In re CashAB

April 14, 2020SEC CDO CASE NO. 04-20-063IN THE MATTER OF: CASHAB; CASHOCEAN; KWIKPESO; LITTLE CASH; CASHAB LENDING CO.; MIMOSA CREDIT LTD.; and ZAMOYA CREDIT LTD.ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT (EIPD), movant.CEASE AND DESIST ORDERThis resolves the Motion for the Issuance of Cease and Desist Order (the "Motion") filed on 13 April 2020 by the Enforcement and Investor Protection Department ("EIPD") praying for the issuance of an order enjoining the operators and owners of the following online lending applications: CashAB, CashOcean, KwikPeso, and Little Cash (collectively referred to as "Online Lending Operators"), their agents, representatives, and promoters, as well as the owners of the hosting sites of the Online Lending Operators, from operating, engaging in, carrying out, and/or promoting lending/financing business. RELEVANT FACTSThe EIPD of the Securities and Exchange Commission ("Commission") received a Memorandum dated 18 February 2020 (Memorandum) from the Corporate Governance and Finance Department ("CGFD") which referred the Online Lending Operators for appropriate action after a finding that they are operating and providing loans to the public without the requisite Certificates of Registration ("CR")...