Estate Planning

U.S. regulators halt alleged Ponzi scheme

The scheme raised US$30 million from more than 300 investors in the U.S. and Canada

A U.S. court has issued an order shutting down an alleged multi-million dollar Ponzi scheme targeting investors in Canada and the U.S.

A U.S. district court judge in the southern district of Florida has granted the U.S. Securities and Exchange Commission’s (SEC) request for a temporary restraining order and temporary asset freeze to halt an ongoing Ponzi scheme that, the SEC alleges, raised US$30 million from more than 300 investors in the U.S. and Canada.

The SEC has charged a Florida-based cryptocurrency business, Argyle Coin LLC, and its principal, Jose Angel Aman, in the case. Alongside the freeze orders, the court also appointed a receiver for Argyle Coin.

The SEC alleges that Argyle Coin represents the continuation of an investment scheme involving two other companies Aman owns, Natural Diamonds Investment Co. and Eagle Financial Diamond Group Inc.

According to the SEC’s complaint, “Aman, Natural Diamonds, Eagle, and Argyle Coin, misused or misappropriated more than $10 million of investor funds to pay other investors their purported returns and for Aman’s personal expenses, including rent on his home, purchases of horses, and riding lessons for his son.”

The SEC is seeking disgorgement of allegedly ill-gotten gains and financial penalties against Natural Diamonds, Eagle, Argyle Coin, Aman, among other defendants in the case.