Florida man seepages paying a $4.5 Million SEC penalty over a crypto Ponzi arrangement
Mar 25, 2021 07:31 UTC
Mar 25, 2021 at 07:31 UTC
The creator of the Argyle Coin Ponzi scheme has run-away paying a $4.5M penalty to the SEC for working a ‘web of fraudulent companies.’
The creator of a multi-million crypto Ponzi system has runaway paying a $4.5M penalty to the U.S. Securities & Exchange Commission.
On March 23, the U.S District Court of Southern Florida originally well-ordered Jose Angel Aman to pay the SEC more than $4.2M in disgorgement, & $300K in prejudgment interest. Though, the court thought the bill was content that same day due to restitution paid in a parallel case from 2019.
Rendering to an emergency order got by the SEC in May 2019, Florida founded Aman functioned 3 consecutive Ponzi-schemes which made up a ‘complicated web of fake companies to continually loot retail investors & continue the Ponzi schemes as well as divert money to himself,’ pulling in roughly $30M from an investor base of more than 300 people found in the U.S, Canada, & Venezuela.
His efforts were occasioned in a 7-year jail sentence, 3 year’s supervised announcement, & an order to pay more than $23.8M to the SEC in restitution.
Aman was the principal of late Argyle Coin, a crypto Ponzi-scheme he functioned together with Canadian radio host Harold Seigel & his son Jonathan Seigel. The arrangement falsely promised a “risk-free” investment that was sponsored by what the SEC labeled as ‘fancy colored diamonds,’ with investors being promised contact to the diamond market.
Though, it was later found that Aman was allocating the funds received from novel investors to preceding backers, misrepresenting the funds as being profits resulting from their investments. At a similar time, the impostor was also utilizing his clients’ money on personal expenditures with designer-label clothing & horse-riding lessons. The SEC’s complaint renowned:
‘Aman, Eagle, Natural Diamonds, & Argyle Coin, misused or misappropriated more than $10M of investor funds to pay other investors their supposed returns & for Aman’s expenses, with purchases of horses, rent on his home, & riding lessons for his son.”
The newest ruling worried Aman’s “Natural Diamonds Investment Co”, & under even circumstances, the Floridian would’ve been obligated to pay the $4.5M if it were not previous charges.
As a share of the final judgment, Aman is forbidden from partaking in an extensive array of violations of securities acts, & securities exchange acts, like “employ any device, scheme, or artifice to defraud” & “get money or property through any false statement of a material fact.“
Published at Thu, 25 Mar 2021 07:31:12 +0000