GivBux Review: Ecommerce app platform pyramid scheme

GivBux fails to provide ownership or executive information on its websites.

GivBux operates from two website domains:

givbux.com – first registered in October 2017, private registration last updated on March 3rd, 2024

givebuxglobal.com – privately registered on July 16th, 2024

Further research reveals Kenyatto Jones, aka Ken Jones, citing himself as founder and CEO of GivBux on social media:

On its website, GiveBux provides a corporate address in California. This tracks with a 2019 Washington Department of Financial Institutions consent order, citing Jones as a resident of California.

As per
DFI’s consent order
, which names GiveBux Global Partners and Jones (right) as Respondents;

Between January and March 2019, the Respondents raised a total of $106,000 from the sale of common stock in Givbux to approximately six investors, including an accredited investor residing in Aberdeen, Washington who purchased 82,000 shares for $41,000.

In addition to the Private Offering Memorandum, Givbux also disseminated an Executive Summary, which contained misleading financial projections. Givbux stated that it had a goal of 1.8 million users within 12 months.

Givbux represented that the value of its purchase transactions would grow from over $130 million in the first year of operations, to over $3.4 billion in the second year, and to over $13.9 billion in the third year.

Givbux’s revenue was projected to grow from approximately $3.2 million in the first year of operations to over $480 million in the third year.

The Executive Summary indicated that Givbux would earn a net profit of $423,151 in the first year of operations, which would grow to over $64 million in the third year.

These projections lacked any reasonable basis in fact. Givbux failed to disclose that these projections were not supported by the company’s historical performance, that the company was still testing and developing its app, and that it had not yet earned any revenue.

The Executive Summary misleading stated that Givbux had “No direct competition in this space at [the] present time (none could be found with an affiliate program).”

In fact, the mobile wallet and mobile payment industry is highly competitive.

In its Private Offering Memorandum, Givbux disclosed that it competes with other well-established global mobile wallet businesses including Apple Pay, Samsung Pay, and Square, which are “much larger than the Company” and have “superior financial resources.”

The Respondents failed to disclose material information regarding the use of investor proceeds, the financial condition of Givbux, and the compensation that would be paid to Jones and other persons.

The offer and/or sale of the common stock described above constitute the offer and/or sale of a security as defined in RCW 21.20.005(14) and (17).

Givbux Global Partners, Inc. and Kenyatto M. Jones each violated RCW 21.20.010, because, as set forth in the Tentative Findings of Fact, they made untrue statements of material

🤖 Quick Answer

What is GivBux and who founded it?

What regulatory action has been taken against GivBux?
In 2019, Washington's Department of Financial Institutions issued a consent order against GivBux Global Partners and founder Kenyatto Jones. The order documented that between January and March 2019, the respondents raised approximately $106,000 through the sale of common stock, prompting regulatory intervention.

What transparency issues does GivBux present?
GivBux fails to publicly disclose complete ownership or executive information

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