Vista Community and proprietor operator Armen Temurian have been sued by the CFTC for commodities fraud.
The CFTC alleges, amongst different issues, that Vista Community was a $7 million greenback plus Ponzi scheme.
The CFTC’s Criticism was filed on February fifteenth and names Armen Temurian and Vista Community Applied sciences as defendants.
Temurian and Vista fraudulently induced retail traders (the “Digital Asset Commodity Buyers”) to switch Bitcoin and Ether to Vista by falsely promising that Vista would commerce these digital property and that the Buyers would earn a 2.5% each day return on their funding and/or that their digital property would double in worth inside 80 days.
Vista Community claimed to generate exterior income through numerous sources, one among which was “robotic merchants”.
None of Vista Community’s claimed exterior income sources had been verifiable. That’s as a result of they didn’t exist.
Vista didn’t have a buying and selling robotic or different algorithm able to producing a 2.5% each day return for Vista’s traders.
On September 6, 2022, testifying below oath to Fee workers on this matter, entitled “Within the Matter of Vista Community Applied sciences and Armen Temurian,” Temurian admitted that “Vista by no means traded for patrons.”
As an alternative, Defendants’ course of conduct had traits of a Ponzi scheme.
Per a Ponzi scheme, Defendants’ personal statements and information (reviewed together with public blockchain data) replicate that new investor funds had been used to pay previous traders.
The CFTC’s grievance additionally particulars a reload rip-off, whereby Vista Community offered “mini miners” to unsuspecting customers.
Temurian and Vista claimed that the “mini-miner” might mine digital property—together with Bitcoin—from customers’ dwelling.
This was additionally false. And Defendants knew it on the time and/or had been reckless in not figuring out it on the time.
Between September 2017 and January 2018, Vista Community took in over $7 million {dollars} from traders.
The CFTC alleges that, by means of their conduct, Vista Community and Temurian violated the Commodity Change Act and Fee Regulation.
The CFTC is in search of a everlasting injunction in opposition to Vista Community and Temurian, prohibiting additional commodities associated violations.
Disgorgement, restitution and a civil financial penalty are additionally being sought.
BehindMLM printed its Vista Community evaluate in December 2017, accurately figuring out it as a Ponzi scheme.
Temurian personally responded to the evaluate on January seventeenth, 2018.
Good day Behind Multi level marketing.
Thanks in your article. I really feel your article may be very lopsided.
You will have a transparent image of my face and my identify and my data is clearly out there on each social media platform. It wouldn’t be troublesome to seek out me and do an actual interview earlier than leaping into conclusions.
We’re the primary firm on this house doing it proper and practising good enterprise practices.
What number of Crypto Compmay [sic] CEO’S or Co-Founders have you ever meet who approached you with open doorways and open arms as I’m doing so at the moment?
Would like to have you ever as a visitor at VISTA to share our Imaginative and prescient and Mission as we emerge as the primary and actually actual bitcoin associates program play globally.
Armen A. Temurian, CEO CO-FOUNDER
VISTA NETWORKS TECHNOLOGIES USA
I’ve added the CFTC’s Vista Community lawsuit to BehindMLM’s calendar. Keep tuned for updates as we proceed to trace the case.
