Founders of Forsage Indict in a $340 Ponzi Scheme

Founders of Forsage Indict in a $340 Ponzi Scheme

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The US Department of Justice has indicted four Russian nationals for running a Ponzi and pyramid scheme that raised $340 million from investors.

According to the officials, the four individuals namely Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev and Sergey Maslakov promoted Forsage on social media as a decentralized investment platform that is based on network marketing and “smart contract” when it was actually a fraudulent scheme.

“As soon as an investor invested in Forsage by purchasing a ‘slot’ in a Forsage smart contract, the smart contract automatically diverted the investor’s funds to other Forsage investors, such that earlier investors were paid with funds from later investors,” the officials confirmed.

The US securities regulators mid last year had charged 11 people for their involvement in Forsage.

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