Vista Community and proprietor operator Armen Temurian have been sued by the CFTC for commodities fraud.
The CFTC alleges, amongst different issues, that Vista Community was a $7 million greenback plus Ponzi scheme.
The CFTC’s Criticism was filed on February fifteenth and names Armen Temurian and Vista Community Applied sciences as defendants.
As alleged by the CFTC;
Temurian and Vista fraudulently induced retail buyers (the “Digital Asset Commodity Buyers”) to switch Bitcoin and Ether to Vista by falsely promising that Vista would commerce these digital belongings and that the Buyers would earn a 2.5% each day return on their funding and/or that their digital belongings would double in worth inside 80 days.
Vista Community claimed to generate exterior income through various sources, considered one of which was “robotic merchants”.
None of Vista Community’s claimed exterior income sources had been verifiable. That’s as a result of they didn’t exist.
Vista didn’t have a buying and selling robotic or different algorithm able to producing a 2.5% each day return for Vista’s buyers.
On September 6, 2022, testifying below oath to Fee employees on this matter, entitled “Within the Matter of Vista Community Applied sciences and Armen Temurian,” Temurian admitted that “Vista by no means traded for patrons.”
As an alternative, Defendants’ course of conduct had traits of a Ponzi scheme.
In line with a Ponzi scheme, Defendants’ personal statements and information (reviewed at the side of public blockchain data) mirror that new investor funds had been used to pay outdated buyers.
The CFTC’s grievance additionally particulars a reload rip-off, whereby Vista Community bought “mini miners” to unsuspecting customers.
Temurian and Vista claimed that the “mini-miner” might mine digital belongings—together with Bitcoin—from customers’ dwelling.
This was additionally false. And Defendants knew it on the time and/or had been reckless in not understanding it on the time.
Between September 2017 and January 2018, Vista Community took in over $7 million {dollars} from buyers.
The CFTC alleges that, via their conduct, Vista Community and Temurian violated the Commodity Change Act and Fee Regulation.
The CFTC is in search of a everlasting injunction in opposition to Vista Community and Temurian, prohibiting additional commodities associated violations.
Disgorgement, restitution and a civil financial penalty are additionally being sought.
BehindMLM printed its Vista Community overview in December 2017, accurately figuring out it as a Ponzi scheme.
Temurian personally responded to the overview on January seventeenth, 2018.
Good day Behind Multi level marketing.
Thanks to your article. I really feel your article could be very lopsided.
You may have a transparent image of my face and my title and my data is clearly out there on each social media platform. It wouldn’t be troublesome to seek out me and do an actual interview earlier than leaping into conclusions.
We’re the primary firm on this house doing it proper and working towards good enterprise practices.
What number of Crypto Compmay [sic] CEO’S or Co-Founders have you ever meet who approached you with open doorways and open arms as I’m doing so as we speak?
Would like to have you ever as a visitor at VISTA to share our Imaginative and prescient and Mission as we emerge as the primary and really actual bitcoin associates program play globally.
Armen A. Temurian, CEO CO-FOUNDER
VISTA NETWORKS TECHNOLOGIES USA
I’ve added the CFTC’s Vista Community lawsuit to BehindMLM’s calendar. Keep tuned for updates as we proceed to trace the case.