You had been sued by the SEC for securities fraud in 2021. You only recently discovered the SEC is investigating you once more for securities fraud.
Your Ponzi scheme has collapsed, you came upon your companions in crime secretly used your organization to launder hundreds of thousands for an additional Ponzi scheme, and also you’re additionally in the course of a lawsuit with mentioned companions in crime.
What do you do?
Properly… if you happen to’re Oscar Garcia, you signal a cost processor contract with one more Ponzi scheme.
NextGen is run out of the UK by Rehan and Rizwan Gohar.
NextGen started as BizzTrek, a pyramid scheme launched in late 2018.
BizzTrek collapsed round mid 2019. This prompted the launch of BizzTrade, a foreign exchange themed Ponzi scheme.
BizzTrade collapsed in mid 2020, prompting a reboot with “BizzCoin” and crypto buying and selling.
BizzCoin’s crypto Ponzi collapsed in direction of the top of 2020. 2021 was spent arising with excuses.
In December 2021 BizzTrade Professional launched. BizzCoin was swapped out for BizzCoin Professional, and the Ponzi scamming continued.
By March 2022 BizzTrade Professional had collapsed, which brings us to NextGen’s launch in Could 2022.
NextGen sees associates put money into AMGEN (one other created shitcoin), on the promise of a passive 400%. Crypto buying and selling is out, with the Gohar brothers resurrecting their foreign exchange ruse.
Between March tenth and twelfth, NextGen held a advertising and marketing occasion in Cyprus.
Launched on stage on the occasion was none aside from Oscar Garcia.
After doing a tune and dance about “banking the unbanked”, Garcia introduces what seems to be white labelling of his Batched platform for NextGen.
We constructed one thing that your founders mentioned, “do it as a result of we are going to run with it”.
And so they understood this. We didn’t simply construct a cost system, we constructed a lot extra. And that’s what we’re right here to see.
Welcome to your personal neobank in Nextgen. This technique does precisely what the Visa Community does.
Garcia goes on to disclose a “twin chip expertise” card.
Stage two is twin chip expertise. Stage two is what if you happen to can liquidate crypto proper into one of many chips, and the opposite chip is simply fiat.
We’re working with banks around the globe to make this program work.
Garcia’s playing cards can be given to NextGen associates in three tiers:
- Tier 1 (plastic card) – $1000 each day transaction restrict and $5000 crypto liquidation restrict
- Tier 2 (black steel card) – $5000 each day transaction restrict and $20,000 crypto liquidation restrict
- Tier 3 (gold steel card) – $20,000 each day transaction restrict and $50,000 crypto liquidation restrict
NextGen’s AMGEN Ponzi token has been built-in into Garcia’s providing.
You should use your coin to provoke the transaction to safe it and transfer it, and now you’ve obtained liquidity.
Garcia doesn’t point out the “node validation” Ponzi part of Batched. Whether or not that’s being supplied to NextGen traders or not is unclear.
Curiously sufficient, Garcia claims he was going to launch this method “months in the past”. He states he was utilizing the identical financial institution as FTX, and after FTX collapsed the financial institution demanded a overview.
We had been launching this factor months in the past, however then that (FTX collapsing) occurred (and) they (the financial institution) mentioned no we gotta overview the whole lot.
VISA had already certified the plastic card design and we had been transferring ahead. So it created a roadblock.
FTX collapsed in early November 2022. A number of months earlier Garcia realized of an SEC investigation into Batched.
That investigation started in September 2022 and, at time of publication, stays ongoing.
Whether or not Garcia’s coping with NextGen fall throughout the scope of the SEC’s investigation stays to be seen.
