The scammers behind the collapsed Greek Mythology Club NFT Ponzi have pivoted to commodities fraud.
In early February, Brendon Parker (aka Crypto Bren) announced the GMC Elev8ed Forex Trading System.
Fellow Greek Mythology Club co-founder Zak Anstis has GMC Elev8ed daily returns marketing on his social feeds:
Greek Mythology Club affiliates invest $100 or more into GMC Elev8ed.
Passive daily returns of in excess of 3% to 4% are purportedly generated through trading.
In violation of US Commodities law, GMC Elev8ed does not disclose verifiable trader details:
While the original Greek Mythology Club NFT Ponzi was MLM, GMC Elev8ed isn’t. The company pays tiered commissions on funds invested by personally recruited affiliates only:
- tier 1 – generate $50,000 in personally recruited affiliate investment volume and receive a 5% direct referral commission
- tier 2 – generate $75,000 in personally recruited affiliate investment volume and receive a 7% direct referral commission
- tier 3 – generate $100,000 in personally recruited affiliate investment volume and receive a 10% direct referral commission
Brendon Parker is a US resident…
…and Greek Mythology Club (GMC) represents it is based out of the US:
In addition to disclosure related violations of the Commodities Act, GMC Elev8ed further violates the Act by not having registered with the CFTC.
Securities and wire fraud also come into play by way of GMC Elev8ed offering a “pooled account” to generate passive returns through:
To determine whether a company is offering securities we need to identify an investment contract. This is done by applying the Howey Test to GMC Elev8e’s business model.
An investment contract exists if there is an “investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.”
With respect to GMC Elev8ed we have:
- GMC affiliates investing into a “pooled account” run by GMC Elev8ed (a “common enterprise”), on the promise of regularly advertised daily passive returns (“a reasonable expectation of profits”); and
- said profits are purportedly generated via an undisclosed in house trader (“derived from the efforts of others”)
Having identified an investment contract in GMC Elev8ed’s offering, it thus constitutes a securities offering.
A search of the SEC’s public Edgar database reveals Greek Mythology Club, GMC Elev8ed, Brendon Parker and Zak Anstis are not registered.
Greek Mythology Club pivoting to commodities fraud is hardly surprising considering the original NFT investment scheme wasn’t registered with the SEC or FCA (Zak Anstis is a UK resident).
Illegal trading schemes end with investors losing money to the people running the scheme.
GMC Elev8ed only launched in February so it’s early days yet. Pending any further updates we’ll keep you posted.