> “ Despite cease-and-desist actions against Forsage for operating as a fraud in September 2020 by the Securities and Exchange Commission of the Philippines and in March 2021 by the Montana Commissioner of Securities and Insurance, the defendants allegedly continued to promote the scheme while denying the claims in several YouTube videos and by other means.”<p>Even now, the site Forsage.io is live, and claims that 2,559 people joined the past 24 hours. Who knows if it’s true.<p>But how does this work: when a site like this is charged with fraud, can it operate until there is a verdict, defrauding more unsuspecting victims? Needless to say, visitors to the site will have know knowledge of this lawsuit.
Interesting that I had not even heard of this. My previous client was connected to the types of people who were constantly relaying garbage like this, and unfortunately he would pass most of them to me for review. Almost always I would have to explain that they were almost certainly scams or utterly foolish nonsense ventures. (Usually they were intentionally malfeasant, not naive foolishness.)<p>The one that blew my mind was Nasgo, a nonsense fake "mining" system which was clearly trying to confuse people with Nasdaq. A few years ago they put on massive performances and hosted hundreds of guests. It was obvious to anyone who was not a greedy non-technical fool that it was a scam, but greed really does something to people. You just could not tell people the problems of this thing, because their ears were closed. So looking now, I see in 2019 the coin was theoretically worth 98 cents. Now it is worth about 1/10th of a cent. It was an outright scam of grand scale, with fireworks and conventions and such, and the people who created it surely made off with millions.<p>I would guess that there are at least 10 or more similar stories for each year or two. There was the most famous Onecoin and so many that followed.
74 votes and a single comment, I think that is record high ratio.<p><i>The Securities and Exchange Commission today charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme that raised more than $300 million from millions of retail investors worldwide, including in the United States. Those charged include the four founders of Forsage, who were last known to be living in Russia, the Republic of Georgia, and Indonesia, as well as three U.S.-based promoters engaged by the founders to endorse Forsage on its website and social media platforms, and several members of the so-called Crypto Crusaders—the largest promotional group for the scheme that operated in the United States from at least five different states.</i><p>I never heard of it. For some reason despite following crypto closely I have never heard to 90% of these frauds despite the frauds being so big. Maybe the fraud is some weird front for money laundering, so they don't try to promote it much.<p>Also , no end to the YouTube scam livestreams. For some reason, YouTube Saylor and Musk giveaway scams stay under radar forever (no arrests, no indictments) despite many arrests and indictments for other frauds, like ransomware, mlm, insider trading (coinbase & opensea). Goes to show how some scams and criminals are better than others.<p>Interesting
I mean, it's some progress, I guess.<p>How long until the US Gov goes after all the folks who keep doing pump & dump/"rug pull" b.s with new coins? There seems to be a never-ending trail of those.