- Jon Tetreault gets accused of $295 Million fraud
- Creator of Global crypto scam faces legal action
- The firm ‘Trade Coin Club’ duped 100,000+ investors
- Litigation released by SEC against Jon Tetreault for promoting the fraud
Whoever is detected in a shameful fraud is ever after not believed even if they speak the truth.
Phaedrus
You can help us put a stop to online scams before they grow too big and end-up ruining thousands of lives. A scam is a scam, doesn’t matter if it’s big or small. Now that this is out of the way, let’s get started with the review.
The Case: Jon Tetreault VS SEC
SEC took legal action against Jon Tetreault against his dubious action within the firm ‘Trade Coin Club’. The legitimate duped clients accuse Jon of fraud subsuming 82000+ Bitcoin. The value of the asset is calculated to be $295 Million. SEC finds Jon Tetreault guilty of the same and releases litigation for the founder and promoters of the mentioned Ponzi scheme.
The article tries to move forward with the proceedings, with the best possible knowledge regarding the same. Let us initiate the same by progressing with the SEC claims. Follow for more: https://www.sec.gov/litigation/litreleases/lr-25571
SEC Claims Jon Tetreault To Be A…
The mastermind and founder of ‘Trade Coin Club’, namely Douver Torres Braga got caught in crypto fraud along with the promoters Joff Paradise, Keleionalani Akana Taylor and Jonathan. Where SEC (The Securities and Exchange Commission) announced a fraud worth $295 Million.
Reportedly, the claims of SEC describe Braga as the creator and Jon Tetreault as the promoter of a dubious multi-level marketing program. The SEC asserts that the club operated between 2016-2018, and in these two years, the team of fraudsters defrauded more than 100,000 consumers.
Jon Tetreault promoted the lucrative fallacious deal, where they assured a huge profit margin attained from the trading activities of a fraudulent bot. According to sources, Jon and the other promoters lured investors by making false claims of 0.35 minimum returns on investment daily.
SEC Attains Clarity At The Foul Play Of Jon Tetreault & Team
SEC elucidates that Brada paid nothing to the investors. Rather, the investor’s fund was siphoned off to pay the promoters of the trade club, namely, Paradise, Taylor and Jon Tetreault.
The sources also claim that the trading club is not guilty of trading a single entity, instead, the fraud owner and promoters operated the club as a Ponzi trade.
However, the SEC also explains that none of the investors were paid back their ROI, and those who have been paid, are provided with the investor’s funds solely. Hence, the money you get back is a slice of the cake you baked with your ingredients.
Jon Tetreault & Team: The Share-Dare
The company was allowed to fetch a huge sum of monetary assets, which was equally among the faces behind the Ponzi. Here, the list elucidates the shareholdings of the accused.
- Braga receives the highest share i.e., 8396 Bitcoin, valuing $55 Million at a time
- Taylor also gets a huge share of 735 Bitcoin of $2.6 Million.
- Paradise attains the third highest share, subsuming 238 Bitcoin worth 41.4 Million.
- And lastly. Jon Tetreault gets the share of $625,000
The distribution of the shares is uneven based on the accountability of the fraud, by the faces behind the Ponzi scheme. However, the SEC finds each one of the team equally accountable and answerable, as well.
SEC Finds Jon Tetreault Accountable Of…
According to the Securities Act, Jon Tetreault is accountable for violation of the Securities registration provisions of Section 5(a) and 5(c), along with broker-dealer registration provisions of Section 15(a) of the Exchange Act. However, after being caught, Jon denied none of the accusations and found himself responsible for the settlement with the court.
The Aftermath…
Jon Tetreault must have been quite confident, while commencing the fraud but due to the investigations conducted by Serafima K. McTigue, Victor Hong and Cyber units, the forgery was unveiled.
After the revelations and legal involvement, ‘Investor Alert on Digital Asset & Crypto Investment’ and ‘Investor Alert on Pyramid Schemes Posing as Multi-level Marketing Programs’ were issued by SEC’s Office Of Investor Education & Advocacy and Retail Strategy Task Force.
Both schemes ensure safe and aware digital marketing, crypto trading and multi-level marketing. Although it is quite impossible to wipe out fraudsters, the schemes would restrict the moves of the same. (https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-3)
‘Trade Coin Club’ Exposed Along with Promoter, Jon Tetreault
This section covers every possible information regarding the game players, namely ‘Trade Coin Club’ and ‘Jon Tetreault’. Let’s start with the firm, to get into the brains of ‘Jon Tetreault’
Trade Coin Club
The website titled itself ‘ The Membership Group’ claimed to aid investors in Crypto trade and bitcoin. However, at present the website is inaccessible. Can you guess the reason behind the hindrance in trade? Yes, it is dubious and suspicious acts of the investors and promoters.
It was found by the SEC that the club traded in ‘membership packages’, where they offered sold ‘membership’ itself.
The trade of membership was named investment contracts and securities under the Federal Securities law. These securities were offered and sold without legal registration or qualified exemption for registration.
So in short, the company merely sold membership and that too illegally. Also, history declares that a firm merely selling membership, without any legit product or service can not make any profit. The firm merely exploits the MLM scheme and passes on a negligible share of collected membership funds to a handful of investors.
Also, after little or no ROI, the company vanishes each time. And boom… ‘Trade Coin Club’ is one of the firms. The coin club looted more than a million investors and left the market in 2018.
Jon Tetreault
The name Jonathan Tetreault, often referred to as Jon is an entrepreneur. He is 47 years old and has recently adopted ‘BlockChain’. Jon Tetreault calls himself a Cryptopreneur, and even after the allegations is involved in digital trade. (https://www.linkedin.com/in/bitcoinjon)
He started his second innings in Jan 2021 as Web3 BlockChain Network Support & Consulting. However, if we discuss his past sins he has settled his case in court by $780,795. Where the court permanently restrained him from commencing Securities and Exchange Act violation, but the question is till when?
Conclusion: Till when?
We all are well aware that the Ponzi schemes in digital trade are like growing mushrooms in the rainy season. Out of 10 fresh entrepreneurs, 6 are unable to keep their word. This scenario gives rise to a situation where young minds and fresh ideas are always doubted.
The suspicion gives rise to a trend where only the large-scale industries are flourishing, deepening the economic gap between the naive entrepreneurs and sharks of the money market.
In this particular case too, the traders came up with MLM ponzi. Jon Tetreault and the other fraudsters were found guilty of bluffing the investors. The sad part is even after ripping off the investors, the deceivers were merely given a monetary penalty. Decoding it, it can be claimed that they can settle the court cases by the immense wealth they stole from the innocent clients. Moreover, after settlement, the fraudsters are free again to bluff the other lot of investors.
This needs to be stopped and the end can not be marked by authorities, but us. When will we keep getting bluffed? Till when will we take shortcuts to become rich in a night? Till when the sharks will keep preying on us? Till when …
