In a latest Mining Metropolis webinar, CEO Gregory Rogowski claimed the corporate had obtained an license with the Philippine SEC.
As per correspondence acquired by the SEC after the webinar aired, the Philippine SEC have confirmed Mining Metropolis stays unregistered.
Not solely that, the regulator seems to be constructing a case in opposition to native promoters.
Though masked by way of a collection of shell corporations, Mining Metropolis is owned by Eyal Avramovich.
Avramovich additionally personal Mine Greatest, from which Mining Metropolis was spun off.
Avramovich put Rogowski, a former Mine Greatest worker, in command of Mining Metropolis, to create the phantasm of separation.
The webinar we’re overlaying at present was held on or round October nineteenth. Featured within the webinar are Avramovich, Rogowski and a translator (presumably a Mining Metropolis affiliate investor).
Replace twenty seventh October 2020 – The third particular person has been recognized as JM Torres.
In accordance with Ramiro within the feedback under, Torres is a former BitClub Community Ponzi scammer. /finish replace
After rambling on about how “haterz” are guilty for the inevitable decline of BTCV, Rogowski addressed the Philippine SEC securities fraud warning.
[6:07] It originated within the Philippines, the place the authorities, the Philippines’ SEC issued a warning in opposition to Mining Metropolis, saying that we operated with no license.
And this was an eye-opener. It simply blew our minds. Abruptly we knew what we needed to do.
How Mining Metropolis committing securities fraud was an “eye-opener” to Rogowski and Avramovich is past us.
BehindMLM initially reviewed Mining Metropolis in July 2019. One of many key findings in our overview was Mining Metropolis committing securities fraud.
Avramovich was first to touch upon our overview, so he’s identified about Mining Metropolis committing securities fraud for over a yr.
Mining Metropolis’s web site has additionally been blocked from US guests for a while. The explanation for it is because the US SEC is probably the most lively securities regulator on the planet.
After the apparent lie about not understanding Mining Metropolis was/is committing securities fraud, Rogowski continues with extra lies;
You see, we didn’t really want the license for authorized causes, we might have protested the article… however then we understood what we needed to do.
We utilized for the license.
I’m sorry, what?
Of their securities fraud warning the the Philippine SEC made it clear they’d investigated Mining Metropolis previous to banning it.
I’m not properly versed in Philippine legislation however I think about Mining Metropolis might have challenged the SEC through a lawsuit. They in fact didn’t, as a result of securities fraud is illegitimate.
Corporations that provide securities, like Mining Metropolis, should be registered with monetary regulators in each jurisdiction they provide securities in. There’s no ifs or buts about this, it’s the legislation the world over.
At this level we’re down two lies. Rogowski then drops the largest whopper of the webinar.
[7:04] Lots of you will have already seen this doc. We’ve a affirmation that we’ve got a license for Mining Metropolis and for Prophetek and for what we’re doing, issued by SEC (in) the Philippines.
Prophetek is a shell firm owned by Rogowski, offering the ruse behind Mining Metropolis possession (Prophetek owns Mining Metropolis on paper).
Across the time the webinar aired, BehindMLM began receiving feedback from Mining Metropolis traders parroting Rogowski’s declare. Looking back I assume they’d simply watched the webinar dwell.
Funnily sufficient when pressed for proof, none of them had been capable of present any (of those who didn’t simply disappear).
In an try and suss out the validity of Rogowski’s declare, one BehindMLM reader reached out to the SEC on October twenty first.
They acquired the next response again on October twenty third, 4 days after Rogowski made his declare.
We want to inform you that Mining Metropolis has not registered with the Fee and doesn’t have THE NECESSARY LICENSE AND/OR AUTHORITY to solicit, settle for or take funding/placements from the general public nor to concern funding contracts and different types of securities.
Not simply content material with reiterating their earlier warning in opposition to Mining Metropolis, Oliver Leonardo, the Officer-in-Cost of the SEC’s Enforcement and Investor Safety Division, continued;
Nevertheless, these fraudsters have failed to think about the governing legal guidelines which range from completely different international locations which have adopted dynamically primarily based on calls for of the society together with the Philippine Securities Legal guidelines which cope with such facets and imposes a heavy penalty for its noncompliance and/or violations.
Though prosecuting MINING CITY entails intricate issues which requires ample time for correct coordination with the opposite involved authorities companies, the Fee assures the general public that MINING CITY’s members and/or representatives which might be nonetheless actively providing, endorsing, promoting and recruiting others to hitch mentioned unlawful scheme regardless of our prevailing Advisory will likely be handled accordingly.
We’re within the means of gathering info of those representatives to formally file a grievance.
In the intervening time, we’d respect it in the event you might assist us educate and warn the investing public on MINING CITY for them to not be preyed by unscrupulous people and/or entities making exaggerated and unfounded claims of incomes fabulous earnings utilizing its unlawful scheme.
Mining Metropolis in fact has no government presence within the Philippines. Avramovich and Rogowski are primarily based out Europe.
Whether or not we see prosecution of native Mining Metropolis promoters in some unspecified time in the future stays to be seen.
After falsely claiming Mining Metropolis had registered with the SEC, Rogowski wrapped up the matter by proclaiming;
[7:26] This week (the) SEC takes down the warning about Mining Metropolis and we’re going to promote the truth that we’re the one first traditionally firm within the mining business that operates in what we do with a authorized license.
As of at present, October twenty sixth, seven days after Rogowski made the above declare, the Philippine SEC warning stays on-line
Outdoors of the Philippines, Rogowski went on to say Mining Metropolis has “entered licensing processes” in South Korea.
We assume this implies establishing extra shell corporations, as Rogowski clarified that
[8:18] by the tip of November we will likely be making use of for license. And as time progresses, we will likely be making use of for licenses wherever we’d like it.
In (the) United States, in Europe, wherever that is required.
That Mining Metropolis is seemingly mendacity about registering with the Philippine SEC is no surprise. Nonetheless, I need to put what SEC registration (even when it didn’t occur) means into context.
After figuring out an MLM firm committing securities fraud, the explanation regulatory registration is important for due-diligence, except for the actual fact it’s a authorized requirement, is that it entails submitting audited periodic monetary studies.
It’s one factor to bullshit your traders with claims of exterior income. It’s totally one other to fudge detailed monetary studies, get a third-party auditor to log out on them and file them with monetary regulators for scrutiny.
And these studies must be supplied to the general public too, which means all of us get to pore over them for verification.
That is why no MLM crypto firm operates legally anyplace on the planet. They’re all scams that, a method or one other, merely shuffle newly invested funds to present traders.
Keep in mind Rogowski crapping on about “haterz” inflicting BTCV’s public buying and selling worth to drop? BTCV is a Ponzi coin Mining Metropolis launched after their preliminary Ponzi mannequin started to break down.
Newly recruited Mining Metropolis associates enroll and make investments, BTCV’s public buying and selling worth goes up. Affiliate traders who signed up earlier than them money out? BTCV goes down.
It’s actually that easy and exactly why BTCV’s public buying and selling worth has nothing to do with Mining Metropolis’s legitimacy.
And I’m actually utilizing the time period “public buying and selling” loosely right here. Outdoors of Mining Metropolis BTCV is simply one other Ponzi shitcoin no one has any curiosity in.
So to summarize, though it received’t undo working illegally for over a yr, if Avramovich and Rogowski need to set up the legality of Mining Metropolis, they not solely must register Mining Metropolis with monetary regulators (not shell corporations), but in addition present audited monetary studies. Each to regulators and the general public.
There isn’t any different approach to legally supply securities in any jurisdiction. Be it the Philippines, South Korea, the US or any the place else.
Merely registering with a monetary regulator and doing nothing is nearly as good as not registering with one. We see this generally with ASIC in Australia.
ASIC are infamous for non-regulation of MLM securities fraud. So scammers create an Australian shell firm, register with ASIC and maintain up their certificates of registration as proof of legitimacy.
4 or 5 years later, in the event you’re fortunate, ASIC may cancel the registration as a result of after preliminary registration, nothing was filed. By then in fact the rip-off has long-since collapsed and sorry in your loss.
Oliver Leonardo’s feedback apart, Mining Metropolis registering with the Philippine SEC and doing nothing extra can be precisely the identical.
On the time of publication Alexa ranks South Africa (20%), Japan (17%) and Vietnam (9%), as the highest three sources of visitors to Mining Metropolis’s web site.
It doesn’t matter what occurs going ahead, Mining Metropolis is illegally providing securities in each jurisdiction it solicits funding in.
As I’ve acknowledged many occasions earlier than, the one cause an MLM firm commits securities fraud is as a result of they aren’t doing what they declare to be.
With respect to Mining Metropolis, it’s been an apparent Ponzi scheme since day one.
Replace twenty seventh October 2020 – Mining Metropolis has confirmed it’s not registered with the Philippine SEC.
The paperwork Gregory Rogowski is waving round pertain to Prophetek MiningCity, OPC, a just lately created shell firm.