mlawson71 Posted September 17, 2020 Share Posted September 17, 2020 The US Securities and Exchange Commission frozen the assets of one Jose Arman, founder of Argyle Coin, and has charged him with fraud. According to the agency, the company, which is based in Florida, has been running a Ponzi scheme. It has allegedly misappropriated 10 million USD that the abovementioned individual has used for his personal expenses, as well as paying investors in other companies owned by him. He would ensure future investors in Argyle Coin that their money would remain available and would promise them an increase of revenue if they invested more. The company behind the scam was founded with the supposed purpose of developing a Blockchain platform for trading diamonds and precious metals and the value of the coin would be guaranteed by diamonds worth over 25 million USD, rather unheard of in the industry. Investigation against the company started back in May 2019 . Source This was a typical Ponzi scheme but sadly people don't seem how to recognize the red flags indicating such a scam. Link to comment Share on other sites More sharing options...
Kelelis Posted January 25, 2021 Share Posted January 25, 2021 And all because of the specifics of the asset itself. It is difficult to monitor and control. We have to be careful always and in everything. Link to comment Share on other sites More sharing options...
Kataxe Posted January 25, 2021 Share Posted January 25, 2021 Ugh, this is a big nuisance... I wish things like this would happen less often... Link to comment Share on other sites More sharing options...
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