The NAC Foundation has accused the United States Securities and Exchange Commission of misconduct in an ongoing case. According to court documents Oct. 20, Rowland Marcus Andrade and his company NAC Foundation asked a San Francisco federal judge to dismiss the SEC’s June lawsuit alleging that he and his associate Jack Abramoff defrauded investors in a $5.6 million token offering. Andrade argued that the SEC “purposefully attempted to mislead the court” by accusing him of offering a technology that had never been developed. According to the defendant, the SEC was aware that he held patents for Anti-Money Laundering technology related …
Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor's note Historians typically date the birth of international policing as we know it today to the 1800s, a response to the explosion in nationalist movements and non-governmental political radicalism in Europe. Just as new linking technologies like the telegraph and the steam engine aided and abetted new networks of political deplorables and any number of Sherlock Holmes plots, the explosion of communications tech of the last quarter-century has brought about new forms of crime. Which is, y’know, something everyone passively …
The U.S. Securities and Exchange Commission has charged three individuals for various cryptocurrency frauds including the 2018 initial coin offering for the Steven Seagal-promoted altcoin, Bitcoiin2Gen. A Feb. 1 SEC announcement estimates that Bitcoiin Gen founder John DeMarr, Start Options founder Kristijan Krstic, and promotor Robin Enos duped investors out of more than $11 million through two fraudulent and unregistered securities offerings from December 2017 until May 2018. The SEC alleges that Krstic and DeMarr first spruiked Start Options’ purported crypto asset mining and trading platform in December 2017 and January 2017, falsely claiming it was “the largest Bitcoin exchange …
The United States Commodity Futures Trade Commission (CFTC) has filed a complaint against Florida resident Alan Friedland for fraudulently raising $1.6 million through a cryptocurrency tied to a forex trading scheme. The April 16 filing accuses Friedland and his companies Fintech Investment Group, Inc and Compcoin LLC of illegally soliciting investments and publishing “untrue and materially misleading” press materials for its digital asset Compcoin from 2016 until 2018. ‘Proprietary trading algorithm’ The defendant claimed that Compcoin would allow customers to access Fintech’s proprietary trading algorithm ART and would deliver high returns on investment. Friedland falsely claimed that ART’s profit potential …
The Federal Bureau of Investigation (FBI) Miami Field Office has warned that crypto ATMs are emerging as a popular method that scammers use to receive funds from defrauded victims. The information was revealed as part of an Oct. 3 public warning about “pig butchering scams” where scammers pose as long-lost friends or potential romantic partners to swipe money from victims. The scammers “fatten up” their victims by showing a supposedly genuine interest in them to win their trust, and then gradually introduce investment discussions into the relationship. In the public service announcement in cooperation with the Internet Crime Complaint Center …