Circle Society Investment Platform - Revision history

Azoundria: Another 30 minutes completed. Working on final integration of sources.

2023-12-18T18:41:03Z

Another 30 minutes completed. Working on final integration of sources.

Azoundria: Another 30 minutes complete. Added prevention section. Integrated several sources. Expanding and rewording various sections. Overall seems to be nearly complete.

2023-12-12T22:01:43Z

Another 30 minutes complete. Added prevention section. Integrated several sources. Expanding and rewording various sections. Overall seems to be nearly complete.

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Azoundria at 05:31, 21 February 2023

2023-02-21T05:31:49Z

← Older revision		Revision as of 23:31, 20 February 2023
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	{{Imported Case Study With About\|source=https://www.quadrigainitiative.com/casestudy/circlesocietyinvestmentplatform.php}}		{{Imported Case Study With About\|source=https://www.quadrigainitiative.com/casestudy/circlesocietyinvestmentplatform.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:Circlesociety.jpg\|thumb\|Circle Society]]David Saffron appeared to be highly wealthy with mansions and armed security guards. He promised investors a lucrative opportunity to make 500%-600% returns on their money.		[[File:Circlesociety.jpg\|thumb\|Circle Society]]David Saffron appeared to be highly wealthy with mansions and armed security guards. He promised investors a lucrative opportunity to make 500%-600% returns on their money.

Azoundria at 16:27, 20 February 2023

2023-02-20T16:27:21Z

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Azoundria at 18:14, 27 January 2023

2023-01-27T18:14:57Z

← Older revision		Revision as of 12:14, 27 January 2023
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	[[File:Circlesociety.jpg\|thumb\|Circle Society]]David Saffron appeared to be highly wealthy with mansions and armed security guards. He promised investors a lucrative opportunity to make 500%-600% returns on their money.		[[File:Circlesociety.jpg\|thumb\|Circle Society]]David Saffron appeared to be highly wealthy with mansions and armed security guards. He promised investors a lucrative opportunity to make 500%-600% returns on their money.

	In reality, it appears he was running a ponzi scheme. The CFTC filed a complaint against him and he is prosecuted by the Department of Justice. There is no official word on any recovery of funds.		In reality, it appears he was running a ponzi scheme. The CFTC filed a complaint against him and he is currently being prosecuted by the Department of Justice. There is no official word on any recovery of funds.

	== About Circle Society ==		== About Circle Society ==

Azoundria: Various changes and blockquotes updated.

2023-01-27T18:14:31Z

Various changes and blockquotes updated.

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Azoundria at 18:04, 27 January 2023

2023-01-27T18:04:47Z

← Older revision		Revision as of 12:04, 27 January 2023
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	== What Happened ==		== What Happened ==
	The fraud was perpetuated from at least December 2017 and continued until at least September 2021, despite a CFTC complaint on September 2019 and a Preliminary Injunction Order in December 2019.{\| class="wikitable"		The fraud was perpetuated from at least December 2017 and continued until at least September 2021, despite a CFTC complaint on September 2019 and a Preliminary Injunction Order in December 2019.
			{\| class="wikitable"
	\|+Key Event Timeline - Circle Society Investment Platform		\|+Key Event Timeline - Circle Society Investment Platform
	!Date		!Date
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was recovered~~.		"All investor victims of the Baller Ape Club, EmpiresX, TBIS, and Circle Society schemes are encouraged to visit the webpage https://www.justice.gov/criminal-vns/crypto-enforcement to identify themselves as potential victims and obtain more information on their rights as victims, including the ability to submit a victim impact statement."

	~~What~~ funds ~~were~~ recovered~~? What funds were reimbursed for those affected users?~~		From the indictment, all victim funds appear to become property of the United States and it is unclear whether or how that may be distributed to victims.

			"71. Defendant SAFFRON, if so convicted, shall forfeit to the United States of America the following: a. all right, title, and interest in any and all property, real or personal, constituting, or derived from, any proceeds traceable to the offenses set forth in Counts One through Five of this Indictment; and b. to the extent such property is not available for forfeiture, a sum of money equal to the total value of the property described in subparagraph (a)."

			"None of the investors who spoke to The Daily Beast ever received their promised funds, or even got their initial investment back. Greg ultimately convinced Saffron to hand over one of his bitcoins, meaning he is still out a total of 7.5. Marshall said he invested approximately $32,000 in the program and only ever got back less than $1,000. Freeman managed to claw back 4 of the 8 bitcoins he invested from Saffron, but turned around and reinvested most of it in one of the Circle Society’s Ethereum packages."

			The total amount recovered is unknown.

	== Ongoing Developments ==		== Ongoing Developments ==
	~~What parts~~ of this ~~case are still remaining~~ to ~~be concluded?~~		Prosecutions continue. Saffron could face up to 115 years in prison if he's convicted of all charges.

			It is unclear whether any funds will be recoverable for victims.

			"Most of the investors who spoke to The Daily Beast have given up on getting their funds back, regardless of how the court rules., Marshall, like many of them, said he just wants Saffron to serve time—and to never be able to do something like this again."

			“I know he’s not going to pay anything back,” he said. “So he can just sit in jail and think about whether it was worth it.”

	== Prevention Policies ==		== Prevention Policies ==

Azoundria at 17:55, 27 January 2023

2023-01-27T17:55:29Z

← Older revision		Revision as of 11:55, 27 January 2023
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	== What Happened ==		== What Happened ==
	The fraud was perpetuated from at least December 2017 and continued until at least September 2021, despite a CFTC complaint on September 2019 and a Preliminary Injunction Order in December 2019.		The fraud was perpetuated from at least December 2017 and continued until at least September 2021, despite a CFTC complaint on September 2019 and a Preliminary Injunction Order in December 2019.{\| class="wikitable"
	{\| class="wikitable"
	\|+Key Event Timeline - Circle Society Investment Platform		\|+Key Event Timeline - Circle Society Investment Platform
	!Date		!Date
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	"From in or around December 2017 through at least in or around September 2021, defendant SAFFRON and his co-conspirators fraudulently promoted and solicited investments and obtained at least approximately $15,000,000 in victim-investor funds for various cryptocurrency trading programs."		"From in or around December 2017 through at least in or around September 2021, defendant SAFFRON and his co-conspirators fraudulently promoted and solicited investments and obtained at least approximately $15,000,000 in victim-investor funds for various cryptocurrency trading programs."

	The total amount lost has been estimated at $15 000 000 USD.		The total amount lost has been estimated at $15,000,000 USD.


	== Immediate Reactions ==		== Immediate Reactions ==

Azoundria at 17:53, 27 January 2023

2023-01-27T17:53:42Z

← Older revision		Revision as of 11:53, 27 January 2023
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	"From in or around December 2017 through at least in or around September 2021, defendant SAFFRON and his co-conspirators fraudulently promoted and solicited investments and obtained at least approximately $15,000,000 in victim-investor funds for various cryptocurrency trading programs."		"From in or around December 2017 through at least in or around September 2021, defendant SAFFRON and his co-conspirators fraudulently promoted and solicited investments and obtained at least approximately $15,000,000 in victim-investor funds for various cryptocurrency trading programs."

	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $15 000 000 USD.

Azoundria at 17:49, 27 January 2023

2023-01-27T17:49:39Z

← Older revision		Revision as of 11:49, 27 January 2023
Line 180:		Line 180:

	"From in or around December 2017 through at least in or around September 2021, defendant SAFFRON and his co-conspirators fraudulently promoted and solicited investments and obtained at least approximately $15,000,000 in victim-investor funds for various cryptocurrency trading programs."		"From in or around December 2017 through at least in or around September 2021, defendant SAFFRON and his co-conspirators fraudulently promoted and solicited investments and obtained at least approximately $15,000,000 in victim-investor funds for various cryptocurrency trading programs."

			The total amount lost is unknown.


	== Immediate Reactions ==		== Immediate Reactions ==