Coins and Diamonds – Investors Sue for $ 30 Million Scam | BTC-ECHO
A diamond-covered crypto-coin? What sounds like a safe investment has turned out to be a scam for seven investors from Venezuela. The self-styled "amateur investors" invested their money in the Argyle Coin. However, they never saw the money again. Now they have filed suit in Florida, the Argyle Coin should therefore be a pyramid scheme. In total, more than 300 investors are said to have been cheated of a sum of 30 million US dollars.
The lawsuit is directed against the Eagle Financial Diamond Group and the Coin-based crypto company Argyle Coin. Behind the Scam are a certain Jose Angel Aman and Harold Seigel and his son Jonathan. Harold was on Canadian radio and in various podcasts as a longtime diamond expert. Duped in this way, the men and women from Venezuela invested between 5,000 and 500,000 US dollars. They received neither information about their investments nor credentials for a crypto-wallet. According to the court documents, they fled to the US to start a new life there.
The SEC also investigates the scam
Meanwhile, the US Securities and Exchange Commission (SEC) has also begun investigating the fraudsters. It had the business operations of Argyle Coin already on 22 May for a judicial appeal. As the Wall Street Journal Aman and his cohorts started the scam back in 2014. Aman initially founded the company Natural Diamonds. Invesotren were attracted with a return of 24 percent. Aman promised to use the invested money for the purchase of diamonds. According to the SEC, Aman instead uses the funds in a typical pyramid scheme manner to pay off their supposed returns to former investors.
To continue the scam, the fraudsters founded another company in 2015 with the Eagel Financial Diamond Group. Again, they pulled their money out of pocket with the same promise investors. In 2017, Aman then launched the Argyle Coin. He promised the investors a risk-free investment, after all, the coins were covered with diamonds.
Naturally, the SEC sees it a bit differently. According to the authorities, the diamonds never existed. $ 10 million is said to have embezzled the defendants as a whole. With the funds Aman bought among other horses and riding lessons for his son.
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