judgment/Lien DRP, as applicable.
| J. In the past ten years, has the applicant or a control affiliate of the applicant ever been a securities firm or a control affiliate of a securities firm that: | |
(1) has been the subject of a bankruptcy petition? | Yes
No
|
(2) has had a trustee appointed or a direct payment procedure initiated under the Securities Investor Protection Act? | Yes
No
|
| K. Has a bonding company ever denied, paid out on, or revoked a bond for the applicant? | Yes
No
|
| L. Does the applicant have any unsatisfied judgments or liens against it? | Yes
No
|
| Does the applicant engage in any non-securities related business? | Yes
No
|
| A. Qualified Third Party Arrangements. Complete the following information for each person that will hold investor funds in escrow or otherwise pursuant to the requirements of Rule 303(e) of Regulation Crowdfunding (17 CFR 227.303(e)). | |
Name of person: | BankVista |
Address 1: | 125 Twin Rivers Court |
Address 2: | |
City: | Sartell |
State/Country: |
MINNESOTA
|
Mailing Zip/ Postal Code: | 56377 |
Phone Number: | 320-257-1600 |
| B. Compensation. Please describe any compensation arrangements the funding portal has with issuers. | We plan to get paid up to 12% of the amount raised, if and after the amount is raised. Also, we will charge an upfront fee that may be credited against the success fee. |
The funding portal consents that service of any civil action brought by
or notice of any proceeding before the Securities and Exchange Commission or any
self-regulatory organization in connection with the funding portal's
investment-related business may be given by registered or certified mail to the
funding portal's contact person at the main address, or mailing address,
if different, given in Items 1.E, 1.F. and 1.H.. If the applicant is a nonresident
funding portal, it must complete Schedule C to designate a U.S. agent for service of process.
The undersigned represents and warrants that he/she has executed this form on behalf of,
and is duly authorized to bind, the funding portal. The undersigned and the
funding portal represent that the information and statements contained herein
and other information filed herewith, all of which are made a part hereof, are current,
true and complete. The undersigned and the funding portal further represent that,
if this is an amendment, to the extent that any information previously submitted is not amended,
such information is currently accurate and complete.
| Date: | 12-02-2024 |
| Full Legal Name of Funding Portal: | truCrowd, Inc |
| By: (Signature) | Vicent C Petrescu |
| Title: | CEO |
Guidance: To determine direct ownership and executive officer status, see instruction 2 below.
Direct owners include any person that owns, beneficially owns, has the right to vote, or has the power to sell or direct the sale of 5% or more of a class of the applicant's voting securities. For purposes of this Schedule, a person beneficially owns any securities: (i) owned by his/her child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, sharing the same residence; or (ii) that he/she has the right to acquire, within 60 days, through the exercise of any option, warrant, or right to purchase the security.
- NA – less than 5%
- A – 5% but less than 10%
- B – 10% but less than 25%
- C – 25% but less than 50%
- D – 50% but less than 75%
- E – 75% or more
- G – Other (general partner, trustee, or elected member)
(a) In the Control Person column, enter "Yes" if the person has control as defined in the Glossary of Terms to Form Funding Portal, and enter "No" if the person does not have control. Note that under this definition, most executive officers and all 25% owners, general partners, elected managers, and trustees are "control persons".
(b) In the PR column, enter "PR" if the owner is a public reporting company under Section 13 or 15(d) of the Exchange Act.
| FULL LEGAL NAME (Natural Persons: Last Name, First Name, Middle Name) | Vicent Carolin Petrescu | |||||||||
| Domestic Entity/Foreign Entity (entity organized, incorporated, or domiciled in a foreign country)/Natural Person: |
| |||||||||
| Title or Status | Founder and CEO | |||||||||
| Date Title or Status Acquired(MM/YYYY) | 02/2013 | |||||||||
| Ownership Code |
| |||||||||
| Control Person |
| |||||||||
| PR |
| |||||||||
| CRD No | 006626315 | |||||||||
| IRS Tax No. | ||||||||||
| IRS Employer ID No. | ||||||||||
| FULL LEGAL NAME (Natural Persons: Last Name, First Name, Middle Name) | Magda Alexe | |||||||||
| Domestic Entity/Foreign Entity (entity organized, incorporated, or domiciled in a foreign country)/Natural Person: |
| |||||||||
| Title or Status | IT Manager | |||||||||
| Date Title or Status Acquired(MM/YYYY) | 01/2020 | |||||||||
| Ownership Code |
| |||||||||
| Control Person |
| |||||||||
| PR |
| |||||||||
| CRD No | ||||||||||
| IRS Tax No. | ||||||||||
| IRS Employer ID No. | ||||||||||
| FULL LEGAL NAME (Natural Persons: Last Name, First Name, Middle Name) | Digital Asset Monetary Network, Inc. (DATI) | |||||||||
| Domestic Entity/Foreign Entity (entity organized, incorporated, or domiciled in a foreign country)/Natural Person: |
| |||||||||
| Title or Status | None | |||||||||
| Date Title or Status Acquired(MM/YYYY) | 03/2018 | |||||||||
| Ownership Code |
| |||||||||
| Control Person |
| |||||||||
| PR |
| |||||||||
| CRD No | ||||||||||
| IRS Tax No. | ||||||||||
| IRS Employer ID No. | ||||||||||
| FULL LEGAL NAME (Natural Persons: Last Name, First Name, Middle Name) | Capitalis Group, Inc | |||||||||
| Domestic Entity/Foreign Entity (entity organized, incorporated, or domiciled in a foreign country)/Natural Person: |
| |||||||||
| Title or Status | Shareholder | |||||||||
| Date Title or Status Acquired(MM/YYYY) | 05/2021 | |||||||||
| Ownership Code |
| |||||||||
| Control Person |
| |||||||||
| PR |
| |||||||||
| CRD No | ||||||||||
| IRS Tax No. | ||||||||||
| IRS Employer ID No. | ||||||||||
- NA – less than 5%
- A – 5% but less than 10%
- B – 10% but less than 25%
- C – 25% but less than 50%
- D – 50% but less than 75%
- E – 75% or more
- G – Other (general partner, trustee, or elected member)
| FULL LEGAL NAME (Natural Persons: Last Name, First Name, Middle Name) | Vicent Carolin Petrescu |
| Domestic Entity/Foreign Entity (entity organized, incorporated, or domiciled in a foreign country)/Natural Person: | DE (Domestic Entity)
FE (Foreign Entity)
NP (Natural Person)
|
| Type of Amendment |
A (addition)
|
| Title or Status | Founder and CEO |
| Date Title or Status Acquired (MM/YYYY) | 02/2013 |
| Ownership Code |
NA - less than 5%
|
| Control Person | Yes
No
|
| PR | PR
|
| CRD No. (If applicable) | 006626315 |
| IRS Tax No. | |
| IRS Employer ID No. | |
| FULL LEGAL NAME (Natural Persons: Last Name, First Name, Middle Name) | Magda Alexe |
| Domestic Entity/Foreign Entity (entity organized, incorporated, or domiciled in a foreign country)/Natural Person: | DE (Domestic Entity)
FE (Foreign Entity)
NP (Natural Person)
|
| Type of Amendment |
A (addition)
|
| Title or Status | IT Manager |
| Date Title or Status Acquired (MM/YYYY) | 01/2020 |
| Ownership Code |
NA - less than 5%
|
| Control Person | Yes
No
|
| PR | PR
|
| CRD No. (If applicable) | |
| IRS Tax No. | |
| IRS Employer ID No. | |
| FULL LEGAL NAME (Natural Persons: Last Name, First Name, Middle Name) | Digital Asset Monetary Network, Inc. (DATI) |
| Domestic Entity/Foreign Entity (entity organized, incorporated, or domiciled in a foreign country)/Natural Person: | DE (Domestic Entity)
FE (Foreign Entity)
NP (Natural Person)
|
| Type of Amendment |
A (addition)
|
| Title or Status | None |
| Date Title or Status Acquired (MM/YYYY) | 03/2018 |
| Ownership Code |
NA - less than 5%
|
| Control Person | Yes
No
|
| PR | PR
|
| CRD No. (If applicable) | |
| IRS Tax No. | |
| IRS Employer ID No. | |
| FULL LEGAL NAME (Natural Persons: Last Name, First Name, Middle Name) | Capitalis Group, Inc |
| Domestic Entity/Foreign Entity (entity organized, incorporated, or domiciled in a foreign country)/Natural Person: | DE (Domestic Entity)
FE (Foreign Entity)
NP (Natural Person)
|
| Type of Amendment |
A (addition)
|
| Title or Status | Shareholder |
| Date Title or Status Acquired (MM/YYYY) | 05/2021 |
| Ownership Code |
E - 75% or more
|
| Control Person | Yes
No
|
| PR | PR
|
| CRD No. (If applicable) | |
| IRS Tax No. | |
| IRS Employer ID No. |
Service of Process and Certification Regarding Prompt Access to Books and Records
and Ability to Submit to Inspections and Examinations
Each nonresident funding portal applicant shall use Schedule C of Form Funding Portal to: identify
its United States agent for service of process, and certify that it can, as a matter of law and will:
(1) provide the Commission and any registered national securities association of which it becomes
a member with prompt access to its books and records, and
(2) submit to onsite inspection and examination by the Commission and any registered national
securities association of which it becomes a member.
| 1. Name of United States person applicant designates and appoints as agent for service of process: | |
| 2. Address of United States person applicant designates and appoints as agent for service of process | |
Address 1: | |
Address 2: | |
City: | |
State/Country: | |
Mailing Zip/ Postal Code: |
| Signature: | |
| Printed Name: | |
| Title: | |
| Date: |
| Date (MM/DD/YYYY): | 12-02-2024 |
| Name: | Vincent Petrescu |
| Address 1: | |
| Address 2: | |
| City: | |
| State/Country: | |
| Mailing Zip/ Postal Code: | |
| Phone Number | |
| Fax Number | |
| This is (check one): | one of applicant’s branch offices or affiliates. a third party unaffiliated recordkeeper. other. |
| If this address is a private residence, check this box: | Yes
No
|
| Briefly describe the books and records kept at this location: | Computer folders with the records. |
| 1. Investigation | Yes
No
|
| 2. Investor initiated complaint | Yes
No
|
| 3. Private civil litigation | Yes
No
|
You must provide a valid response to each question on every section of this DRP before any of your information can be saved. Invalid or incomplete responses will prevent you from closing the DRP with your information saved. It is recommended that you consult the Print Form of this DRP to make sure you have gathered all the required information before beginning your entry of information online.
| This Disclosure Reporting Page (DRP FP) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 5-H, or 5-I of Form Funding Portal. | Initial
Amended
|
| Check item(s) being responded to: | 5-H(1)
5-H(2)
5-H(3)
5-I
|
Use a separate DRP for each event or proceeding. An event or proceeding may be reported
for more than one person or entity using one DRP. File with a completed Execution Page.
One event may result in more than one affirmative answer to Item 5-H or 5-I. Use only one DRP to report
details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs.
The person(s) or entity(ies) for whom this DRP is being filed is (are) the:
Select only one: | Applicant Applicant and one or more of the applicant's associated person(s) One or more of applicant's associated person(s)
|
| If this DRP is being filed for the applicant, and it is an amendment that seeks to remove a DRP concerning the applicant from the record, the reason the DRP should be removed is: | The applicant is registered or applying for registration and the event
or proceeding was resolved in the applicant’s favor. The DRP was filed in error.
|
Part 2
| 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) | UNITED STATES SECURITIES AND EXCHANGE COMMISSION |
| 2. Principal Relief Sought (check appropriate item): | Cease and Desist (Private/Civil Complaint) Restraining Order Injunction Disgorgement Civil Penalty(ies)/Fine(s) Restitution Money Damages Other
|
Other Relief Sought: | |
| 3. Filing Date of Court Action (MM/DD/YYYY): | 12-23-2021 |
Specify if Filing Date of Court Action is Exact or needs an Explanation | Exact
Explanation
|
| 4. Principal Product Type (check appropriate item): | Annuity(ies) - Fixed Annuity(ies) - Variable Money Market Fund(s) Mutual Fund(s) Equity Listed (Common & Preferred Stock) Debt - Asset Backed Debt - Corporate Debt - Government Debt - Municipal Derivative(s) Direct Investment(s) - DPP & LP Interest(s) CD(s) Commodity Option(s) Futures - Commodity Futures - Financial Index Option(s) Insurance Investment Contract(s) Equity - OTC No Product Options Penny Stock(s) Unit Investment Trust(s) Other
|
If Other, please specify | UNITED STATES SECURITIES AND EXCHANGE COMMISSION |
Other Product Types: | |
| 5. Formal Action was brought in (include the name of the Federal, State, or Foreign Court; Location of Court - City or County and State or Country; and Docket/Case Number). | Federal Court State Court Foreign Court
|
A. Name of Court: | UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION |
B. Location of the Court: | |
City or County: | Detroit |
State or Country: |
MICHIGAN
|
C. Docket/Case Number: | UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION |
| 7. Describe the allegations related to this civil action. (The response must fit within the space provided.) | The applicant was the intermediary for two Reg CF offerings and it failed to remove the offerings when reg flags and it did not disclosed a co-manager of the two offerings. |
| 8. Current status? | Pending
On Appeal
Final
|
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. | |
| 11. How was matter resolved (check appropriate item): | Consent Judgement Rendered Settled Dismissed Opinion Withdrawn Other
|
| 12. Resolution Date (MM/DD/YYYY): | 12-23-2021 |
Specify if Resolution Date is Exact or needs an Explanation | Exact
Explanation
|
| 13. Resolution Detail: | |
A. Were any of the following Sanctions Ordered or Relief Granted (check appropriate item)? | Monetary/Fine Bar Revocation/Expulsion/Denial Disgorgement Cease and Desist/ Injunction Censure Suspension
|
Amount: | $243,747.00 |
B. Other Sanctions Ordered: | |
C. Sanction detail: If suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against the applicant or an associated person, date paid and if any portion of penalty was waived: | The applicant is permanently restrained and enjoined from violating Section 4A of the Securities
Act of 1933 [15 U.S.C. ? 77d] and Rule 301(c)(2) [17 C.F.R.
? 227.301] promulgated thereunder by, directly or indirectly, when acting as an
intermediary or person associated with an intermediary, allowing issuers access to
a crowdfunding platform in connection with crowdfunding offerings, when they:
(1) have a reasonable basis for believing that the crowdfunding offerings present
the potential for fraud or otherwise raise concerns about investor protection; (2)
reasonably believe, or should reasonably believe, that they are unable to adequately
or effectively assess the risk of fraud associated with the crowdfunding offerings;
or (3) become aware of information, after they have granted issuers access to a
crowdfunding platform for crowdfunding offerings, that cause them to reasonably
believe, or in the exercise of reasonable care should cause them to reasonably
believe, that the crowdfunding offerings present the potential for fraud or
otherwise raise concerns about investor protection; and (4) fail to deny the issuers
access to a crowdfunding platform or fail to promptly remove the offerings from a
crowdfunding platform, cancel the offerings, and return and direct the return of any
funds that had been committed by investors in the offerings. |
| 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above: | The applicant was the intermediary for two Reg CF offerings and it failed to remove the offerings when reg flags and it did not disclosed a co-manager of the two offerings. |
| If this DRP is being filed for an associated person: | |
This associated person is: | a firm
a natural person
|
The associated person is: | registered with the SEC
not registered with the SEC |
Full name of the associated person (including, for natural persons, last, first and middle names): | Vicent Carolin Petrescu |
If the associated person has a CRD number, provide that number. | 006626315 |
| If this is an amendment that seeks to remove a DRP concerning the associated person, the reason DRP should be removed is: | The associated person(s) is (are) no longer associated with the applicant. The event or proceeding was resolved in the associated person’s favor. The DRP was filed in error.
|
Part 2
| 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) | UNITED STATES SECURITIES AND EXCHANGE COMMISSION |
| 2. Principal Relief Sought (check appropriate item): | Cease and Desist (Private/Civil Complaint) Restraining Order Injunction Disgorgement Civil Penalty(ies)/Fine(s) Restitution Money Damages Other
|
Other Relief Sought: | |
| 3. Filing Date of Court Action (MM/DD/YYYY): | 12-23-2021 |
Specify if Filing Date of Court Action is Exact or needs an Explanation | Exact
Explanation
|
| 4. Principal Product Type (check appropriate item): | Annuity(ies) - Fixed Annuity(ies) - Variable Money Market Fund(s) Mutual Fund(s) Equity Listed (Common & Preferred Stock) Debt - Asset Backed Debt - Corporate Debt - Government Debt - Municipal Derivative(s) Direct Investment(s) - DPP & LP Interest(s) CD(s) Commodity Option(s) Futures - Commodity Futures - Financial Index Option(s) Insurance Investment Contract(s) Equity - OTC No Product Options Penny Stock(s) Unit Investment Trust(s) Other
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If Other, please specify | Regulation Crowdfunding Offering |
Other Product Types: | |
| 5. Formal Action was brought in (include the name of the Federal, State, or Foreign Court; Location of Court - City or County and State or Country; and Docket/Case Number). | Federal Court State Court Foreign Court
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A. Name of Court: | UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION |
B. Location of the Court: | |
City or County: | Detroit |
State or Country: |
MICHIGAN
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C. Docket/Case Number: | 21-cv-12193 |
| 6. Associated person's Employing Firm when activity occurred that led to the civil judicial action (if applicable): | |
| 7. Describe the allegations related to this civil action. (The response must fit within the space provided.) | TruCrowd was an intermediary, and Petrescu was an associated person of an intermediary, for purposes of Section 4A of the Securities Act and Rules 300(c)(1) and 300(c)(3) |
| 8. Current status? | Pending
On Appeal
Final
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If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. | |
| 11. How was matter resolved (check appropriate item): | Consent Judgement Rendered Settled Dismissed Opinion Withdrawn Other
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| 12. Resolution Date (MM/DD/YYYY): | 12-23-2021 |
Specify if Resolution Date is Exact or needs an Explanation | Exact
Explanation
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| 13. Resolution Detail: | |
A. Were any of the following Sanctions Ordered or Relief Granted (check appropriate item)? | Monetary/Fine Bar Revocation/Expulsion/Denial Disgorgement Cease and Desist/ Injunction Censure Suspension
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Amount: | $9,700.00 |
B. Other Sanctions Ordered: | |
C. Sanction detail: If suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against the applicant or an associated person, date paid and if any portion of penalty was waived: | Petrescu is suspended from appearing or practicing before the Commission as an accountant. After three years, Petrescu may request that the Commission consider reinstatement. |
| 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above: | TruCrowd Inc was the intermediary for two Reg CF offerings with Petrescu as an associated person that fail to disclose a co-manager of both offerings and two remove the offerings when red flags. |