Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => Topic started by: mlawson71 on September 16, 2020, 04:47:33 PM
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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 (https://www.forexbrokerz.com/news/25-million-crypto-coin-ponzi-scheme-us)
This is yet another typical Ponzi scam that that plagued the crypto industry and, sadly, was quite profitable for the people behind it.