Florida man escapes paying a $4.5M SEC penalty over a crypto Ponzi scheme

Florida man escapes paying a $4.5M SEC penalty over a crypto Ponzi scheme

The founder of the Argyle Coin Ponzi scheme has escaped paying a $4.5 million penalty to the SEC for operating a “web of fraudulent companies.” The founder of a multi-million crypto Ponzi scheme has escaped paying a $4.5 million penalty to the U.S. Securities and Exchange Commission. On March 23, the U.S District Court of Southern Florida initially ordered Jose Angel Aman to pay the SEC more than $4.2 million in disgorgement, and $300,000 in prejudgement interest. However, the court deemed the bill was satisfied that same day due to restitution paid in a parallel case from 2019. According....


Related News

Man Jailed for Role in $25 Million Ponzi Scheme Involving a Failed Crypto

A South Florida federal district judge has sentenced Jose Angel Aman to 84 months in prison for his role in perpetrating a $25 million diamond Ponzi scheme. In addition, the judge ordered Aman to pay over $23 million in restitution to victims who invested in his diamond cutting business and the purported diamond-backed crypto token. Fraudulent Claims and Promises In a statement, the U.S. Department of Justice (DOJ) says Aman and his unnamed partners successfully recruited hundreds of people after convincing them “to invest in diamond contracts.” The statement adds that the....

Man Gets 6 Years for $25M Diamond and Crypto Ponzi Scheme

Jose Angel Aman, charged with operating the fraudulent investment scheme, was sentenced to serve six years in federal prison and pay over $23 million in victim restitution by a federal court in Florida.

Indian Police Investigate 3 Companies Running a Crypto Ponzi Scheme, CEO Charged

Three companies allegedly running a large-scale cryptocurrency Ponzi scheme are being investigated by Indian police. The scheme promises extraordinary returns to investors. The police have registered a case against the alleged CEO of the companies. Large-Scale Indian Crypto Ponzi Scheme Indian police are reportedly investigating three Bengaluru-based companies over a cryptocurrency investment scheme that has lured investors from all over India. The companies are Long Reach Global, Long Reach Technologies, and Morris Trading Solutions. They are allegedly connected to “a multi-crore....

Bitcoin Ponzi Scheme Collapse Looms in Vietnam

This particular Ponzi Scheme in Vietnam will give Bitcoin a bad reputation in the country. Cryptocurrency is not regulated by the banks, and the local government is not too keen on Bitcoin either. Ever since the inception of Bitcoin, there have been individuals and companies trying to discredit cryptocurrency. Some of them even go as far as setting up deliberate Ponzi Schemes to defraud Bitcoin investors. Such a scheme seems to be on the brink of collapse in Vietnam. Hundreds of people have been burned by this pyramid scheme, which seemed to rely on an MLM structure. It is not the first....

Lawyer Spills the Beans on Bitcoin Ponzi Convict, Pirateat40

In September, Texan man Trendon Shavers admitted to conducting a $4.6M Bitcoin Ponzi scheme. On the popular bitcointalk.org forum, he promised investors a 7 percent weekly return on sums of more than 25K BTC. Pirateat40 hastily shut down the scheme in mid-2012, leaving investors in the dark about their funds. The Securities and Exchange Commission (SEC) then charged the Bitcoin fraudster, ordering him to pay $150,000 in a civil penalty and more than $40 million in illegal profits. But this is just one side of the story. Jason Seibert, the defendant lawyer, has revealed some vital points....