Beware of Crypto "Investment" Schemes!

reddogs

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We have some of our members who have gone into Crypto currency and even worse participate in a "investment scheme" with a Ponzi structure, even though we warned them and made clear it did not seem legit. Here is the news on it..

"More than 62,000 people have lost hundreds of millions to Eddy Alexandre's crypto platform, but many in the Haitian community still support him"
EminiFX CEO Eddy Alexandre Pleads Guilty to Fraud - Documented

Here is even more...
"Two Florida attorneys are suing nearly 100 churches, including the General Conference Corporation of Seventh Day Adventist (SDA), and prominent pastors in the Haitian community for allegedly recruiting thousands of congregants to join EminiFX, the cryptocurrency site whose CEO has since pled guilty to fraud. The wife, a sister and two cousins of CEO Eddy Alexandre are among individuals also accused in the civil suit of perpetrating the Ponzi scheme that investigators said attracted 62,000 members from seven different countries.

Of the numerous examples of alleged enticement cited in the suit is the story of a pastor-first lady pair who brought in $15 million from their Pennsylvania churches by telling congregants Warren Buffet being an EminiFX investor and that the Adventist church would insure their investment.

?We believe that people were convinced by the church and the ministers that this was a good investment,? J. Wil Morris, the lead attorney in the suit, told The Haitian Times earlier this week. ?They knew it was a scam.?

Morris said the General Conference Corporation of Seventh Day Adventist (GCC) are among the 108 defendants so far in the class action civil suit. He said the Seventh Day Adventist churches, more than 60 listed in the suit, allowed Alexandre to come into their churches to market EminiFX via meetings, galas and other means. Morris and the lawsuit say some pastors, deacons and hired personalities collected money directly from parishioners via cash and Zelle during religious meetings."

"Two Miami Lawyers filed a federal class action lawsuit on behalf of 62,000 Haitian American investors defrauded by Eddy ALEXANDRE with the assistance of the Seventh Day Adventist Church. Over fifty Haitian Pastors of the Seventh Day Adventist church conspired with EDDY ALEXANDRE and others to defraud 62,000 Haitian American investors of over 300 million dollars. The case entitled Lorfils Joseph v. General Conference Corporation of the Seventh Day Adventist Church et al, Case No.: 23-cv-21551 was filed on April 25, 2023 in the United States District Court, Southern District of Florida, Miami Division."
https://www.einnews.com/pr_news/630...dre-and-the-seventh-day-adventist-church
 
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Gary K

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We have some of our members who have gone into Crypto currency and even worse participate in a "investment scheme" with a Ponzi structure, even though we warned them and made clear it did not seem legit. Here is the news on it..

"More than 62,000 people have lost hundreds of millions to Eddy Alexandre's crypto platform, but many in the Haitian community still support him"
EminiFX CEO Eddy Alexandre Pleads Guilty to Fraud - Documented

Here is even more...
"Two Florida attorneys are suing nearly 100 churches, including the General Conference Corporation of Seventh Day Adventist (SDA), and prominent pastors in the Haitian community for allegedly recruiting thousands of congregants to join EminiFX, the cryptocurrency site whose CEO has since pled guilty to fraud. The wife, a sister and two cousins of CEO Eddy Alexandre are among individuals also accused in the civil suit of perpetrating the Ponzi scheme that investigators said attracted 62,000 members from seven different countries.

Of the numerous examples of alleged enticement cited in the suit is the story of a pastor-first lady pair who brought in $15 million from their Pennsylvania churches by telling congregants Warren Buffet being an EminiFX investor and that the Adventist church would insure their investment.

?We believe that people were convinced by the church and the ministers that this was a good investment,? J. Wil Morris, the lead attorney in the suit, told The Haitian Times earlier this week. ?They knew it was a scam.?

Morris said the General Conference Corporation of Seventh Day Adventist (GCC) are among the 108 defendants so far in the class action civil suit. He said the Seventh Day Adventist churches, more than 60 listed in the suit, allowed Alexandre to come into their churches to market EminiFX via meetings, galas and other means. Morris and the lawsuit say some pastors, deacons and hired personalities collected money directly from parishioners via cash and Zelle during religious meetings."
https://haitiantimes.com/2023/07/08...-relatives-named-in-new-eminifx-lawsuit/

https://www.einnews.com/pr_news/630...dre-and-the-seventh-day-adventist-church

Ellen White did well to warn people about playing the market and investing in mining stocks, the equivalent of playing with crypto currencies today. In her day pastors were talking up mining stocks.
 
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linux.poet

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The hallmarks of a Ponzi scheme is that users are discouraged from withdrawing, simply because there isn't any way to really have people withdraw their profits and maintain the scheme. If a investment organization in crypto or elsewhere is obscure, you would be wise to test the waters by investing a small amount, waiting, and then trying to withdraw your funds. If you get any resistance to withdrawing your funds, Ponzi. Escape quickly. All investments must produce a return.

I'm honestly not sure that the Church should really venture into the realm of cryptocurrency, although the privacy of it could help Christians in persecuted countries conceal their financial transactions from the hostile government. It also has the potential to speed up currency transfers and allow ministry funding sources to remain undetected.
 
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