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CFTC- Crook Review

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To combat Ponzi schemes like EmpowerCoin, ECoinPlus, and JetCoin, the CFTC has taken legal action. It is alleged that the scams perpetrated by Dwayne Golden, Jatin Patel, Marquis Demarking Egerton (aka Mardy Eger) and Gregory Aggesen resulted in millions of dollars in stolen funds.

Dwayne Golden, a citizen of the United States, currently resides in the state of Florida. Jatin Patel is an Indian national who lives in Maharashtra and works as a software engineer. Eger is a US citizen who lives in North Carolina and works as a nurse. An American citizen, Gregory Aggesen, lives in New York City.

The CFTC’s complaint spans a period from April to August of this year. There appears to be an unnamed accomplice who appears to be cooperating with US authorities in the complaint. EmpowerCoin was allegedly run by Dwayne Golden, Jatin Patel, and Mardy Eger. In May 2017, EmpowerCoin, promised investors a return on their investment of 200 percent in 90 days.

After the collapse of EmpowerCoin, ECoinPlus was created. According to court documents, JetCoin was run by Golden, Patel, Greg Aggesen, and an unidentified third party. Scott Chandler, a JetCoin Master Distributor, is my best guess, but I can’t be sure.

In 2018, the FTC brought legal action against Chandler for his role in promoting and profiting from JetCoin and other Ponzi schemes. In an interview in June 2017, JetCoin promised investors a 200 percent return in 40 to 50 days, which they received.

With JetCoin’s relaunch, the fixed return model was replaced with a daily return rate model. There was an external source of revenue for Empower Coin, ECoinPlus, and JetCoin. The trading ruse was dropped in JetCoin 2.0. At no point was there any pretense made that it wasn’t a pyramid scheme. There was no trading at all, according to the CFTC, which filed a complaint.

As with all Ponzi schemes, the money that the defendants paid out to their customers was actually stolen from other customers. They didn’t have any traders, and they didn’t even trade Bitcoin. The promised returns and commission payments were purely fictitious, as they could only be paid out if new customer investments were available to redistribute to previous customers.

That’s because the JetCoin Defendants did not have traders on staff and because they could only pay commissions if new customers invested enough money to redistribute to their existing customers, which was impossible because they didn’t have any new customers at all. Consumers contributed $23.2 million to EmpowerCoin and ECoinPlus.

Dwayne Golden, Jatin Patel, and Mardy Eger stole more than $42 million from the EmpowerCoin and ECoin Plus tokens. $21.7 million was raised by JetCoin. More than a third of the funds invested in JetCoin ($7.884) were stolen by Golden, Patel, Greg Aggesen (right) and an unnamed accomplice. Deceptive and manipulative acts with regard to interstate commodity sales contracts, in violation of Section 6(c)(1) of the Commodity Exchange Act (the “Act”), as amended, 7 U.S.C. 9(1) (2018), and Regulation 180.1(a) of the Commodity Futures Trading Commission (the “Commission”), 17 C.F.R. 180.1(a)(1)-(3) (2020). The CFTC’s internal communications show that the defendants were aware of the scams they were operating.

Golden stated EmpowerCoin in a voice message from May 2017 (the sender isn’t disclosed). The program ceased to function as promised because the owner had already “shifted a large amount of money into other programs,” which meant that they could not continue to pay commissions as promised. Patel responded to this by suggesting that he and Golden work together.

In order to keep the scheme going, they stated that the bitcoin in the system was the “lowest so far since we started” and that each of them had made more than half a million dollars at that point in the scheme’s history. At a later point in the day, Patel suggested they and Eger get together and make Ponzi payments to other customers after taking their misappropriated shares of customer bitcoin investments on “profit” rather than “gross,” in an attempt to extend the life of the operation.

To quote Patel, “We made a lot of money in the last few days,” he said. On June 1, 2017, Patel made the announcement in a voice message. It is possible that EmpowerCoin and ECoinPlus will continue to operate “so long as new members keep joining”. Golden complained to Patel after he was linked to EmpowerCoin because he wanted to profit from fraud but didn’t want to be associated with it.

On May 10, 2017, Golden called Patel to complain that EmpowerCoin members were saying that he owned the company and that his name was associated with the domain registration. When Patel inquired about this, he said that the website was “supposed to be registered outside the country,” and he urged him to “undo” the registration.

“Anonymous Gmail” was mentioned in a message sent to Egerton on May 16, 2017, by an employee of Golden’s firm. “It’ll be untraceable to us,” she wrote in the message. This employee informed Golden, via voicemail on May 25, 2017, that the team answering customer emails had been instructed not to disclose any information about Ecoinplus’s ownership and that all company employees needed to maintain their anonymity.

In a voice message on June 13, 2017, Golden urged Patel to “keep your distance” from Empowercoin and Ethereumplus. In July 2017, ECoinPlus, EmpowerCoin’s relaunch, fell apart. Dwayne Golden received $1.27 million of the stolen $9.86 million. Mardy Eger received $1.21 million, while Jatin Patel received $7.2 million in compensation.

Golden and Patel were the common threads linking JetCoin and the previous scam. There were efforts made to keep Eger and the accomplice unaware of their involvement in JetCoin and the EmpowerCoin/ECoinPlus project, and the same was true for Patel and Golden.

ECoinPlus’ collapse and the launch of JetCoin had some overlap, despite the fact that both were relatively short-lived. By saying that “we’re making good money from both” and referring to the two companies as “rival enemies” in a voice message to Patel on May 24, 2017, Golden implied that he didn’t want to create an “imbalance” between the two. If there was any doubt that the scammers were aware of what they were doing, they provided proof.

The JetCoin’s “termination date,” the fact that it would not work long-term, and the fact that it was built for “quick money” were all things Golden mentioned on June 1, 2017. He told the accomplice on June 30, 2017, that the biggest mistake in operating JetCoin was failing to “stick with the story” that “trading was going on.” Even though both men were aware of this, he compared the purported trading “to an earlier Ponzi scheme” and noted that it “wouldn’t support any system anyway over a long period of time.” According to the Accomplice, “people who want to sit by and earn money without doing anything… no one believes in that crap,” which meant that the passive guaranteed payouts should have been obvious flimsy to potential customers.

“Coming here and putting your money into something and making money for nothing? That’s such a joke, “Agesen told the accomplice in another voice message. Regardless of whether or not trading was involved, “the thing went by so quickly, with or without it.” To keep JetCoin alive, the accomplice warned Aggesen on July 2, 2017, that the site could collapse or require the operators to pay out of their own pockets without new customer investments.

In early June of this year, JetCoin began experiencing difficulties with payments. On June 13, 2017, Patel predicted in a voice message to Golden that JetCoin would be unable to make the daily and commission payments to customers the following day or the day after. A reduction in JetCoin daily payments from 4–5 percent to 1.1 percent was made at the end of the month in an effort to keep the Ponzi going. Affiliates who persuaded others to invest 20 BTC in JetCoin received a 3.3 percent bonus.

By the end of this month, JetCoin will have collapsed. The following month, JetCoin 2.0 was launched, but it too was short-lived. In or around August 2017, the JetCoin Defendants and the Accomplice permanently shut down the JetCoin website and stopped responding to customer complaints. In order to avoid customer backlash, the JetCoin Defendants and the Accomplice made every effort to avoid being associated with the websites.

On July 1, 2017, the accomplice and Aggesen proposed telling customers that they were introduced to JetCoin by Patel and that they were unaware of the company’s owners following a June 30th voice message in which Aggesen complained of “being beat up” by JetCoin customers.

The administrators have a total of $7.884 in JetCoin funds. Dwayne Golden received a whopping $1,128,000 in remuneration. Jatin Patel was awarded $4,896,000 in damages. He was paid $1.351 million by Aggesen. The $50,000 went to an unnamed accomplice. In August, My Digital BTC, a fork of JetCoin 2.0, was launched. As of the midway point of September, my digital BTC had completely collapsed.

A manipulative or deceptive device or contrivance is alleged to have been used by the CFTC in its complaint. Disgorgement, restitution, a civil monetary penalty, and post-judgment interest are among the penalties sought by the Commodity Futures Trading Commission (CFTC) against the defendants in the case. The Department of Justice has filed criminal charges against the defendants.

We’ll keep you informed of any new developments as we continue to follow these two cases. The CFTC’s case has been added to Pacer as of March 9th, 2022.

The lawsuit was filed on March 8th, and there have been no significant developments since then. After a few days, I’ll check back in.

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Meta Utopia- Crook Review

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A few days ago, we put out its review of Meta Utopia.

“Metaverse” MLM crypto Ponzi scheme that isn’t very interesting on its own.

As part of our research, we found a link between Nicholas Coppola and the man who started the Ponzi scheme.

Or rather, he did it through an Instagram story that has since been deleted:

Coppola wasn’t happy about being linked to Meta Utopia in public, it turns out. He only wants to hide the fact that he is a crypto-bro Ponzi scammer.

Today, Nicholas Coppola joins the DMCA Wall of Shame.

Over the past 24 hours, “Dincer Odabasi” from “Copyright Support” has sent us two emails. Nicholas Coppola’s emails were sent on his behalf.

Copyright Support says on its poorly made website that it will

Negative or damaging news that can be found on the Internet and in Google search results should be taken down for good.

In his first email, Odabasi tries to pull the old “right to be forgotten” scam.

“Dear Madam,

Because of the right to be forgotten and because of the privacy clause, we want the content to be blocked.

We tried to get in touch with the website that posted the content, but we didn’t hear back. So, we give you the content and ask you to turn it off.

As everyone knows, according to the first paragraph of Article 9 of Law No. 5651 on the Regulation of Broadcasts Made on the Internet and Combating Crimes Committed Through These Broadcasts, if they can’t get to it, they can send a warning to the hosting provider and ask that the content be taken down.

Again, the second paragraph of the same article says that “the content and/or hosting provider must respond to requests from people who say their personal rights have been violated by the content of an online broadcast within twenty-four hours at the latest.”

We want the case that was filed on our behalf to be taken care of. Because of the European right to be forgotten and the privacy of private life, we have the right to limit access to content.

Please note that we’re asking you to take down the content because we’ve tried to reach the owner but haven’t heard back. That’s why we want and need you to take it down.”

This is a form letter that con artists send out. I know that because Odabasi put the same notice to Amazon from another email about a different website and client (ruhroh GDPR fail) into the body of the email he sent me.

In any case, the “Right to be Forgotten” law in Europe is used by scammers to hide their pasts, no matter how good the lawmakers’ intentions may have been at first.

The Right to be Forgotten is not part of EU law, so we don’t recognise it. Also, it takes four days from the date of publication until a right-to-be-forgotten takedown notice is sent.

Odabasi went on to say that Turkish law had something to do with the US, which was not true.

Due to the Right to be Forgotten and the USA Legal Content Removal Request Pursuant to Law No. 5651, we can’t take down the content we told you about because it’s in the Constitution.

“The Right to be Forgotten and the USA Legal Content Removal Request” is not a thing, even if that sentence makes no sense. It’s not true at all.

Turkey passed Law No. 5651 in the year 2020. It only happens in Turkey and has nothing to do with the United States.

Odabasi sent another email a few hours after the first one. This time, he threatened to take action because of copyright issues.

“We want you to remove any content that reveals personal information about our representative.

If you don’t get rid of the news content, we will file a copyright claim with your hosting company, Google.

I’d like you to put the story away, please.

Regards, 
TEAM OF SUPPORT FOR COPYRIGHT”

As our Policy says, we often use “third-party logos and images,” which is allowed by US copyright law through “fair use.”

We don’t need permission from the people who own the rights to the images we use in our MLM news and reviews. Period. 

The DMCA takedown process is being abused when fair use isn’t taken into account and a fake DMCA is filed. Not only will it not work, but the person who submitted it is lying.

Even though it’s clear that Copyright Support doesn’t care about the law, it’s still important to point out their hypocrisy.

Scam businesses like Copyright Support depend on the fact that the publisher or service provider they are after doesn’t know what they are doing.

Nicholas Coppola has publicly linked himself to Meta Utopia and is involved enough to be close to the Ponzi scheme’s founder, who has not yet been named.

It is not against any US law to publish this information with proof attached.

Update, July 2, 2022: Dincer Odabasi is now committing twice as much DMCA fraud as he was before.

Odabasi sent Google a “court order” on June 28 that says the same thing: “It’s against the law to search for scammers!” Stupid, but it also says this:

Based on the privacy clause of private life and the court document we will send you, we want the content to be taken down from publication and blocked from access.”

Odabasi is saying that a Turkish law is a “court document” that keeps scammers from telling the rest of the world. Oh dear.

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Laetitude- Crook Review

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Investors such as Laetitutde and Swapoo are circumspect on issues affecting investor wallets and active investments. 

According to a Latitude News report dated August 13th, You have gotten one or two emails from Swapoo in the past several days, which also affects our Laetitude members. 

Due to the continued strong relationship between Swapoo and Laetitude, we can guarantee that these changes will not affect your Laetitude accounts. Latitude will continue to operate as usual.   

The alterations made by Swapoo will have an effect on the wallet and the bots. However, we are aware that wherever there are obstacles and closed doors, new doors will emerge to provide opportunities for greater success. 

Swapoo is merely adjusting to the ever-changing regulatory environment and market situations.

The details of the e-mails sent are kept confidential. I have not encountered any examples in nature. 

Regarding “evolving regulatory landscapes,” Laetitude is a Ponzi scheme operated by Swapoo. 

David El Dib operates Laetitude from Dubai, the center of MLM fraud. Swapoo is run by Dave Martin, who is from the Philippines.El Dib and Martin have both established themselves on the BitClub Network. 

The investigation by the Department of Justice found BitClub Network to be a $722 million Ponzi scheme. The founders of BitClub Network were arrested in 2019. 

El Dib and Martin commit securities fraud and operate their own Ponzi scheme through Laetitude and Swapoo. The regulation of securities is not novel. For decades, every nation with a financial market has regulated securities fraud. 

The Ponzi fraud announced a remedy for lost Swapoo wallets in a follow-up “Laetitude News” post dated August 26;  

As you are likely aware, Laetitude no longer utilizes Swapoo for secure wallet services. As a result, we have recently implemented the ability to fund, purchase, and withdraw directly within Laetitude. 

In light of this, we would like to encourage you to login and withdraw your balance as soon as possible, and to continue withdrawing your balance as your compensation earnings increase. 

Laetitude lacks the two-factor authentication security offered by Swapoo, so it is essential that you protect your account with a formidable password. Again, what is occurring behind the scenes is kept secret. 

The only clue I could locate was a query posted two weeks ago on Swapoo’s most recent Instagram post. 

Swapoo has not published any new social media updates since July 30. This date also marked the last Facebook update posted by Laetitude. 

The lack of visitors to both Laetitude and Swapoo suggests that the Ponzi scheme is running out of money to pay investment withdrawals. 

The Philippine Securities and Exchange Commission is one of the most active securities regulators worldwide.

It is unclear whether they have anything to do with Swapoo’s issues.  

Whatever else is occurring, it is rare for wallets to be abruptly shut off and placed up as unsecured in-house assets. 

Keep up to date on any future developments.

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GSPartners- Crook Review

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GSPartners has dropped its claim of harassment against Chris Saunders. Saunders is the owner and operator of the YouTube channel Grit Grind Gold, which he uses to critique and report on the GSPartners Ponzi scheme. 

In late January 2021, Saunders was sued for harassment by owner Josip Heit and promoters Michael Dalcoe and Antonio (Tony) Euclides Menesis De Gouveia. 

Heit and the GSPartners Plaintiffs alleged that Sunders’ videos about the Ponzi scheme were defamatory. 

Additionally, Heit took offense when Saunders pointed out his position in Karatbars International’s collapsed KBC Ponzi scheme.  

GSB Gold Standard Corporation AG, Josip Heit, Michael Dalcoe, and Tony De Gouveia submitted a dismissal stipulation on July 29.  

Christopher Saunders, the defendant, executed a declaration in connection with the aforementioned case on July 29, 2022. 

Plaintiffs GSB Gold Standard Corporation AG, Josip Heit, Antonio Euclides Menesis De Gouveia, and Michael Dalcoe, by counsel and with the signature and agreement of counsel for Defendant Christopher Saunders, stipulate to the dismissal without prejudice of all claims in this matter pursuant to the Saunders’ Declaration.

The aforementioned stipulation from Saunders proves that he was granted permission. 

Mr. Ovidu Toma in relation to the Plaintiffs’ assertions and declarations. Since January 2020, Mr. Ovidu Toma has provided me with evidence of Mr. Harald Seiz’s alleged involvement in Karatbars’ wrongful conduct.   

“Ovidu Toma” refers to Ovidiu Toma, the former Chief Technology Officer of Karatbars International. 

Today, Toma serves as the CEO of CryptoData. Romania-based CryptoData sells encryption hardware. 

To return to Saunder’s assertion: I was aware, based on first-hand knowledge of facts and documents, that any alleged wrongdoing committed by Karatbars in relation to its Miami crypto bank and the issuance of KBC/KBC tokens was committed by Karatbars’ CEO, Mr. Harald Seiz, and that said wrongdoing was committed prior to any affiliation between Karatbars and GSB/Mr. Heit.

This is an odd concession to provide. Heit was the public face of Karatbars’ initial excursion into crypto-asset fraud. In an April 2019 interview, Seiz is referred to as a “major investor and board member” of Karatbars International. In Dubai, Karatbars was selling a “blockchain phone” at the time. When challenged about his remarks on the occasion, he responded, and I quote, ” You mentioned the KBC coin.

You stated that it is probable that it is one kilogram of gold. Is this truly a possibility? Heit reacted. Yes, of course it’s feasible. Nobody believes that many individuals perceive, at the appropriate moment, that they can join us.  

We currently have a market valuation of approximately $300 million as of the previous week or two weeks. And now there are about a billion of us.   

Is it not yet understood?  

And when the mainnet is implemented, which will occur very soon, within a few months we will have a market capitalization of over $200 billion. After months of Heit and Seiz promoting Karatbars’ KBC, the KBC Ponzi coin dropped 62% following the hype event on July 4, 2019. 

Heit, not Harald Seiz, was sent to address and explain the collapse to irate investors. KBC continued to leak throughout the subsequent months until it was eventually abandoned.

Heit had cashed out, left Karatbars, and launched his own Ponzi offshoot, GSPartners, before the end of 2019. The GSPartners Ponzi coins have performed no better than those of KBC.

G999 is supported by wash trading, which I believe is steadily depleting GSPartners’ second Ponzi scheme, LYS. G999 is being washed at approximately 0.002413. At $66.78, LYS continues to drain. 

GEUR was launched earlier this month as a result of the continuous failure of G999 and LYS to take off. GSPartners and Heit symbolize the euro-pegged GEUR currency. It is thought that GEUR was developed because GSPartners investors no longer desired to hold G999 and LYS. 

GEUR does not exist outside of GSPartners as of the publication date. GSPartners uses GEUR to support its most recent 300% ROI Ponzi scheme, metaverse certificates. 

In the event that GSPartners and Saunders achieved a settlement, it has not been made public. Other than wrongly saying that Heit was not involved in the Karatbars KBC scam, Saunders has not recanted any of his GSPartners-related statements.  

The court authorized the GSPartners plaintiff’s Stipulation of Dismissal on August 2nd. This concludes GSPartner’s harassment lawsuit against Saunders.

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