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B. G., Opalesque Geneva: The U.S. Securities and Exchange Commission has filed charges against four individuals for their roles in Trade Coin Club, a fraudulent crypto Ponzi scheme that raised more than 82,000 bitcoin, valued at $295m at the time, from more than 100,000 investors worldwide between 2016 and 2018.
The SEC's complaint, filed in the U.S. District Court for the Western District of Washington,
alleges that Douver Torres Braga created and controlled Trade Coin Club, a multi-level marketing program that operated from 2016 through 2018 and promised profits from the trading activities of a purported crypto asset trading bot. Braga and Joff Paradise lured investors with false representations that the bot made "millions of microtransactions" every second, and that investors would receive minimum returns of 0.35% daily. Instead, Braga allegedly siphoned off investor funds for his own benefit and to pay a network of worldwide Trade Coin Club promoters.
Trade Coin Club operated as a Ponzi scheme and, as such, investor withdrawals came entirely from deposits made by investors, not from any crypto asset trading activity by a bot or otherwise.
The complaint further alleges that Braga personally received at least 8,396 bitcoin of the amounts invested (worth $55m million at the time), Paradise 238 bitcoin (more than $1.4m), Keleionalani Akana T...................... To view our full article Click here
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