A group of investors sue diamond-backed crypto Ponzi scheme, Argyle Coin

17 Jul, 2019 | Updated: 17 Jul, 2019
by Fifi Arisandi
News
A group of investors sue diamond-backed crypto Ponzi scheme, Argyle Coin

A group of Venezuelan investors files a lawsuit against crypto Ponzi scheme, Argyle Coin.

Another day another Ponzi scheme in the crypto space. This time a supposedly diamond-backed cryptocurrency, Argyle coin that faces legal lawsuits from their investors.

The creators are Jose Angel Aman, Harold Seigel and his son, Jonathan Seigel, who are already involved in other lawsuits related to their diamond companies, Natural Diamonds and Eagle Financial.

According to the report, the plaintiffs are a group of Venezuelans, who admitted being amateur investors. They were enticed to pour their money into the $30 million Ponzi scheme after being promised of a 24% return from buying and cutting raw diamonds.

Initially, they invested in Eagle Financial that claims to make lots of money through high-end diamond trading, as reported by The Next Web.

When the money ran out, Aman and his accomplices created Argyle Coin to keep the money in. Turned out, the digital asset was never developed. The money was used to pay earlier investors of the 2 previous companies and to fund the creators’ lavish lifestyle.

Aside from the Venezuelans investors, Argyle Coin and the creators also faced the lawsuit from the Securities and Exchanges Commission (SEC) to cease trading and freeze their accounts, which also halted their planned ICO.

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