The Philippines SEC has issued a fraud warning towards the Forsage gifting scheme.
They’ve additionally outed Lado Okhotnikov as proprietor of the rip-off.
The SEC’s three-page warning was issued on June thirtieth.
The regulator writes
The entity working below the identify FORSAGE, headed by LADO OKHOTNIKOV, is discovered to be engaged in investment-taking actions within the Philippines which is NOT AUTHORIZED by the Fee.
It is a securities fraud warning, owing to Forsage being recognized as
a Crowdfunding Worldwide Platform or a Good Contract Crypto Incomes Program based mostly on the Ethereum blockchain expertise.
In our printed Forsage assessment, BehindMLM recognized Forsage as a easy gifting scheme run via a sensible contract.
As asserted by the SEC;
FORSAGE is NOT REGISTERED with the Fee and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY to solicit, settle for or take investments/placements from the general public nor to concern funding contracts and different types of securities outlined below Part 3 of the Securities Regulation Code (SRC).
The mentioned scheme employed by FORSAGE clearly reveals indication of a doable Ponzi Scheme the place monies from new traders are utilized in paying “faux earnings” to prior traders and is designed primarily to favor its high recruiters and prior threat takers and is detrimental to subsequent members in case of shortage of recent traders.
Therefore, the general public is suggested NOT TO INVEST or STOP INVESTING in any scheme supplied by FORSAGE or such different entities engaged in sensible contracts, cryptocurrencies and digital asset buying and selling that aren’t registered with the Fee and the BSP.
Regionally the SEC singles out the Fb teams Fosage Philippines Forsage Good Contracts, as being run by “unscrupulous people”.
On YouTube the SEC calls out Christopher Doroliat, Forsage PH and Suppose Sensible Channel.
The SEC warns promotion of Ponzi schemes within the Philippines carries potential legal prosecution, with
a most advantageous of 5 Million pesos (P5,000,000.00) or a penalty of Twenty-one (21) years of imprisonment.
I hadn’t heard of Lado Okhotnikov earlier than. As per Forsage promoter advertising and marketing materials, Okhotnikov owns and runs Forsage:
On Fb Okhotnikov identifies himself as a resident of Moscow, Russia.
BehindMLM famous in our Forsage assessment that whoever was operating the scheme was possible fluent in Russian.
Okhotnikov’s latest Fb posts are geotagged with the placement Tbilisi, Georgia.
Replace fifth August 2022 – The SEC has filed securities fraud costs towards Vladimir “Lado” Okhotnikov. Ten extra Forsage insiders and US promoters have additionally been sued.
The SEC alleges Forage and its varied collectively fashioned a $300 million greenback Ponzi scheme.