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| October 22, 2018

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Posts Bydailybusinessnews, Author at - Page 3 of 13540

Shocking Train Derailment Kills at Least 18

October 21, 2018 |

One of Taiwan’s fastest passenger trains derailed Sunday on a curve along a popular weekend route, killing at least 18 people and injuring more than 170 others, the AP reports. The Puyuma express was carrying more than 360 passengers from a suburb of Taipei in the north to Taitung, a…
Newser

California Dems are running against Trump. California voters seem more concerned with liberal failures at home

October 21, 2018 |

California Democrats have to contend with the litany of local problems that their progressive policies have wrought.
FOX News

Migrant Caravan Re-Forms in Mexico, Marches Northward

October 21, 2018 |

Days after trying to break down the fence at the Guatemala-Mexico border , a mass caravan of migrants appears largely unbent in their desire to reach the United States, reports the AP . Their numbers swelled to about 5,000 overnight and at first light they set out walking toward the Mexican…
Newser

Celebrity ICO Endorsers Face Legal Blowback Over Alleged Fraud

October 21, 2018 |

Celebrity ICO Endorsers Face Legal Blowback Over Alleged Fraud

Boxing superstar Floyd Mayweather and rap producer DJ Khaled face a legal battle for serving as celebrity endorsers to an initial coin offering (ICO) accused of fraud. The founders of the allegedly fraudulent ICO were arrested by American criminal authorities back in April.

Also Read: The Daily: Goldman Sachs Invests in Wallet, Institutional Traders Borrow $ 553M

ICO Promotion Blowback

Celebrity ICO Endorsers Face Legal Blowback Over Alleged FraudCelebrity gossip tabloid TMZ reports that Floyd Mayweather and DJ Khaled have been slapped with a lawsuit from investors who accuse them of participating in a multi-million dollar scam. The lawsuit revolves around the Centra Tech ICO that raised more than $ 32 million from thousands of investors last year, supposedly to build a suite of financial products including a cryptocurrency-backed debit card supported by Visa and Mastercard.

According to the class action lawsuit, Floyd and Khaled were influential in promoting the virtual currency on social media. The investors are targeting the celebrity endorsers, in addition to the company’s founders, with the aim of recouping their lost money plus damages. They complain that the value of the token crashed by over 98%, from about $ 1 per CTR in February to bellow $ 0.02 per token in April.

Founders Arrested

Celebrity ICO Endorsers Face Legal Blowback Over Alleged FraudIn early April we reported that the Securities and Exchange Commission (SEC) charged two co-founders of Centra Tech with orchestrating a fraud and criminal authorities arrested them both. Robert Farkas and Sohrah Sharma are alleged to have “masterminded a fraudulent ICO in which Centra offered and sold unregistered investments through a CTR Token.” The two are accused of lying about the relationships with Visa and Mastercard, creating fake biographies, and publishing false or misleading marketing materials to Centra’s website.

Later in April, the SEC charged a third co-founder, Raymond Trapani, with violating the anti-fraud and registration provisions of U.S. federal securities laws. The SEC released text messages between Farkas, Trapani and Sharma showing that, in response to a cease-and-desist letter from a bank demanding that Centra remove all references to it from their marketing materials, Sharma said “We gotta get that shit removed everywhere and blame freelancers lol.”

Should celebrity ICO endorsers be held to account for supporting these projects? Share your thoughts in the comments section below.


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The post Celebrity ICO Endorsers Face Legal Blowback Over Alleged Fraud appeared first on Bitcoin News.

Bitcoin News

TMZ

Chris Christie Says Mitch McConnell Attack Will Drive Politicians Underground

October 21, 2018 |

Former New Jersey Governor Chris Christie, is outraged at this weekend’s verbal assault against Senator Mitch McConnell, saying attacks like this will make politicians hostages in their own homes. We got the former Gov on Saturday at…

TMZ.com

A crucial Tesla financial report is coming. Let’s go under the tent to see how Elon Musk can boost cash flow

October 21, 2018 |

Tesla’s mission is clear: “Accelerate the world’s transition to sustainable energy.” It says so on the company’s website.

But to do that, Tesla must prove itself sustainable as an ongoing concern. A lot is riding on the financial results it will report early in November.

Chief Executive Elon Musk…


L.A. Times – Business

Scandal Over Dead Journalist Jolts Heir to Saudi Throne

October 21, 2018 |

Crown Prince Mohammed bin Salman, secure for now, is scrambling to contain global backlash over the killing of government critic Jamal Khashoggi in Saudi Arabia’s Istanbul consulate.
WSJ.com: What’s News Asia

Russia Warns Trump Treaty End a ‘Very Dangerous Step’

October 21, 2018 |

A day after President Trump announced his intention to scrap a landmark arms control deal with Russia, the Kremlin called the pullout “a very dangerous step.” Trump is sending national security adviser John Bolton to Moscow to meet with Russian leaders, including Foreign Minister Sergei Lavrov and Security Council Secretary…
Newser

Chaos Greets LeBron’s Home Debut as a Laker

October 21, 2018 |

LeBron James made his home debut with the Los Angeles Lakers on Saturday night, scoring 24 points in an atmosphere he called “electric,” but King James’ thunder got blown away late by a multiplayer brawl, reports CBS News . With four minutes left to play in a hard-fought game against the…
Newser

Dissident Marathoner Returns Home From Exile

October 21, 2018 |

The Ethiopian marathon runner who made global headlines with an anti-government gesture at the Rio Olympics returned from exile on Sunday after sports officials assured him he will not face prosecution. Feyisa Lilesa’s return from the United States came several months after a reformist prime minister took office and announced…
Newser