Armen Temurian sued by CFTC for Vista Network $7 mill Ponzi
Vista Network and owner operator Armen Temurian have been sued by the CFTC for commodities fraud.
The CFTC alleges, among other things, that Vista Network was a $7 million dollar plus Ponzi scheme.
The CFTC’s Complaint was filed on February 15th and names Armen Temurian and Vista Network Technologies as defendants.
Temurian and Vista fraudulently induced retail investors (the “Digital Asset Commodity Investors”) to transfer Bitcoin and Ether to Vista by falsely promising that Vista would trade those digital assets and that the Investors would earn a 2.5% daily return on their investment and/or that their digital assets would double in value within 80 days.
Vista Network claimed to generate external revenue via a number of sources, one of which was “robot traders”.
None of Vista Network’s claimed external revenue sources were verifiable. That’s because they didn’t exist.
Vista did not have a trading robot or other algorithm capable of generating a 2.5% daily return for Vista’s investors.
On September 6, 2022, testifying under oath to Commission staff in this matter, entitled “In the Matter of Vista Network Technologies and Armen Temurian,” Temurian admitted that “Vista never traded for customers.”
Instead, Defendants’ course of conduct had characteristics of a Ponzi scheme.
Consistent with a Ponzi scheme, Defendants’ own statements and records (reviewed in conjunction with public blockchain information) reflect that new investor funds were used to pay old investors.
The CFTC’s complaint also details a reload scam, wherein Vista Network sold “mini miners” to unsuspecting consumers.
Temurian and Vista claimed that the “mini-miner” could mine digital assets—including Bitcoin—from users’ home.
This was also false. And Defendants knew it at the time and/or were reckless in not knowing it at the time.
Between September 2017 and January 2018, Vista Network took in over $7 million dollars from investors.
The CFTC alleges that, through their conduct, Vista Network and Temurian violated the Commodity Exchange Act and Commission Regulation.
The CFTC is seeking a permanent injunction against Vista Network and Temurian, prohibiting further commodities related violations.
Disgorgement, restitution and a civil monetary penalty are also being sought.
BehindMLM published its Vista Network review in December 2017, correctly identifying it as a Ponzi scheme.
Temurian personally responded to the review on January 17th, 2018.
Hello Behind Mlm.
Thank you for your article. I feel your article is very lopsided.
You have a clear picture of my face and my name and my information is clearly available on every social media platform. It wouldn’t be difficult to find me and do a real interview before jumping into conclusions.
We are the first company in this space doing it right and practicing good business practices.
How many Crypto Compmay [sic] CEO’S or Co-Founders have you meet who approached you with open doors and open arms as I am doing so today?
Would love to have you as a guest at VISTA to share our Vision and Mission as we emerge as the first and truly real bitcoin affiliate program play globally.
Armen A. Temurian, CEO CO-FOUNDER
VISTA NETWORKS TECHNOLOGIES USA
I’ve added the CFTC’s Vista Network lawsuit to BehindMLM’s calendar. Stay tuned for updates as we continue to track the case.
This is an interesting case in that I believe it’s the first MLM regulatory lawsuit filed by the CFTC that doesn’t involve forex.
Vista Network’s non-existent trading bot were pitched as trading cryptocurrency.
This might mark the start of the CFTC extending beyond MLM Ponzis that use the forex ruse.
Nah they did Arbitraging.co previously: coindesk.com/policy/2022/11/04/cftc-issues-order-against-fraudulent-crypto-arbitrage-company/
Not MLM but fair enough. November 2022 is still pretty recent though.
To quote Armen from 2019…
Guess that didn’t work out then… lol
Armen Temurian , keep yo head up and don’t let that crap take you off the vision.
Don’t believe the media or the fake news , We believe in you Armen Temurian , you have to remain strong… They must didn’t hear what the POP Francis said, they are all full of it?
He said it not me… keep pushing bro.
The CFTC has sued Temurian for $7 million in fraud. It’s over bro, read the room.
When you’re doing something right that’s when they come with all the bull crap, they do not want peace coin to get on the block with the rest of the world.
Actually the CFTC went after Temurian for commodities fraud. Time to get off the blockchain and touch grass fam.
Armen Temurian is a scammer. These people are not limited to just Vista; they have been involved in major frauds that most people are unaware of.
Among these frauds, Armen Temurian, his wife Luis Amaya, and several other front men were involved. They have committed numerous scams related to cryptocurrency, of which the biggest fraud is called Amazan.
It was an MLM company where they accepted payments in crypto and then shut down the website. Later, they launched ProAmaz, collected millions of dollars in crypto, and again shut down the website.
Currently, they are running a ponzi scheme called Peacecoin, which aims to make money from people.
It is a ponzi MLM with three legs, with Armen Temurian’s wife at the top and three front men below.
Armen Temurian doesn’t make payments from his wife’s payment card; instead, he instructs developers to make payments through code and swaps legs as per his own discretion, all for the sake of winning money.
There are many other ponzi scams that these people are involved in. I will update you further.
Luis Amaya was a speaker at Glendale Sunrise Rotary
glendalesunriserotary.org/speakers/a5262165-8aef-41ee-8155-9283280da402
I guess back in the day that person was a respectable member of society.
This article is from 2019, in which they mentioned that these people provide Mining Hardware, Mining Software, Mining Pool Services, and Cryptocurrency Exchange Services. Have they delivered anything so far?
They have been involved in scams related to mining hardware, as there are articles available on the internet. Similarly, they have also been involved in crypto scams in mining pools.
Their past is full of scams. Just because someone doesn’t have money doesn’t mean they should start scamming people. People work hard to earn money, while these individuals easily scam them.
This article is from a few months ago. Do you mean the original review?
Read the CFTC Complaint. Vista Network was a Ponzi scheme.