Nugen Coin securities fraud warning from Canada (BC)
Nugen Coin has received a securities fraud warning from British Columbia, Canada.
We recently became aware that NuGen Cryptocurrency promoted an initial coin offering (ICO) of NuGen Coin, in which British Columbia (BC) residents can participate.
An ICO may be considered a distribution of a security under the Securities Act, RSBC 1996, c. 418 (the Act), and, therefore, may be subject to the prospectus filing requirements of the Act.
NuGen Cryptocurrency has not filed a prospectus in BC.
As reviewed here on BehindMLM, Nugen Coin marked Free Mart’s transition to securities fraud.
In June Nugen Coin took a backseat to “Nugen Universe”. Today Nugen Coin’s former website domain has been disabled.
Nugen Universe is an expansion of Free Mart’s securities fraud offering.
At the heart of Nugen Universe is the original Nugen Coin 200% ROI Ponzi:
While your coins are staked with NuGen you receive additional coins 4 times per day at the rate of .35% making the overall return per day .357%. At that compounding rate the number of coins in your account will double in 202 days.
It’s worth noting that in early July, Nugen Universe instructed affiliate investors to bury evidence of securities fraud.
Whether that directive was triggered by a regulatory investigation into Nugen Universe remains unclear.
Being a relatively new website, SimilarWeb hasn’t accurately tracked traffic to Nugen Universe’s website yet.
We know the majority of visits to Nugen Coin’s defunct website were from the US. It thus follows that the majority of Nugen Coin investors are US based.
The BCSC’s warning suggests Nugen Universe might have spread to Canada.
Nugen Universe is run by co-founders Fazil Mohamed Jabar (right) and John Austin.
Jabar and Austin are based out of Florida and North Carolina respectively.
At time of publication neither Free Mart, Nugen Coin, Nugen Universe, Fazil Mohamed Jabar or John Austin are registered with the SEC.