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Topic: Tezos Founders Sued for Securities Fraud in Potential Class Action (Read 463 times)

member
Activity: 364
Merit: 10

Most people invested in this because of a big name "Tim Draper" investing in this. I remember visiting the website and thinking that if they can't be bothered to pay $50 for a wordpress theme, that they are not worth investing in. The website looked like a joke. I'm not sure how people poured over 200 million into this con.

They deserve to be sued, and to be honest, most of the investors who threw money into this deserved to get swindled. How do you invest 200 million into a company with no product, no development plan, no business plan,  and almost no website?
Exactly! Most of the investors nowadays depends on the popularity of an ICO without doing their own research!
legendary
Activity: 1540
Merit: 1011
FUD Philanthropist™
Guys, we need to understand here that even if the Token will be decided by the Court that it is a Security and not a Utility, it does not mean that Tezos is fraud. By doing that the Court, then they will be liable for damages because if it's a Security it falls under the SEC. If it is a utility and Tezos can prove that the purpose of the Token was to be used within the Platform, then they are untouchable.

Guys we need to understand that these are all noob junior accounts who showed up here late to the party hoping to get Bitcoin profits.

So.. they defend what ever the hell is paying them Bitcoin profits.
With their noob accounts.

Get it ? Noobs ?
Yeah.. they know fuck all.
sr. member
Activity: 307
Merit: 250
It is good news for ICO investors, Tezos made the classic super scam, so people who think they are scammed sued the couple, which is good for the community, we reject the scam!
sr. member
Activity: 308
Merit: 250
And a lot more of these to come.
newbie
Activity: 30
Merit: 0
Oh no, i dont know when i will get my investment back. I hope they can fix their problem.
legendary
Activity: 3122
Merit: 1492
@Zerosk. I will believe that Tezos is not a fraud if their foundation willingly gives back the money invested to those who want them back. I would assume that they have not spent all of it yet, but they did say they would invest in mainstream assets. The investors who want their money back should hurry up.

Tech startup Tezos raised $232 million in July through an "initial coin offering"

Spending $50 million on venture investing, rest being put into stocks, bonds, and precious metals

An unusual use of funds from a tech business, likely to fuel criticism of ICO sector.


Read more http://uk.businessinsider.com/tezos-launching-vc-fund-investing-stocks-bonds-ico-2017-8
member
Activity: 112
Merit: 10
Guys, we need to understand here that even if the Token will be decided by the Court that it is a Security and not a Utility, it does not mean that Tezos is fraud. By doing that the Court, then they will be liable for damages because if it's a Security it falls under the SEC. If it is a utility and Tezos can prove that the purpose of the Token was to be used within the Platform, then they are untouchable.
legendary
Activity: 1540
Merit: 1011
FUD Philanthropist™

Most people invested in this because of a big name "Tim Draper" investing in this. I remember visiting the website and thinking that if they can't be bothered to pay $50 for a wordpress theme, that they are not worth investing in. The website looked like a joke. I'm not sure how people poured over 200 million into this con.

They deserve to be sued, and to be honest, most of the investors who threw money into this deserved to get swindled. How do you invest 200 million into a company with no product, no development plan, no business plan,  and almost no website?

Some investors were tricked when they knew some celebrities and big names are investing while ICO is on going. Now, they'll have to protect their currency to keep investors.
I'm lucky that I exchange my tokens right away.

Buuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuullshit  Cheesy

No one was "tricked"  Roll Eyes
Don't gimme that crap noob.

The fact is you don't a fuck.
The fact is if a famous name is backing a coin you don't give a fuck if it's scammy.
You see dollar signs.

..then later claim you were duped.

And you are "lucky" you dumped your scam coins on some other idiot fast ?
Yeah congrats bud.. you are one classy crypto supporter.
That is after all the name of the game isn't it ?

Talk shit after it crashes and you ALREADY dumped.
Before that though look for what ever is paying out and buy buy buy..
Later claim you were "tricked"  Cheesy

You are all full of shit.

@disam
You are an idiot.
There is no such thing as a good scam.
The some retort needs to die  Roll Eyes

ICO = SCAM ..no not some of them noob pajeets ..all of them.
sr. member
Activity: 394
Merit: 250
the era of crazy icos getting millions in funding slowly comes to an end, and that is good. Nowdays only the good projects reach over the softcap. Anyway regarding tezos, we can only wait and see what happens.
full member
Activity: 210
Merit: 100
Decentralized Jet-Stream Encrypted Multi-Media Dev

Most people invested in this because of a big name "Tim Draper" investing in this. I remember visiting the website and thinking that if they can't be bothered to pay $50 for a wordpress theme, that they are not worth investing in. The website looked like a joke. I'm not sure how people poured over 200 million into this con.

They deserve to be sued, and to be honest, most of the investors who threw money into this deserved to get swindled. How do you invest 200 million into a company with no product, no development plan, no business plan,  and almost no website?

Some investors were tricked when they knew some celebrities and big names are investing while ICO is on going. Now, they'll have to protect their currency to keep investors.
I'm lucky that I exchange my tokens right away.
sr. member
Activity: 518
Merit: 251
I find it strange to Investors who invest in Tezos, does the investor not analyze a project to invest them, is it because their big names believe? Because many possible names of people and companies are mentioned when they are not involved. one example is skyway.
legendary
Activity: 1540
Merit: 1011
FUD Philanthropist™

Most people invested in this because of a big name "Tim Draper" investing in this. I remember visiting the website and thinking that if they can't be bothered to pay $50 for a wordpress theme, that they are not worth investing in. The website looked like a joke. I'm not sure how people poured over 200 million into this con.

They deserve to be sued, and to be honest, most of the investors who threw money into this deserved to get swindled. How do you invest 200 million into a company with no product, no development plan, no business plan,  and almost no website?

He is a nobody period.
His hockey cards were worth less than a common back in the day LOL

ICO = Scam idiots.
When you gonna drop the charade and grow the fuck up ?

I hope they get jail time.

PS:
Why are we posting more topics about this ?

OHMYFUCKINGGOD TIE DOMI IS BUYING TEH ICO COINZ !!!

HODL FORVER !!!1111111111111111ONE
legendary
Activity: 3122
Merit: 1492

Most people invested in this because of a big name "Tim Draper" investing in this. I remember visiting the website and thinking that if they can't be bothered to pay $50 for a wordpress theme, that they are not worth investing in. The website looked like a joke. I'm not sure how people poured over 200 million into this con.

They deserve to be sued, and to be honest, most of the investors who threw money into this deserved to get swindled. How do you invest 200 million into a company with no product, no development plan, no business plan,  and almost no website?

I reckon it was the promotions company the Breitmans have hired who was responsible for those paid and hyped press releases with Tim Draper's name. The problem would now be how to prove that Tim Draper really invested in the ICO.

There might also be a strong case for false advertising.
sr. member
Activity: 2604
Merit: 338
Vave.com - Crypto Casino

Most people invested in this because of a big name "Tim Draper" investing in this. I remember visiting the website and thinking that if they can't be bothered to pay $50 for a wordpress theme, that they are not worth investing in. The website looked like a joke. I'm not sure how people poured over 200 million into this con.

They deserve to be sued, and to be honest, most of the investors who threw money into this deserved to get swindled. How do you invest 200 million into a company with no product, no development plan, no business plan,  and almost no website?
This project did pass into my ears and have done some check up and research and on the thing you do said regarding on the site it is definitely true which it is already a red flag for me because if they do really have the budget and funds creating a site which isnt really good do somehow signifies their flaws which would really last if you are really a careful investor and i did really feel such thing not to invest because on those doubts and observations.Going back in the past where ive been scammed on ICO's i have learned so much on that. Those people are really worth to be sued on.
full member
Activity: 406
Merit: 100
Market Integration Platform
Poor tezos investors.. Rule one do not trust any project fully. The hype was incredible, idea of this project worths no more than $100k
hero member
Activity: 2366
Merit: 504
Lol fuck this project, i glad i don't invest anything in this one. Please, those scammers should be arrested. How many people are not knowing about the refundable project? This is crazy man. how 200 million will be seized by the government and those investors get nothing. CRYPTERIUM was better than teshit.
full member
Activity: 210
Merit: 103
I have been following this and I'm not sure the TEzos founders intentionally did anything wrong.  It almost sounds like they were taken advantage of due to their lack of understanding of how to structure the company and retain control of the funds.  They produced a good idea with lots of hype and interest, and someone used that to fill up their account while cutting them out of control.  

It definelty exposed one of the drawbacks of techie people trusting finacial guidance from sharks.
sr. member
Activity: 560
Merit: 269
Im glad i didn't pour any cents to this project. This project seems fantastic to me at first because they'd collected $200 million at their crowdfunding phase. This project been hyping really great. So cant blame others why they pour their money to this kind of project. But when i found this horrific story, this changed my mind. I feel sorry for the investors though. I wonder what happen to Tim Draper after this. He's been used to hype the project. Anyway, i search google for news and updates regarding to the project and i found this.
https://www.google.com.ph/amp/s/api.cointelegraph.com/amp/v1/news/tezos-ico-class-action-lawsuit-now-official-tim-draper-on-defensive

Quote
The behemoth Tezos ICO, once the darling of the ICO world backed by VC icon Tim Draper, is now the subject of at least one major class action lawsuit with potentially more to follow. The threat of class action came some weeks back after infighting at the top of the company went public.

The class action has been filed in district court in California by attorney James Taylor-Copeland on behalf of investors. The suit alleges that Tezos violated US Securities Law by offering securities, while at the same time “misleading” investors regarding the nature of the company.

Tim Draper defended his position writing in his comment to Cointelegraph:

“There was nothing secretive about our purchase of Tezos. We invested for ownership in the company, which at the time was two bright young people and an idea. The sale might not have happened at all! We also participated in the Pre-sale. Most ICO founders earn tokens over time. All tokens we hope to receive that we didn’t buy in the Pre-sale (alongside with all the other investors who participated) will vest over time with the founders’ tokens. I have no intention of selling these tokens because I am a true believer in the Tezos mission: to build a Blockchain on proof of stake and open it up for developers to build and invent on a new and more relevant platform.”

Investors angry

The suit is not the only one in the works. Other firms are also studying and preparing for potential lawsuits, including Florida-based firm Silver Miller. Investors who feel they have been bilked out of funds can contact either firm to be added to the class action. According to the report:

“Taylor-Copeland said the proposed class includes an estimated 30,000 people who bought Tezzies and seeks to allow them to rescind their purchases and other damages. He said the lawsuit may be the first civil action brought over an ICO.”
full member
Activity: 266
Merit: 102
I expect to see for class action suits filed against many icos in the not too distant future. They may claim these monies they collect are contributions but in my opnion they must still answer to the contributors/investors/shareholders. The ICO scene needs major overhaul and must be regulated.
sr. member
Activity: 392
Merit: 254
always Bitcoin, never shitcoin
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