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Canadian firms facing $30m fraud accusations

canadian startup 30m accused

Two crypto exchange organizations based in Vancouver are being accused of committing fraud around some thirty million dollars involved in an initial coin offering (ICO).

After strong denial and rejection of the accusations, the owners of these two companies, Kevin Patrick and Lisa Angela claimed never having mishandled the funding and are struggling to fight for themselves in the British Columbian courts.

It has been claimed by the B.C Civil Forfeiture office that the companies raised the amount through deception, lying and fraud after the launch of their furl tokens for expanding their businesses.

The companies are no undergoing investigations by RMCP to ensure whether they actually did generate this amount through deceit. The claim says that the companies made this money by making a false representation of the investment opportunities, despite knowing that they had no intentions to utilize the funds for developing products that they were advertising.

The property under question is a townhouse bought by Kevin and Lisa almost two years ago for over four million dollars in cash, a $3.74 million apartment in Toronto, 2 Range Rovers and a Lamborghini on a lease, the police records of Kevin reveal criminal activity including a money laundering case in 2008.

The couple says that the development of FUEL token did not take place by Vanbex soliciting funds from investors and had made no claims regarding an increase in worth of the token.

Furthermore, they state that the terms and conditions were all clearly and thoroughly documented and that they believe the charges they face will soon be lifted.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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