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ADVERTISEMENT ADVERTISEMENT SEC's $30M Ponzi Suit Takes Step Toward Victim Payments Law360 (February 11, 2021, 10:39 PM EST) -- The U.S. Securities and Exchange Commission moved Thursday for the entry of a judgment in Florida federal court imposing a permanent injunction and monetary relief against three companies for their roles in an alleged $30 million Ponzi scheme, marking a significant step toward payments to victims. The agency filed its motion with the consent of the court-appointed receiver for diamond merchants Natural Diamonds Investment Co. and Eagle Financial Diamond Group Inc. an...

Cryptocurrency Firms and Legacy Financial Institutions Worldwide Make Crypto Moves By: Two cryptocurrency firms filed applications this week with the Office of the Comptroller of the Currency to become federally regulated banks in the U.S. The first, BitPay, a bitcoin payments company, submitted an application for the BitPay National Trust Bank, to be headquartered in Georgia. The second application was submitted by Paxos, a stablecoin issuer and cryptocurrency services firm, for the Paxos National Trust. As a next step in the process, each application will undergo a 30-day comment period. In...

Fraudster Jailed for $25m Rough Diamond Ponzi Scheme December 14, 20 by John Jeffay (IDEX Online) - A fraudster who promised investors high returns a nd no risk in a rough diamond Ponzi scheme has been jailed for seven years by a US court. Jose Angel Aman, 52, and his partners claimed the money would be used to buy colored rough, which they'd sell on at a profit after having the stones cut and polished. Aman claimed the scheme was secured by an inventory he held worth $25m. He had no such diamonds, and simply used money from new investors (typically around $120,000 each) to pay older invest...