April 17, 2021

Florida man escapes paying a $4.5M SEC penalty over a crypto Ponzi scheme

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The founder of a multi-million crypto Ponzi scheme has escaped paying a $4.5 million penalty to the U.S. Securities and Exchange Commission.

On March 23, the U.S District Court of Southern Florida initially ordered Jose Angel Aman to pay the SEC more than $4.2 million in disgorgement, and $300,000 in prejudgement interest. However, the court deemed the bill was satisfied that same day due to restitution paid in a parallel case from 2019.

According to an emergency order obtained by the SEC in May 2019, Florida-based Aman operated three consecutive Ponzi-schemes which made up a “complicated web of fraudulent companies in an effort to continually loot retail investors and perpetuate the Ponzi schemes as well as divert money to himself,” pulling in roughly $30 million from an investor base of more than 300 people based in the U.S, Canada, and Venezuela.

His efforts resulted in a seven-year jail sentence, three year’s supervised release, and an order to pay more than $23.8 million to the SEC in restitution.

Aman was the principle behind Argyle Coin, a crypto Ponzi-scheme he operated alongside Canadian radio host Harold Seigel and his son Jonathan Seigel. TheTitle: Florida man escapes paying a $4.5M SEC penalty over a crypto Ponzi scheme
Sourced From: cointelegraph.com/news/florida-man-escapes-paying-a-4-5m-sec-penalty-over-a-crypto-ponzi-scheme
Published Date: Thu, 25 Mar 2021 02:42:06 +0000

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