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Securities and Exchange Commission Cancels NWorld Incorporation for fraud

Securities and Exchange Commission Cancels NWorld Incorporation for fraud

Controversial, Crime
The Securities and Exchange Commission (SEC) has cancelled the corporate registration of AlphanetWorld Corporation, doing business under the name and style of NWorld, for employing fraud in the procurement of its certificate of incorporation. In an order dated July 28, the SEC Company Registration and Monitoring Department (CRMD) found that one of NWorld’s incorporators provided an invalid Tax Identification Number (TIN) in the Articles of Incorporation it submitted to the Commission. “[T]he use of an invalid and false TIN on [NWorld’s] Articles of Incorporation constitutes fraud in the procurement of the certificate of registration, which is a valid ground for the revocation of the Corporation’s Certificate of Incorporation,” the order read. The CRMD noted that the TIN is an...