Kenyatto Jones, also known as Ken Jones, faces scrutiny for his role in GivBux, an ecommerce platform that has drawn regulatory attention. The company operates through at least two websites, givbux.com, registered in October 2017, and givebuxglobal.com, registered in July 2024. Jones identifies himself as the founder and CEO of GivBux.
GivBux lists a California corporate address on its website. This location aligns with a 2019 consent order issued by the Washington Department of Financial Institutions, which identified Jones as a California resident. The order named GiveBux Global Partners and Jones as respondents.
Between January and March 2019, the respondents reportedly raised $106,000 by selling common stock in GivBux to about six investors. One investor in Aberdeen, Washington, an accredited investor, purchased 82,000 shares for $41,000.
GivBux also distributed an Executive Summary alongside its Private Offering Memorandum. This summary contained projections that lacked a factual basis. The company claimed a goal of 1.8 million users within one year. Its purchase transaction value was projected to climb from over $130 million in the first year to more than $3.4 billion in the second, and then to over $13.9 billion by the third year.
Revenue forecasts were equally ambitious, estimating growth from about $3.2 million in the first year to over $480 million in the third. Net profit was predicted to rise from $423,151 in year one to over $64 million in year three. These figures failed to account for the company's historical performance, its ongoing app development, and the absence of any revenue generation at the time.
The Executive Summary also misleadingly stated GivBux faced "No direct competition in this space at [the] present time". This ignored the highly competitive nature of the mobile wallet and payment industry. The Private Offering Memorandum itself acknowledged competition from major players like Apple Pay, Samsung Pay, and Square, noting their significantly larger scale and superior financial resources.
Crucially, respondents failed to disclose essential information regarding the use of investor funds, GivBux's financial status, and the compensation to be paid to Jones and others. The sale of GivBux common stock constituted the sale of a security, violating state regulations. GivBux Global Partners and Kenyatto M. Jones violated RCW 21.20.010 by making untrue statements of material fact.
The Washington Department of Financial Institutions' consent order prohibited GivBux Global Partners and Jones from offering or selling securities in that state. The order also required them to cease and desist from violating securities laws.