[2015-10-03] Alleged $32m Gemcoin crypto-bucks scam busted by Feds

[LiteCoinGuy]

Alleged $32m Gemcoin crypto-bucks scam busted by Feds

The US Securities and Exchange Commission (SEC) says it has broken up an investment scam that defrauded citizens out of $32m by promising to mine minerals out of the ground – and pay out profits in cryptocurrency.

http://www.theregister.co.uk/2015/10/02/gemcoins/

[aso118]

Alleged $32m Gemcoin crypto-bucks scam busted by Feds

The US Securities and Exchange Commission (SEC) says it has broken up an investment scam that defrauded citizens out of $32m by promising to mine minerals out of the ground – and pay out profits in cryptocurrency.

http://www.theregister.co.uk/2015/10/02/gemcoins/

Yet another ponzi scheme. The only difference is that the payout was supposed to be in an altcoin.

[LiteCoinGuy]

http://arstechnica.com/tech-policy/2015/10/feds-raid-cryptocurrency-startup-accused-of-scamming-32m-from-investors/

[Keyser Soze]

http://www.sec.gov/litigation/complaints/2015/comp-pr2015-227.pdf

Man, the claims in section C starting on page 7 are crazy. Who believes this stuff...

[Zombier0]

What is it? Never head of this coin