{"id":13244,"date":"2022-04-09T08:24:47","date_gmt":"2022-04-09T08:24:47","guid":{"rendered":"http:\/\/egrowonline.com\/?p=13244"},"modified":"2022-04-09T08:24:47","modified_gmt":"2022-04-09T08:24:47","slug":"compcoins-alan-friedland-to-pay-1-8-million-for-ico-scam","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=13244","title":{"rendered":"Compcoin&#8217;s Alan Friedland to pay $1.8 million for ICO scam"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<div class=\"ff-single-excerpt\">\n<p>It was in 2017 that Compcoin announced its \u201c$45 million initial coin offering (ICO)\u201d consisting of 3 million Compcoin selling at $15 each, with an additional bonus for early investors.\u00a0<\/p>\n<\/div>\n<p> <img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"225\" src=\"https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-300x225.jpg\" class=\"attachment-medium size-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-300x225.jpg 300w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark.jpg 1000w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-250x188.jpg 250w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-550x413.jpg 550w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-800x600.jpg 800w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-240x180.jpg 240w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-400x300.jpg 400w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-667x500.jpg 667w\" \/><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"225\" src=\"https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-300x225.jpg\" class=\"lazyload attachment-medium size-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-300x225.jpg 300w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark.jpg 1000w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-250x188.jpg 250w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-550x413.jpg 550w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-800x600.jpg 800w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-240x180.jpg 240w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-400x300.jpg 400w, https:\/\/financefeeds.com\/wp-content\/uploads\/2018\/03\/hide_fraud_dark-667x500.jpg 667w\" data-sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>Alan Friedland and his companies, Fintech Investment Group, Inc. (Fintech), and Compcoin LLC, without admitting or denying the allegations in the complaint, have settled charges against them regarding an\u00a0FX and Crypto scam.<\/p>\n<p>The defendants stood accused of fraudulently soliciting customers to purchase a digital asset they falsely promised would allow customers to gain access to a proprietary foreign currency (forex) trading algorithm.<\/p>\n<p>Alan Friedland, Fintech, and Compcoin, are now banned permanently from operating CFTC-regulated activities and are required to pay $1,200,000 in restitution and a $600,000 civil monetary penalty.<\/p>\n<p style=\"text-align: center\"><strong><a target=\"_blank\" rel=\"nofollow noopener noreferrer\" href=\"https:\/\/t.me\/financefeeds\"><button class=\"btn btn-primary\" type=\"button\">Find us on Telegram<\/button><\/a><\/strong><\/p>\n<p>CFTC Acting Director of Enforcement Vincent McGonagle, said:\u00a0\u201cThis matter demonstrates the CFTC will continue to focus on customer protection and vigorously litigate the cases it files to obtain appropriate relief. As required by the Commodity Exchange Act and CFTC regulations, commodity trading advisors must ensure they are providing accurate and complete information to potential customers so they can make informed decisions before entering into an advisory relationship.\u201d<\/p>\n<p>From approximately 2016 through 2018, Friedland and his companies have allegedly solicited customers and prospective customers to purchase a digital asset known as Compcoin. They have promised, among other things, that Compcoin would allow customers to gain access to what they described as Fintech\u2019s proprietary forex algorithmic trading program known as ART.<\/p>\n<p>They claimed ART was \u201ccomplete in form and function,\u201d and \u201cready for release on the open market\u201d and that\u00a0\u201cART\u2019s high success rate at predicting\u2026forex trades, coupled with the high rate of return from these trades, will stimulate demand among investors and forex traders to purchase and use Compcoin\u2014specifically to gain access to ART.\u201d<\/p>\n<p>The order further states that the defendants knew that customers could not lawfully use ART until Fintech received approval of its disclosure documents from the National Futures Association (NFA).\u00a0Still, they offered Compcoin prior to Fintech seeking NFA approval of its disclosure documents.<\/p>\n<p>In addition, ART\u2019s performance was based largely or entirely on hypothetical performance results and not real trading, and they were not forthright about it.<\/p>\n<p>Ultimately, the NFA did not approve Fintech\u2019s risk disclosure statements, and purchasers of Compcoin never gained access to the supposedly highly profitable forex trading algorithm as promised. Instead, purchasers of Compcoin were left with a worthless digital asset.<\/p>\n<p>It was in 2017 that Compcoin announced its \u201c$45 million initial coin offering (ICO)\u201d consisting of 3 million Compcoin selling at $15 each, with an additional bonus for early investors.<\/p>\n<p>\u201cCompcoin is a new digital token focused on investing and growing capital. Investors may buy and hold Compcoin to leverage it as an alternative investment vehicle. However, the primary function of Compcoin is to grant investors access to ART \u2013 a proprietary, automated, algorithmic forex trading platform that has been successfully predicting US Dollar-to-Euro (USD\/EUR) currency trades and delivering 10% quarterly returns during eight years of testing. After purchasing Compcoin, investors may begin forex trading via ART after creating and funding an account with one of the many supported brokerages and linking it to Compcoin platform\u201d, said the announcement.<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/financefeeds.com\/compcoins-alan-friedland-pay-1-8-million-ico-scam\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It was in 2017 that Compcoin announced its \u201c$45 million initial coin offering (ICO)\u201d consisting of 3 million Compcoin selling at $15 each, with an additional bonus for early investors.\u00a0 Alan Friedland and his companies, Fintech Investment Group, Inc. (Fintech), and Compcoin LLC, without admitting or denying the allegations in the complaint, have settled charges [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[39],"tags":[7062,7061,7063,838,545,409,1301],"class_list":["post-13244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ico","tag-alan","tag-compcoins","tag-friedland","tag-ico","tag-million","tag-pay","tag-scam"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/04\/hide_fraud_dark.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13244"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13244\/revisions"}],"predecessor-version":[{"id":13246,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13244\/revisions\/13246"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/13245"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13244"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}