The SEC is only a for profit organisation - 4 SEC excused Russian Nationals Indicted in Running a $340 Million Crypto Ponzi Scheme
When you sit back to look at some laws that govern us humans you can't tell me that you don't simply question your own intelligence because damn, how stupid do you guys think we are huh?
And if I'm permitted to deviate a lil bit, these rules are most time so absurd, hell I cannot count how many shit laws I've come to know just by being involved with crypto and keeping up with trends, now imagine I wasn't into crypto or a part of this movement, I wouldn't know any of it, shit I wouldn't know that emojis are now financial advice, you know how I know? I know because outside these walls of business, finance and Fintech is a world that just wants to live life and not get worked up over these unnecessary bullshits but these guys going about pinning us down for shit laws they sit in their offices to write up, like yeah, I'm supposed to be VET but at the same time be learned on all United States laws, yeah, tell me a better joke, I'll wait.
Now, let's get back to what we really want to talk about here today, which really connects to the previous paragraph. You see, the truth is that most of these laws are set up to rob us, others set up to restrict our growth and others just devices for sucking value from the ecosystem, the profits is all the SEC is after, not protecting the investors so these guys will sue the entire crypto industry just to get that fat fines flow in but wreck a trillion dollar ecosystem in the process, yeah, thank you SEC for protecting us, what ever would we do without you?
So I stumbled on a story that really woke this shit in me which really got me like nah, these guys only care about money, who gets screwed over isn't their problem, I mean look at FTX, have you heard the SEC legitimately going after Bankman? Hahahaha, I think we all know why that is the case.
The US authorities alleged Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev, and Sergey Maslakov – the founders of the dubious cryptocurrency investment platform Forsage – to have orchestrated a global pyramid scheme that conned investors with approximately $340 million.
All defendants are charged with conspiracy to commit wire fraud and could receive a maximum penalty of 20 years in jail.
The story here is that these Russians set up a typical pyramid scheme based on "supposed profitable crypto investment - as marketed" where early investors were being paid from the value gotten from latter ones.
According to investigators, more than 80% of Forsage users obtained fewer ETH than they had invested in the platform’s Ethereum program, while half of the investors never got a single payout. The founders also supposedly coded one of the accounts (known as the “xGold”) in a way that “100% of the income goes directly and transparently to the members of the project with zero risk.”
So what's the connection to the SEC here? The report goes ahead to point out that the SEC did in fact charge 11 individuals connected to Forsage last summer, including the four Russian founders. However, even though the SEC insisted that the platform operated as a crypto Ponzi scheme for two years and drained over $300 million from victims, these guys were excused after two of the defendants agreed to pay disgorgement and civil penalties to settle issues with the SEC and were cleared of further investigation.
All I can say is "What the fuck?"
There's actually a law like this? Well shit, if we all knew how to bend the system and get such an excuse we would all be criminals because how you gonna tell me that all I gotta do is pay a much likely small fine compared to what I'll earn and you'd seize to push further investigation into my criminal activities? Looks to me like you're an accomplice accepting "illegal funds" from me to just shut the fuck up.
Well played SEC, well played, protecting investors my ass.
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