FTC returns $470,000 to Bitcoin Funding Team victims
The good news is the FTC will return almost half a million dollars to victims of the Bitcoin Funding Team gifting scheme.
The bad news is this equates to around $59 per victim.
The FTC sued Bitcoin Funding Team founders and promoters back in 2018.
Rather than defend the case, defendants Scott Chandler, Louis Gatto, Thomas Dluca and Eric Pinkston settled with the FTC in August 2019.
Although their respective settlements ran into the millions, ultimately far less was awarded in monetary judgments.
As per a November 4th press-release, the FTC advises;
the FTC will send 7,964 refunds through PayPal beginning on November 5, 2020.
Recipients who receive a refund via PayPal will have 30 days to accept the payment.
Anyone wanting further details is instructed to contact the FTC’s refund administrator directly.
Unpopular opinion incoming: I really despise regulatory bodies paying back “victims”.
I can’t help but feel that quite a few of them are professional victims and this refund back essentially secures the professional victim’s livelihood.
When there is a refund mechanism, it doesn’t teach the victims anything really, and it essentially enforces the idea that you can continue to be a victim because daddy government is here to bail you out next time when you come pretending to be a victim.
That refund mechanism also allows for more future participation of unlearned lessons into next ponzis.
Govt should seize and hold on to all seized funds and donate them all to charity or build friggin roads i don’t care, but not recirculate it into back to the hands of folks that are more than likely willing to take a shot again. end rant.
@gopherking
If that opinion is unpopular, it is so for a reason.
Just for fun, do you also oppose monetary compensation for women who pass scantily clad through shabby districts and are raped? What about men who get slightly drunk and are beaten and robbed?
Should the money stolen from them during the robbery also be kept by the government and “given to charity”? Being stupid is not a crime, fraud is.
These people got $59 each. If they live in a place where that is enough to “secure their livelihood” I would like to know where that is.
Also, even if they had been fully compensated, how would they make money from being defrauded and then being refunded the same sum?
Almost every premise of your argument is bizarre. I do know there are people who literally go from scam to scam, but I doubt there are very many of them.
Also, if those people make any money it is more likely because they sometimes end up slightly more on the “scammer” side than on the “victim” side. Not because the money that was defrauded from them is sometimes partly refunded by the government.
damn, I was talking about professional victims who seem always be victims of ponzi schemes repeatedly, and then wait for the govt receivership handout to make them whole.
So with your intellectually bankrupt comment, i have to ask, are you one of the scammers or one of the professional victims?
Not aware of any MLM Receivership that has made victims whole.
Not withstanding the appointment of a Receivership happens in easily less than 1% of scams launched.
The only one that a receiver was able to return 100% of a victims losses was ASD Cash Generator.
The only reason that happened was because the big pimps scared their downline from filing a claim as a victim.
They were afraid that their name would come up too many times and they would also be charged. So since not all victims filed, those that did got 100% of their initial investment back.
That happened over 8 years ago. ASD was shut down August of 2008 but final payout wasn’t until 2012 due to all the legal filings made by the defense and by the US Attorneys in rebuttal.
yeah no shit, its a really good thing that it isn’t making career victims fully whole, that would be a shit system.
The fact that it makes this whole evil of an industry into a lottery scheme of sorts is that the sector is littered with career scammers that get pumped up with the help of career victims, and both participants work together in a non colluding manner to bring in new scammers and new victims.
The fact that we even try to give any sympathy to career victims is what makes this sector keep growing.