BorrowMoney.com, Inc. and Aldo Piscitello

U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26038 / June 27, 2024

Securities and Exchange Commission v. BorrowMoney.com, Inc. and Aldo Piscitello, No. 0:24-cv-61118-DSL (S.D. Fla. filed June 26, 2024)

SEC CHARGES SOUTH FLORIDA COMPANY AND PRINCIPAL IN FRAUD SCHEME

The Securities and Exchange Commission announced today it filed an action against BorrowMoney.com, Inc. and its sole officer and majority shareholder, Florida resident Aldo Piscitello.

According to the SEC's complaint, BorrowMoney.com purports to provide an internet-based platform to match mortgage and loan providers with prospective borrowers, earning revenue by supplying leads of prospective customers to those lenders. As alleged in the complaint, in Forms 10-Q filed with the Commission, for each of its first three reporting periods for its fiscal year ending on August 31, 2019, BorrowMoney.com represented that its revenue was related to lead generation. According to the complaint, however, the majority of the revenue reported was fictitious and, for the remainder, BorrowMoney.com did not have contracts or events that met the criteria for revenue recognition required by U.S. generally accepted accounting principles. The complaint also alleges Piscitello failed to make required disclosures related to his beneficial ownership of BorrowMoney.com securities. The complaint further alleges BorrowMoney.com did not report Piscitello's failure to file beneficial ownership filings.

The SEC's complaint charges BorrowMoney.com and Piscitello with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, BorrowMoney.com with violating Section 13(a) of the Exchange Act and Rule 13a-1 thereunder, and Piscitello with violating Sections 13(d), 13(g), and 16(a) of the Exchange Act and Rules 13d-1 and 16a-3 thereunder and aiding and abetting BorrowMoney.com's violations of Section 13(a) of the Exchange Act and Rule 13a-1 thereunder. The SEC seeks permanent injunctions, disgorgement of ill-gotten gains plus prejudgment interest, and civil money penalties against BorrowMoney.com and Piscitello, and an officer and director bar and penny stock bar against Piscitello.

The SEC's investigation was conducted by Shelly-Ann A. Springer-Charles, Ferdinand Babilonia, and Carol Der Garry, and was supervised by Eric R. Busto and Glenn S. Gordon. The SEC's litigation will be led by Russell Koonin.

• SEC Complaint