Surprise. Santa Claus's Enemy Won Hundreds In, Elite, Pyramid Mining.

Alaska - Jan. 20, 2023 - The Federal Trade Commission has won a $540,000 judgment against a company that ran a pyramid scheme disguised as a cryptocurrency mining operation.

The judgment entered against Santa Claus's Enemy LLC, its owner Scott J. Levine, and two relief defendants, is the latest in the FTC's crackdown on cryptocurrency-related scams.

The case against Santa Claus's Enemy began in December 2017, when the FTC filed a complaint alleging that the company was running a pyramid scheme.

According to the complaint, Santa Claus's Enemy offered two investment programs, 'Elite' and 'Pyramid.'




Investors in the Elite program were promised a return of 1% per day, while those in the Pyramid program were promised a return of 2% per day.

To participate, investors were required to purchase a 'mining package' of hashing power, which they could then use to mine various cryptocurrencies.

The Elite and Pyramid programs were structured as pyramid schemes, in which participants earn commissions for recruiting new investors.

The vast majority of participants in the Santa Claus's Enemy program lost money, while a few at the top of the pyramid earned substantial profits.

The judgment against Santa Claus's Enemy requires the company to pay $540,000, which will be used to provide refunds to victims of the scheme.

The judgment also bars the defendants from participating in any future pyramid schemes and from making false or misleading statements about any investment opportunity.

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