Blockchain, Bitcoin (BTC) and cryptos are changing the world, but unfortunately they are unable to stem the naivety and greed of some people. Scammers (also called scammers) still have a bright future ahead of them. No false argument is ultimately too good to be true, especially in an ecosystem where there are many beginners.
3 Canadian citizens have been convicted of fraud after defrauding investors for an amount of $ 8 million in a ICO related to the crypto project PlexBody.
The 2 main partners of the project, Dominic lacroix and Sabrina Paradis-Royer, as well as an employee, Yan Ouellet, were indicted on 5 counts, including conspiracy to commit securities fraud and conspiracy to commit money laundering.
They were all 3 accused of having transferred the funds collected to their own accounts, for their personal expenses and, costs related to real estate renovations.
An impossible ROI? No never !
The indictment reveals that the defendants were able to convince investors of the project’s legitimacy through social media and websites.
According to the prosecutor’s office in charge of the prosecution, the defendants issued several false statements, claiming for example that PlexBody was led by a team of experts based in Singapore. They also promised investors returns of up to up to 1354% after 29 days.
In 2017, the Securities and Exchange Commission (DRY) proceeded to freeze the assets of PlexBody, of The cross and of Paradis-Royer in a case where the company was accused of violating securities law.
In 2019, the SEC reached an agreement with PlexBody and its 2 directors: The cross and Paradis-Royer pledged to pay $ 4.5 million, plus $ 1 million in penalties and $ 348,145.25 in interest.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Why wait for the next and the next and again the next bull run of Bitcoin (BTC), to hope to become rich? One scam and you are millionaires. Obviously, you will run dry if the SEC gets a hold of your holdings. It’s hard for scammers to resist the temptation to rip off a few newcomers, especially when all you need is the right words to make them eat you up …
Litecoin, welcome in the Silver Age