Update: WCM777 has closed their US offices with this notice: The USA operation is closed. The company’s US customer service center, City of Industry office is closed. The company’s US customer service phone number will remain the same, as will the email address. October 4, 2013
WCM777 is a direct selling e-commerce company based in Hong Kong. The company held a grand opening in the United States in June 2013. The three letters in WCM777 represent ‘’We Create Market.’’ WCM777 is the marketing arm of Word Capital Market Inc., a merchant banking and advisory company with locations and joint venture partners in China, the United States, Israel and Japan.
WCM777’s product offerings are cloud computing services. These include WCM Cloud Space, a cloud services platform offering instant messaging, mail boxes and file sharing for individuals and groups; WCM Cloud Music Station, providing users with public and private music channels based on the user’s preferences; WCM Cloud Books Library, which currently has over 100,000 Chinese books for online reading and downloading; and the Kingdom Card, a customer loyalty points card. The Kingdom Card’s purpose is to give bonuses to customers and to help merchants increase customer loyalty and profits.
WCM777’s stated goal is ‘’to create a trustworthy and common wealth community by integrating social networks, E-commerce, offline marketplace, cloud computing technology and a customer loyalty points program.’’
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WCM777 Issued Cease and Desist by California
On January 15, the State of California Business, Consumer Services and Housing Agency Department of Business Oversight issued a Desist and Refrain Order naming World Capital Market, Inc., WCM777, Inc., WCM777 Limited, Ming Xu (CEO and Chairman of WCM and Chairman of WCM777), Zhi Liu (CEO of WCM777), and Harold Zapata, a Director and affiliate of WCM777 (described in the Desist and Refrain Order as...
WCM777 Acknowledges Selling Unregistered Securities
Following an investigation by the Massachusetts Securities Division, WCM777 is banned from doing business in the state and was ordered to refund more than $300,000 to affiliates in Massachusetts. WCM777 recently posted a short statement on the company's website stating that "the sale of securities failed to fully comply with laws and regulations in the United States, our operations in the U.S. ...
WCM777 Ceases Operating in US
Hong Kong-based WCM777, which held a "grand Opening" in Los Angeles in June and claimed to have "received great support from the California government", has ceased operations in the United States. An announcement from the company says that its U.S. operation is closed, without giving a reason for its abrupt departure.
Although rumors of an investigation can't be confirmed, it is possible th...
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