SEC Charges Trade Coin Club Ponzi Scheme!
Hi HODLers,
Justice takes time but justice is still usually served in most western countries.
As we learned today:
The U.S. Securities and Exchange Commission today hit four people with charges for allegedly swindling investors out of nearly $300 million in a “fraudulent crypto Ponzi scheme.”
Trade Coin Club promised investors at least 0.35% daily return from a "crypto trading bot". Obivously, this was later found out to be a Ponzi scheme and investors lost their money
They had raised over 82,000 in Bitcoin—worth $295 million at the time—from over 100,000 investors worldwide in 2016-18.
“To ensure our markets are fair and safe, we will continue to use blockchain tracing and analytical tools to aid us in the pursuit of individuals who perpetrate securities fraud,”
They concluded that
- Braga received at least $55 million in Bitcoin,
- Paradise got $1.4 million,
- Taylor $2.6 million, and
- Tetreault stole around $625,000
We do not have yet their punishment but as the SEC concluded the charges brought against them were going to lead to a conviction, I hope the SEC hammer them real hard!
Stay safe out there,
Latest articles
Posted Using LeoFinance Beta
These scams need to be hit hard to make an example of things. However, it still is kind of sad towards the future when we are still reliant on governments to throw out the punishments.
Posted Using LeoFinance Beta