Argyle Coin – a pyramid scheme?About the American project
Unfortunately, more and more projects are losing the trust of their own users, turning out to be scams and cover for complex fraudulent schemes. Judging by the charges put forward, the well-known American company Argyle Coin is one of such dishonest enterprises. In the United States, a trial began against the creator.. The judges suspect the founder of the company of organizing a pyramid scheme. Next, we will look at everything that is known about this project.
More about the company
It is quite possible that some of our readers representing countries other than the United States, in principle, do not know about Argyle Coin. That is why, first, we will understand the essence of the enterprise. The concept of the company, we do not argue, is quite serious. Jose Angel Aman, a 51-year-old resident of the US capital, created a cryptocurrency fund whose assets are backed by diamonds. The entrepreneur invited private investors and entire companies to invest in their own project dealing with the speculation of rough diamonds. For more than 5 years. From 2014 to the end of 2019.
The scheme is interesting: the user sends money to the company, his funds go to mining of diamonds. Which the company then sells at a premium. Part of the resulting difference is sent to the investor in cryptocurrency. To ensure reliable cooperation, Aman and his accomplices said that the businessman’s fortune consisted of $ 25 million in diamonds. Such serious money inspired the confidence of investors. And made them invest more actively in Argyle Coin.
The work continued for a long time, the company’s turnover grew. But at some point, the money just ran out. Lack of sufficient funds to pay investors prompted the US District Judges, Southern District of Florida, to analyze the enterprise. Authorized persons received a request from the Securities and Exchange Commission. The SEC accused Aman and his accomplices of organizing a pyramid scheme. That brings money only to the first investors, at the expense of investments of incoming investors. As a result, young investors were deceived and ruined. At the moment, proceedings are underway. The company’s cryptocurrency accounts are frozen. Let’s discuss what to do for Argyle Coin contributors to minimize their own losses.
How to end your partnership with Argyle Coin?
Most likely, the court will order the creators of the platform to return all the stolen funds. So a significant portion of the money, you will most likely be able to recover. However, it is only a matter of time. Legal proceedings require a careful approach and can take several months. There are charges at the moment. Angel Aman stole $ 10 million from his own investors. At the moment, it is reliably known that the head of the company used the stolen money for renting a luxurious house and his own hobby – horse riding. Also, part of the funds went to horse riding lessons for Hosse’s son Angel Aman.
We recommend that you be more careful and thoroughly analyze any project before investing money in it. Only a responsible and courteous approach to your own funds will allow you to get the maximum benefit from cooperation with a particular company. Watch out for scammers like Argyle Coin. And stay tuned to the crypto industry news with us. We publish only high-quality, interesting material. Thanks for your attention. Good luck!