The scammers behind the collapsed Greek Mythology Membership NFT Ponzi have pivoted to commodities fraud.
In early February, Brendon Parker (aka Crypto Bren) introduced the GMC Elev8ed Foreign exchange Buying and selling System.
Fellow Greek Mythology Membership co-founder Zak Anstis has GMC Elev8ed each day returns advertising and marketing on his social feeds:
Greek Mythology Membership associates make investments $100 or extra into GMC Elev8ed.
Passive each day returns of in extra of three% to 4% are purportedly generated by buying and selling.
In violation of US Commodities regulation, GMC Elev8ed doesn’t disclose verifiable dealer particulars:
Whereas the unique Greek Mythology Membership NFT Ponzi was MLM, GMC Elev8ed isn’t. The corporate pays tiered commissions on funds invested by personally recruited associates solely:
- tier 1 – generate $50,000 in personally recruited affiliate funding quantity and obtain a 5% direct referral fee
- tier 2 – generate $75,000 in personally recruited affiliate funding quantity and obtain a 7% direct referral fee
- tier 3 – generate $100,000 in personally recruited affiliate funding quantity and obtain a ten% direct referral fee
Brendon Parker is a US resident…
…and Greek Mythology Membership (GMC) represents it’s primarily based out of the US:
Along with disclosure associated violations of the Commodities Act, GMC Elev8ed additional violates the Act by not having registered with the CFTC.
Securities and wire fraud additionally come into play by means of GMC Elev8ed providing a “pooled account” to generate passive returns by:
To find out whether or not an organization is providing securities we have to establish an funding contract. That is completed by making use of the Howey Check to GMC Elev8e’s enterprise mannequin.
An funding contract exists if there may be an “funding of cash in a typical enterprise with an inexpensive expectation of earnings to be derived from the efforts of others.”
With respect to GMC Elev8ed we’ve:
- GMC associates investing right into a “pooled account” run by GMC Elev8ed (a “frequent enterprise”), on the promise of usually marketed each day passive returns (“an inexpensive expectation of earnings”); and
- stated earnings are purportedly generated by way of an undisclosed in home dealer (“derived from the efforts of others”)
Having recognized an funding contract in GMC Elev8ed’s providing, it thus constitutes a securities providing.
A search of the SEC’s public Edgar database reveals Greek Mythology Membership, GMC Elev8ed, Brendon Parker and Zak Anstis will not be registered.
Greek Mythology Membership pivoting to commodities fraud is hardly stunning contemplating the unique NFT funding scheme wasn’t registered with the SEC or FCA (Zak Anstis is a UK resident).
Unlawful buying and selling schemes finish with traders dropping cash to the folks working the scheme.
GMC Elev8ed solely launched in February so it’s early days but. Pending any additional updates we’ll maintain you posted.