ICOs

SEC Halts Argyle Coin ICO For Being Alleged Ponzi Scheme

The US Securities and Change Fee (SEC) has halted a fast-moving preliminary coin providing (ICO) that was searching for to lift as much as $30 from 300 traders ‎to develop a Blockchain-based platform for financing, buying and selling and paying for valuable diamonds.

The SEC’s Cyber Unit at present obtained an emergency asset freeze towards South Florida-based Argyle Coin and filed fees towards (precept)ipal Jose Angel Aman. The company referred to as the undertaking as an outright securities fraud that doesn’t differ from a typical pyramid or Ponzi scheme.

Self-proclaimed diamond trade veteran Jose Arman based argyle Coin with the objective of constructing an e-commerce platform powered by cryptocurrency for the dear metallic trade.

Argyle Coin promoted their providing because the world’s first cryptocurrency to correlate their tokens with actual diamonds that price over $25,000,000. It additionally claims to create a brand new cIcon of ICOs that may assure the efficiency of its blockchain platform.

Additional, the traders have been assured their funding was risk-free. With thousands and thousands in diamonds in a secure deposit field, their funding was protected if the worldwide diamond market went south, stated Aman, explaining why their funding was safe.

Prison Background of ‎Executives

The scheme was far greater than the ICO plans alleged within the SEC’s submitting towards the diamond sellers. Particularly, the company alleges that Argyle Coin was a continuation of a fraud scheme that Aman orchestrated with two different firms he owned a couple of years in the past.

Again in 2014, Aman’s diamond funding firms – Pure Diamonds Funding Co. (Pure Diamonds) and Eagle Monetary Diamond Group Inc (Eagle)- operated from places of work on Price Avenue in Palm Seaside and illegally raked in roughly $25 million from at the least 100 traders.

It additional explains “Aman engaged in unregistered choices of securities in Pure Diamonds and Eagle as early as Could 2014, falsely promising traders that the businesses would put money into entire diamonds to chop down and promote for large earnings. Aman wasSageted by Harold SeSagend Jonathan H. Seigel, who even have pursuits in Pure Diamonds and Eagle.”

Argyle Coin is yet one more case to be introduced by the SEC’s new cyber unit, which was created in 2018 to focus on violations involving distributed ledger expertise and preliminary coin choices as a part of a brand new effort to battle cyber-crime.

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