StableDAO board member Nicholas Hofgren, aka Nick Hofgren, has been banned from holding govt positions in Guernsey.
Particularly and for a interval of fourteen years, in November 2022 the Guernsey Monetary Providers Fee prohibited Hofgren
from holding the place of Controller, Director, Accomplice, Supervisor, Cash Laundering Reporting Officer and Cash Laundering Compliance Officer in relation to a Guernsey entity.
Hofgren’s fraudulent conduct pertains to GFG Restricted, a Guernsey firm Hofgren was an Govt Director of.
GFG Restricted was tied to numerous foreign exchange, real-estate and securitised money owed funding schemes, grouped below the banner of “Vega Swiss Asset Administration UK LLP”.
Hofgren funnelled “50% of [GFG’s] web earnings” into Rivage Administration, an organization “beneficially owned by Mr. Hofgren”.
The sanctions imposed on Mr Hofgren had been based mostly on numerous findings that he failed to satisfy elements of the Minimal Standards for Licensing.
[The FSC] additionally imposed sanctions on GFG Restricted (“GFG”), previously a company licensed supplier of funding administration
companies however by then in liquidation, of which Mr Hofgren had been an Govt Director in any respect materials instances and since its inception, and of which he was and is the joint final helpful proprietor and controller along with a Mr Cheek.
The FSC thought-about hitting Hofgren with a monetary penalty however determined towards it based mostly on the anomaly of Hofgren’s then monetary scenario.
While [the Senior Decision Maker] imposed no discretionary monetary penalty upon Mr Hofgren pursuant to s. 39 of the EP Legislation, the Choice states {that a} penalty of £290,000 would have been imposed, however for his impecunious monetary circumstances (I’m not positive if he’s formally bankrupt) and the truth that imposing a monetary penalty upon him would dilute funds which could in any other case be obtainable to his collectors.
Hofgren appealed the choice, arguing that
the Choice was unreasonable, and/or contained materials errors of truth and of legislation, and/or imposed disproportionate sanctions upon him compared to different earlier instances, and to these imposed on others who had been additionally concerned in the identical alleged contraventions.
Citing Hofgren as “the central and main protagonist” in GFG’s fraud, the Royal Court docket of Guernsey denied Hofgren’s enchantment on November twenty first.
On the time of his Guernsey govt ban Hofgren was a StableDAO Board Member.
StableDAO was an MLM crypto Ponzi manufacturing unit created by Sam Lee. Lee launched StableDao in 2022 following the collapse of HyperFund, one other MLM crypto Ponzi.
Lee was indicted on HyperFund associated fraud prices in January 2024. The SEC has additionally filed a HyperFund civil fraud case.
Our final replace on Lee is he was detained in Dubai on an Interpol arrest warrant in October.
At this time StableDAO’s web site is not accessible. Hofgren, a US citizen purportedly residing in London, is the CFO of Quoherent.
Quoherent, which represents it’s based mostly out of Alabama within the US, pitches itself as “a cutting-edge startup pioneering the following frontier in quantum computing.”