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