Investment fraud, some gems exposed by the SEC...

[MJ DeMarco]

Some real gems in the last few months... many crypto related...

SEC.gov | SEC Charges Latvian Citizen With Digital Asset Fraud

www.sec.gov

SEC.gov | SEC Charges Promoter with Conducting Cryptocurrency Investment Scams

www.sec.gov

SEC.gov | Registration of Two Digital Tokens Halted

www.sec.gov

 

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[TheLearner]

Some real gems in the last few months... many crypto related...

SEC.gov | SEC Charges Latvian Citizen With Digital Asset Fraud

www.sec.gov

SEC.gov | SEC Charges Promoter with Conducting Cryptocurrency Investment Scams

www.sec.gov

SEC.gov | Registration of Two Digital Tokens Halted

www.sec.gov

Oh man I bet a ton of them over the next year will involve crypto, the numbers are staggering. Africrypt turns sour on investors: Founders flee as court cases build up I did't see this one on the SEC website (maybe because it originated in South Africa) but in 2021 it was purportedly managing over $200M

 

[MJ DeMarco]

Oh man I bet a ton of them over the next year will involve crypto, the numbers are staggering. Africrypt turns sour on investors: Founders flee as court cases build up I did't see this one on the SEC website (maybe because it originated in South Africa) but in 2021 it was purportedly managing over $200M

And a reminder, if you help the SEC convict any of these scammers, they give out healthy "whistleblower" rewards... like MILLIONS.

 

[socaldude]

And a reminder, if you help the SEC convict any of these scammers, they give out healthy "whistleblower" rewards... like MILLIONS.

I’m guessing the more credible and the more evidence you bring forward the more money you can be rewarded. Wouldn’t be a bad idea to get in on the “inside” posing as an investor eager to get those too good to be true returns.

 

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[biophase]

This thread reminded me of this one MJ. Have you heard of it? Did we ever talk about this one?

SEC.gov | Radical Bunny, LLC, Tom Hirsch, Berta Walder, Howard Walder, and Harish Shah

www.sec.gov

I actually invested in this and withdrew my money about 2 months before it came crashing down.

"According to the Commission's complaint, the foursome primarily communicated with investors through semi-annual meetings held at a luxury golf resort in Scottsdale, Ariz. Investors were provided with presentations about the status of their investments, and they were permitted to invite their friends, family, and others to the meetings as potential investors. Shah particularly solicited investors of South Asian descent, raising approximately $40 million from about 150 families."

I was at these presentations and saw people just writing $100k checks like nothing. It was surreal.

 

[MJ DeMarco]

This thread reminded me of this one MJ. Have you heard of it? Did we ever talk about this one?

SEC.gov | Radical Bunny, LLC, Tom Hirsch, Berta Walder, Howard Walder, and Harish Shah

www.sec.gov

I actually invested in this and withdrew my money about 2 months before it came crashing down.

"According to the Commission's complaint, the foursome primarily communicated with investors through semi-annual meetings held at a luxury golf resort in Scottsdale, Ariz. Investors were provided with presentations about the status of their investments, and they were permitted to invite their friends, family, and others to the meetings as potential investors. Shah particularly solicited investors of South Asian descent, raising approximately $40 million from about 150 families."

I was at these presentations and saw people just writing $100k checks like nothing. It was surreal.

I think I vaguely remember this, but I never attended.

 

[MJ DeMarco]

Reminder as crypto and financial fraud goes into high gear as asset prices plummet... being an SEC whistleblower pays extremely well.

SEC.gov | SEC Issues Nearly $3.5 Million Award to Four Whistleblowers

www.sec.gov

SEC.gov | SEC Issues $6 Million Award to Five Whistleblowers

www.sec.gov

SEC.gov | SEC Awards $1.25 Million to Whistleblower

www.sec.gov

SEC.gov | SEC Awards Approximately $14 Million to Whistleblower

www.sec.gov

SEC.gov | SEC Awards More Than $3.5 Million to Whistleblower

www.sec.gov

 

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[MJ DeMarco]

The crypto scammers are just piling up like trash ...

CFTC Charges South African Bitcoin Club Mirror Trading International With $1.7B Fraud

MTI’s self-described CEO was recently detained in Brazil on an Interpol warrant, the regulator said.

www.coindesk.com

https://www.washingtonpost.com/nation/2022/07/01/cryptoqueen-ruja-ignatova-fugitive/

 

[socaldude]

The crypto scammers are just piling up like trash ...

If I remember someone came on here and shared a “silver-backed” crypto. I’m pretty sure that’s a scam too.

 

[MJ DeMarco]

Arrested.

Former Start-Up CEO Charged In $175 Million Fraud

www.justice.gov

The cringy face of fraud. She should share the same jail cell as Elizabeth Holmes. Or make an appearance in the sequel to SMILE.

 

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[Simon Angel]

Or make an appearance in the sequel to SMILE.

Lol, I regret watching that movie.

 

[Kevin88660]

Arrested.

Former Start-Up CEO Charged In $175 Million Fraud

www.justice.gov

The cringy face of fraud. She should share the same jail cell as Elizabeth Holmes. Or make an appearance in the sequel to SMILE.

It is interesting to note that as always, U.S. prosecutors always took a very active role in business frauds.

If it happened in Singapore the police most likely would ask JPM to sue her.

It has to do with the justification of using public resources. A criminal prosecution has to be of public interest. If police resource is used on all private business acquisition with fabricated user number the police system will be paralysed.

For a criminal case to be established here , she needs to literally be running a fraud like an outright theft, for instance she pretended to have run a business with powerpoint slides but the business never existed, and the money went to the casino.

 

[MJ DeMarco]

SEC.gov | SEC Charges Crypto Asset Trading Platform Bittrex and its Former CEO for Operating an Unregistered Exchange, Broker, and Clearing Agency

www.sec.gov

Largest whistleblower award... $279 Million.

Let that sink in... someone gave info on a scam (likely FTX) and walked away with more than a quarter billion dollars.

SEC.gov | SEC Issues Largest-Ever Whistleblower Award

www.sec.gov

 

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[Simon Angel]

SEC.gov | SEC Charges Crypto Asset Trading Platform Bittrex and its Former CEO for Operating an Unregistered Exchange, Broker, and Clearing Agency

www.sec.gov

Largest whistleblower award... $279 Million.

Let that sink in... someone gave info on a scam (likely FTX) and walked away with more than a quarter billion dollars.

SEC.gov | SEC Issues Largest-Ever Whistleblower Award

www.sec.gov

View attachment 48661

Hell yeah, I would've done that too. That ship was bound to sink eventually, so why not expedite the inevitable and add $279M to my name in the process?

In fact, where do I sign up to infiltrate giant corporations and spill the beans on their illicit activities to the feds for a 7-figure payout?

 

[MJ DeMarco]

where do I sign up to infiltrate giant corporations and spill the beans on their illicit activities to the feds for a 7-figure payout?

You just contact the SEC using a whistleblower form.

 

[Kevin88660]

SEC.gov | SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures

www.sec.gov

To justify 9 digit cost need a billion dollar revenue. Possibly related to recent case.

Not many such big fines can pinpoint to.

SEC and IRS are ran like monopolistic businesses.

 

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[MJ DeMarco]

Oh, just another day in YouTube world and Crypto land... "to the moon!"

Behind these schemes are a legion of fools looking to "get rich easy."

 

[MJ DeMarco]

Different day, same story, same outcome...

 

[Jon822]

I guess all the crypto bros were right: crypto is a goldmine...for whistle-blowers.

 

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