Sam Lee and his We Are All Satoshi Ponzi scheme have obtained a Desist and Chorus Order from California.
As per the Division of Monetary Safety & Innovation’s September twenty seventh order;
Starting at the very least as early as 2023, WAAS supplied and offered securities within the type of funding contracts in California via common solicitations on its web site.
WAAS referred to those funding contracts as “Subscriptions.”
The “Subscriptions” supplied by WAAS have been securities that have been neither certified nor exempt from the qualification requirement below the CSL. The Division has not issued a allow or different type of qualification authorizing WAAS to promote these securities in California.
Along with securities fraud, DFPI famous;
WAAS is a fraudulent pyramid and Ponzi scheme. It doesn’t promote or purport to promote any precise product and has no obvious income aside from funds obtained from
traders.By Lee’s personal admission, WAAS supposed to make use of 68% of investor funds to pay traders to recruit different traders, 30% of investor funds to purchase and maintain bitcoin, and a couple of% of investor funds to pay Lee a “administration payment.”
Thus, the payouts that traders obtained from WAAS have been truly funds deposited by different traders.
Because of operating a Ponzi scheme and committing securities fraud, DFPI ordered We Are All Satoshi and Lee to
desist and chorus from the additional supply or sale of securities in California.
BehindMLM reviewed We Are All Satoshi again in April 2023. Just like the DFPI, we recognized securities fraud and a Ponzi scheme.
We Are All Satoshi fell below Lee’s StableDao Ponzi umbrella. Lee ran the fraudulent funding schemes with Shavez Anwar (aka Shavez Ahmed Siddiqui).
Each fled to Dubai on account of earlier Ponzi schemes collapsing circa 2021. In Dubai, Lee and Anwar are sheltered from legislation enforcement by Dubai’s authorities.
The August collapse noticed Lee and Anwar cut up. Lee introduced his personal StableDAO reboot in early September, however there was no additional updates.
Anwar took management of what was left of We Are All Satoshi and introduced his personal reboot.
As of October twelfth, We Are All Satoshi advertising movies are going up on the corporate’s YouTube channel:
As tracked by SimilarWeb, We Are All Satoshi web site site visitors dropped 32% between August and September 2023.
The vast majority of site visitors originates from Canada (33%). The US is second at 23%, dropping 38% month on month.