Alan Friedland (proper) seems to be withholding proof from the CFTC.
Excellent requests for manufacturing of paperwork to Friedland date again to August 2020.
After eight months of stuffing round on Friedland’s half, on April ninth the CFTC filed a movement looking for to compel manufacturing.
Of their movement the CFTC states Friedland was served for manufacturing of paperwork on August 18th, 2020.
Defendants made faulty productions in November and December 2020.
Points highlighted by the CFTC with Friedland’s manufacturing are threefold;
- e-mail communications supplied by Friedland had been “unusable”;
- Friedland responded to a request for particular software program, by offering the CFTC with “software program that was publicly out there on the web”; and
- he failed to supply particularly requested supplies the CFTC consider he possesses
The CFTC’s movement seeks to compel Friedland to treatment these points.
Along with produce requested proof, Friedland additionally dodged a scheduled April seventh deposition.
The CFTC served discover of the deposition on Friedland on March eleventh.
Anticipating a possible excuse for Friedland failing to seem, the CFTC writes;
The CFTC understands that Friedland might argue that he didn’t seem as a result of he wanted time to overview newly-produced paperwork. This argument is with out benefit.
The CFTC produced 204 extra paperwork on April 5, 2021.
After conferring with Friedland a number of occasions and offering additional details about the manufacturing, the CFTC in the end recognized 4 one-page paperwork from the brand new manufacturing which is perhaps used at Friedland’s deposition.
All 4 had been newly-discovered paperwork, all created by Friedland, together with an e-mail from Friedland showing to point that Friedland would pay a buyer to supply a false affidavit in assist of his protection on this litigation.
After the CFTC recognized the 4 paperwork, Friedland nonetheless refused to seem.
Counsel indicated Friedland “has an actual challenge with the 4 paperwork you propose to make use of and believes the opposite paperwork supplied in addition to materials we supplied in litigation will make clear the problems.”
Because the CFTC filed its movement, Friedland has agreed to seem for deposition on Might seventeenth.
With respect to manufacturing of proof an order on the CFTC’s April ninth movement stays pending.
Two days after Friedland failed to seem for his unique deposition, he appeared on an NRGY webinar to clarify away the CFTC’s fraud case in opposition to him.
[3:55] It’s a reality that in that timeframe I did an ICO throughout 2017. And the results of it was… it was an ideal idea however, and I’ll go into what occurred on this name.
I even have numerous CompCoin holders which have joined me as we speak.
I shouldn’t have one energetic lawsuit by any CompCoin holders. And the reason being as a result of all of them perceive and know that I’ve been trustworthy (and) forthcoming.
They’ve seen the results that the federal government has had on stopping CompCoin and I thank these good folks. A few of them have misplaced a whole lot of 1000’s of {dollars} and but they steadfastly have supported me, been there and had my again.
And so they symbolize fairly frankly over a 3rd of the sum of money that was misplaced on CompCoin.
The CFTC contends Friedland launched CompCoin and offered the “nugatory” coin to buyers on the promise of returns.
Friedland represented CompCoin returns had been generated through ART, a foreign currency trading bot.
The CFTC claims Friedland marketed CompCoin and ART primarily based on hypothetical buying and selling outcomes (full breakdown of the CFTC’s lawsuit right here).
Within the NRGY investor webinar, Friedland claims he was “underneath no obligation to register CompCoin, or the software program or myself”.
Friedland states when he reached out to the NFTA about CompCoin, they had been “giggly and intrigued”.
[7:54] I bought a really constructive reception from them initially.
However, I consider it was perhaps July or August 2017, the SEC got here out and warned about ICOs. This was after we’d accomplished our ICO, and so they did a warning.
And after that point, the regulators who had been regulating Fintech Funding Group, take into accout, not CompCoin, Fintech Funding Group, who proposed CompCoin software program buying and selling as a licensed licensed buying and selling program by the NFA, rapidly the atmosphere modified.
They botched this up very, very badly.
Friedland goes on to assert US authorities “weren’t empowered to manage a cryptocurrency challenge”.
As I perceive it Friedland has funneled a major variety of CompCoin victims into NRGY.
NRGY is a smart-contract Ponzi scheme Friedland covertly launched earlier this yr.
Like ART was to CompCoin, Friedland is promising a TradeGenie buying and selling bot to NRGY buyers.
Whether or not NRGY comes up within the CFTC’s lawsuit in opposition to Friedland stays to be seen.
Replace twenty seventh April 2021 – Alan Friedland has been ordered handy over the requested proof.
A separate April twenty second mediation report additionally reveals mediation proceedings between the events had been unsuccessful.
Replace nineteenth July 2021 – The CFTC has filed for abstract judgment in opposition to Friedland.