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Detail Analysis

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Date:

Status:

Count:

Contributor:

November 30, 2020

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Verified

1

zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

2,000,000

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Recovered Amount:

-

Currency:

Dollars

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Investment

Scams

Extended Method:

Ponzi scheme

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Rodriguez, DOS SANTOS, Hughes, Millan, Chairez, and Aguilar participated in a coordinated scheme in which victim-investors (the “Victims”) were induced to invest in AirBit Club based on the promise of guaranteed profits in exchange for cash investments in club “memberships” (the “AirBit Club Scheme” or the “Scheme”). Beginning in late 2015, AirBit Club, through its founders, Rodriguez and DOS SANTOS, as well as its promoters (the “Promoters”), including Millan, Chairez, and Aguilar, marketed AirBit Club as a multilevel marketing club in the cryptocurrency industry. Promoters falsely promised Victims that AirBit Club earned returns on cryptocurrency mining and trading and that Victims would earn passive, guaranteed daily returns on any membership purchased. The defendants also tried to conceal the scheme and their involvement by requesting membership payments in cash, allegedly laundering at least $20 million of proceeds through various trusts and bank accounts, and removing negative information about the scheme from the internet.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.