The CFTC has filed swimsuit towards World Buying and selling Membership scammers Mayco Alexis Maldonado Garcia, Cesar Castaneda, Rodrigo Jose Castro Molina and Joel Castaneda Garcia.
World Buying and selling Membership was an MLM Ponzi scheme launched in 2016. The ruse used to steal folks’s cash was cryptocurrency buying and selling bots.
Defendants and others falsely represented to precise and potential clients that their enterprise, named World Buying and selling Membership (“GTC”), employed “grasp merchants” who had years of expertise buying and selling “crypto foreign money,” and used “leading edge buying and selling robots” to commerce Bitcoin for purchasers “24 hours a day, 7 days per week.”
In actuality World Buying and selling Membership ’employed no merchants, and neither created nor used any buying and selling robots.’
As per the CFTC’s grievance, World Buying and selling Membership was run by
- Mayco Alexis Maldonado Garcia, aka Mayco Maldonado and Mike Maldonado, a resident of Texas;
- Cesar Castaneda, aka Cesar Castaneda Garcia, a resident of Texas
- Joel Castaneda Garcia, a resident of Florida; and
- Rodrigo Jose Castro Molina, aka Rodrigo Castro, Jose Molina and Jose Castro, a resident of Texas.
Cesar Castaneda and Joel Castaneda Garcia are brothers.
As alleged by the CFTC, World Buying and selling Membership scammed at the least twenty-seven traders out of just about one million {dollars}.
Primarily based on info researched for our overview, World Buying and selling Membership primarily scammed Japanese traders. The CFTC’s grievance notes focusing on of Spanish and Korean talking traders.
By late 2017 World Buying and selling Membership was on the highway to break down, prompting its admins to do a runner.
A number of Defendants responded with purported explanations relating to why the cash couldn’t be withdrawn, together with that the site and/or smartphone app have been experiencing technical issues.
Finally, Defendants stopped responding to clients.
The CFTC have sued the World Buying and selling Membership defendants for one rely of fraud.
The regulator is looking for an injunction, disgorgement of at the least $989,000, sufferer restitution a civil financial penalty and authorized prices.
Keep tuned for updates as we proceed to trace the case.
Replace twenty fifth February 2021 – Two motions to dismiss have been denied on February twelfth.
I’d be stunned if this case wasn’t settled in favor of the CFTC sooner or later.
Replace twenty eighth Could 2021 – As predicted, three of the 4 World Buying and selling Membership defendants have finalized settlement negotiations with the CFTC.
Replace 2nd August 2021 – Three of the 4 World Buying and selling Membership defendants have settled with the CFTC.
The settlements have been filed as consent orders and accepted by the courtroom on July twenty seventh.
Replace twenty second September 2021 – Default judgment has been awarded towards the fourth World Buying and selling Membership defendant, Rodrigo Castro.