Defendants Phillip Piccolo, Kevin Johnson, Joseph Reid and Paul Morris have filed their reply to Armen Temurian’s Vista Community lawsuit.
The defendants have additionally filed a counterclaim with their reply.
Piccolo’s, Johnson’s, Reid’s and Morris’ reply to Temurian’s lawsuit is typical of such filings.
It’s largely acknowledgement of impartial information and denials of all different allegations.
Had their not have been a counterclaim hooked up, we’d possible not have even reported on it (customary process).
Piccolo’s, Johnson’s, Redi’s and Morris’ counter-claim presents their model of occasions, spanning each Vista Community enterprise fashions.
The fascinating half kicks off after the collapse of Vista Community’s unique mannequin:
On January 29, 2018, Temurian, Piccolo, and Johnson participated in a phone name throughout which, for the primary time, Temurian admitted that Vista Applied sciences’ ‘double your
cryptocurrency in 80 days’ enterprise had not been profitable and that Vista Applied sciences was going through huge legal responsibility in connection therewith.Temurian admitted that Vista Applied sciences had gathered roughly $13.9 million of present legal responsibility to buyers who had invested their cryptocurrency based mostly on Temurian’s ‘double your funding’ guarantees and that the supposedly proprietary algorithms utilized by Vista Applied sciences had by no means generated the two.5% every day returns (not to mention the 15 – 25% that Temurian had boasted about) that Temurian promised.
Temurian was fearful that the corporate was headed for chapter or that he himself was headed for jail (as he acknowledged that Vista Applied sciences was providing unregistered securities in violation of federal securities legal guidelines and different related applications had already been shut down by the federal authorities).
By March 2018 the working relationship between Temurian and the defendants had fully fallen aside.
Armen Temurian had accused Kevin Johnson of misappropriating Vista Applied sciences’ cryptocurrency belongings.
Phillip Piccolo and Kevin Johnson had been demanding backdated buying and selling income they declare they by no means acquired.
Following the collapse of Vista Applied sciences reboot, Piccolo and Johnson declare Temurian
launched a prolific marketing campaign to smear Counter-Plaintiffs’ names (each orally and in writing) by false allegations that Counter-Plaintiffs had been criminals, had dedicated a number of crimes, had stolen monies and commerce secrets and techniques from Vista Applied sciences, and that Counter-Plaintiffs had been going to jail because of the (alleged) conduct.
Consqeuently, Piccolo and Johnson have filed 5 counterclaim counts towards Temurian and Vista Applied sciences.
The primary rely is for Fraud within the Inducement, whereby Piccolo and Johnson declare
Temurian falsely represented to Piccolo and Johnson that Vista Applied sciences was engaged in a professional cryptocurrency buying and selling enterprise enterprise whereby Vista Applied sciences was using a proprietary algorithm to generate returns between 15% – 25%.
Temurian represented that Vista Applied sciences was not working a Ponzi scheme in that monies utilized to pay present buyers had been being generated by his cryptocurrency buying and selling actions quite than by new investor monies.
Temurian represented that these identical proprietary algorithms could be utilized for the good thing about Piccolo and Johnson and that they too would have assured every day returns of not less than 2.5%.
These representations had been false when made, and Temurian knew the representations had been false when made.
As a direct and proximate results of Temurian’s misrepresentations, Piccolo and Johnson sustained substantial damages.
- rely two (all particular person defendants) pertains to alleged slander;
- rely three is for breach of contract;
- rely 4 is for breach of fiduciary obligation; and
- rely 5 is for violations of the Californian Companies Code.
Piccolo, Morris, Johnson and Reid have demanded jury trials for each the unique criticism and their counter-claim.
Replace eighth Could 2020 – Vista Community’s lawsuit was voluntarily dismissed by Armen Temurian. As of Could 1st the case is closed.