Daily fraud update: 20th February

Chris Lee

Industry issues warning after Peirce’s intervention

The cryptocurrency industry has responded to the “safe harbour” intervention made recently by a figure from a major US regulator.

Hester Peirce, who serves as a commissioner of the US Securities and Exchange Commission and who is known affectionately within the industry as “Crypto Mom”, said recently that she wanted to give crypto companies a period of three years before laws around securities apply to them.

Her proposal would set up what is effectively a “safe harbour” – although it is believed that other members of the Securities and Exchange Commission would agree to such an intervention.

According to CoinDesk and Yahoo! Finance, there have been a range of responses within the industry to this proposal.

The co-founder of CoinList and its current President, Andy Bromberg, focused on the token trading aspect of Peirce’s intervention.

“We actually want these to be traded on exchanges”, he said.

“She was making a statement that a lot of people think were coming from a securities law perspective but it’s important for tokens to be trading”, he added.

From a practical perspective, Peter Van Valkenburgh – who serves as director of research at the think tank Coin Center – emphasised the uncertain nature of the claims.

“For this to become official policy it would have to be bought into from the other commissioners and [SEC Chairman Jay Clayton], so we’d have to wait for that”, he was quoted as saying.

Alleged OneCoin conspirator sees sentencing delayed

A man who is accused of having conspired to be part of the now-infamous OneCoin scam has had his sentencing date delayed.

Mark Scott, who is accused of having conspired to defraud OneCoin victims out of a significant sum of cash, has asked the court to avoid sentencing him on the proposed date of 22nd April.

Instead he has asked that the sentencing takes place on 26th May of this year – or, if that is not possible, at some point afterwards.

His legal team has also acted to ask the court for a rescheduling of a proposed bond hearing.

It is believed that Scott needs to attend a medical appointment which was already planned.

According to the submission, the defence team suggested late in February as a possibility.

“Should February 26th be unsuitable, defense counsel is unavailable on February 27th and 28th”, said the submission.

The request also focused on bail conditions.

“In addition, Mr. Scott respectfully requests that the Court direct the Government to make a submission no later than Friday, February 21, 2020, setting forth its arguments for any change in bail conditions”, it said.

“This will allow defense counsel to investigate and respond to any arguments that the Government may offer at or before the hearing.”

OneCoin, which has existed since 2014, has been the subject of a great deal of controversy recently following allegations that it was a systematic Ponzi scheme.

Its founder, Ruja Ignatova, continues to evade justice and is on the run.


Chris Lee

Latest news

Olympic Legend Usain Bolt Lost $12m in Savings Scam
Usain Bolt loses $12m in an alleged investment scam Jamaican officials and the FBI are investigating investment manager Stocks and Securities Ltd Others are feared caught by the scheme Jamaican Olympic sprinter Usain Bolt has had a $12m savings and investment account he set up for his retirement wiped out. Read more
Phoney Pastors Caught Running $28m Church-Based Ponzi Scheme
Churchgoers targeted by scammers posing as pastors A total of $28m fraudulently taken from largely immigrant community Promises of ‘financial freedom through God’ undone by the fact the project was a massive Ponzi scheme Deception, distraction, and abuse of trust are standard tools of fraudsters. Read more

Safest Forex Brokers 2023

Broker Info Best In Customer Satisfaction Score
#1 AvaTrade LogoYour capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
4.9
#2 BlackBull Markets LogoYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8
#3 73 % of retail CFD accounts lose money Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
4.9
#4 Forex Broker eToro Logo67% of CFD traders lose Founded: 2007 Global CFD & FX Broker
Number One Broker
ALL-INCLUSIVE TRADING PLATFORM Visit broker
4.9
#5 Plus500 Logo79 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008 Global CFD Provider
Number One Broker
Best Trading App Visit broker
5

    Forex Fraud Certified Brokers

    skilling logo
    ATFX Logo
    City Index Logo
    HYCM Logo
    LegacyFX Small Logo
    XM Logo
    AvaTrade logo
    BlackBull Markets Logo
    Forex.com Logo
    OctaFX Logo
    IQ Option Logo
    IC Markets Logo
    Exness Small Logo