The Peruvian government moved to ban WCM777 from operating in the country on December 15th, following a public warning from congressman Jaime Delgado. This action targeted an investment scheme promising up to 300% gains on deposits ranging from $399 to $1999.
WCM777, known as World Capital Market, typically functions by appearing to work initially. The company stops paying existing investors when it can no longer convince enough new people to join. Consumers should be aware of this model.
Despite Peru's ban, some WCM777 affiliates continued to market the scheme. Peruvian officials enforced the ban on January 14th, shutting down a local WCM777 marketing office and making several arrests.
World Capital Market had collected public money without proper legal authorization. This violated Article 11 of Peru's General Law of the Financial System and Insurance System, along with the Organic Law of the Superintendency of Banking and Insurance (Law No. 26702). Legal representatives of the company also face criminal charges.
Days after the Peruvian arrests, Phil Ming Xu, owner of Kingdom777 (formerly WCM777), announced his commitment to "helping and blessing Peru." Xu's exact meaning and the weight of this commitment remain unclear.
In a letter published to Twitter on January 17th, Xu wrote, "I believe a man's success is not defined by how much he owns but defined by how many people he can bless." He added, "As an ordained minister, I am willing to sacrifice 100% to god." Xu stated his intention for WCM777 was "good and pure to be a blessing in this world." He described the "vision of WCM777" as building "a city upon a hill to prepare for the ending time and harvest of souls."
When Xu rebranded WCM777 to Kingdom777, he initially announced plans for the company to register its stock with the SEC. He also mentioned launching "777 Points Trading," collateralized by company stock, as a "secondary market trading before the IPO." Securities lawyers were to guide the company.
This strategy appears to have changed. Xu stated yesterday, "To build this community, we have a promotion plan and a payout ratio of 130% for a limited time." He added, "We want to build a community of love by aligning faith and economic interests of our members." This latest promotion continues to offer returns exceeding initial deposits.