In our Apex evaluate printed yesterday, I requested what would occur if bitcoin mining wasn’t sufficient to pay associates their assured $500 a month ROI.
If Apex and all the businesses hooked up to it don’t cowl their prices and generate $500 to pay out on every unit, what then?
Satirically, a lawsuit filed by a former principal of Apex solutions that query. It additionally sheds mild on what Apex affiliate buyers can probably count on.
The unique Apex three way partnership settlement noticed Investview accomplice up with Carlos Benvenuti (proper), via the shell firm AI Information Consulting.
Benvenuti additionally owns Benvenuti Consulting, the plaintiff within the lawsuit we’re analyzing.
For reference, each AI Information Consulting and Benvenuti Consulting are UAE shell corporations.
Previous to getting concerned with Investview and Apex, Benvenuti entered into an funding contract of his personal with Bitex.
Bitex is run by James Wolfgramm, who Benvenuti additionally identifies as James Vaka Niu.
With respect to Apex and the unique JVA, Bitex was supposed to supply the corporate’s mining {hardware} and internet hosting.
Benvenuti entered right into a enterprise relationship with Bitex final December.
Defendants represented Bitex’s skill to realize higher cryptocurrency mining outcomes and decrease electrical energy combustion inside the crypto-mining house with the target to induce Plaintiff into investing into Defendants’ enterprise.
These representations had been sufficient to persuade Benvenuti to take a position $1.05 million into 180 mining playing cards.
As a part of this settlement, Defendants agreed to pay Plaintiff the proceeds mined via this crypto-mining gear month-to-month, with funds occurring on the tenth day of every particular person month.
Defendants despatched an e mail to Plaintiff, dated December 23, 2018, guaranteeing every crypto-mining card would obtain a mining charge of 750 KH/s (kilohash per second) per thirty days with its mining expertise and revolutionary strategies, averaging out to roughly $2,300 to $2,700 in earnings per thirty days, per card.
Apex’s month-to-month return per $11,000 funding unit is way more particular at $500. Why it’s additionally a lot much less then Benvenuti was promised is unclear.
In any occasion, primarily based on Bitex’s representations, Benvenuti claims he was anticipating a month-to-month return of $414,000 to $486,000.
However in fact that didn’t occur. Stunning, I do know.
On January eleventh Bitex paid Benvenuti $137,102.
He subsequent acquired $91,081 all through February. After which simply $19,514 in March.
Regardless of guarantees to pay Benvenuti what he was contractually owed, Bitex did not make any additional funds.
Benvenuti sued Bitex on Might thirty first and alleges they owe him not less than $1,208,709 in again funds.
The JVA between Apex and Safetek would have seen related items leased by Apex affiliate buyers.
That deal fell via in September 2019.
Benvenuti parted methods however Jeremy Roma and Freedom Enterprises are nonetheless touting five-year returns on Apex unit funding.
Whether or not Roma and Apex are nonetheless working with Bitex is unclear.
In any occasion, as Benvenuti came upon, month-to-month ensures in terms of cryptocurrency mining are hogwash.
Bitex couldn’t even honor one month of their contract with Benvenuti, but right here’s Apex providing $500 a month mounted for sixty months.
And naturally none of that is registered with the SEC, in order it stands affiliate buyers do not know what Apex and Jeremy Roma are doing with their cash.
Wanting ahead, Benvenuti’s case remains to be lively as of September 2019, whereby James Wolfgramm filed a response.
I don’t suppose it’s price following the case seeing because it’s exterior to Investview and Apex. However it’s definitely price referencing right here as what may need occurred to Apex buyers.
And what may occur nonetheless if Apex remains to be sourcing {hardware} from the corporate.