Florida man gets away with paying $4.2M SEC penalty over crypto Ponzi-scheme

Jose Angel Aman

March 25, 2021

Reading Time: 2 minutes

From Florida, Jose Angel Aman, the founder of a multi-million crypto Ponzi scheme, a project that has robbed investors by falsely promising to expose them to the diamond market. He is the principle behind From Florida, Jose Angel Aman, the founder of a multi-million crypto Ponzi scheme, a project that has robbed investors by falsely promising to expose them to the diamond market. He is the principle behind Argyle Coin.

On March 23rd, on a penalty by the U.S District Court emergency order acquired by the SEC in May 2019 of Southern Florida, Aman was ordered to compensate the SEC more than $4.2 million in disgorgement and $300,000 in prejudgment.

The bill was, later on, declared cleared due to restitution paid in a similar case from 2019.

According to the SEC’s emergency order in May 2019, Aman managed three successive Ponzi schemes that came up with fraudulent companies to continuously rob retail clients that perpetuate the Ponzi schemes well as divert money to himself. The fraud resulted in pulling in approximately $30 million from a client base of more than 300 people based in Canada, the SEC’s complaint Venezuela, and the USA.

He was later found out to be distributing the funds swindled from new investors to initial bakers by misrepresenting it as profits from their investments. Aman was also spending clients’ assets on personal expenses like horse riding lessons and designer-label clothing.

The SEC’s complaint states that Aman’s Eagle, Natural diamonds, and Argyle Coin, the three Ponzi schemes, misused approximately $10 million for his expenses and paying investors their purported profits.

The recent injunction concerning Aman’s Natural Diamonds Investment Co. would have caused him $4.5 million were it not prior charges.

He was ordered to pay more than $23.8 million to the SEC in restitution, seven years in a jail sentence, and a three-year supervised release. As for the final insight, he is banned from taking part in a comprehensive arrangement of infringement securities exchange acts and securities acts such as using any scheme, article, or device to defraud and get property or money by false means.

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