Two cryptocurrency firms in Vancouver are fighting $ 30 million fraud charges.
The owners of the two companies, Lisa Angela Ceng and Kevin Patrick Hobbs, must defend their cases in the courts of British Columbia (British Columbia) after denying any wrongdoing, claiming that they "have never misappropriated funds."
B.S. The civil confiscation bureau claims that the spouses raised money "by deceit, by lying or by deceit" by launching their FUEL mark as part of the business of the two companies. Vanbex Group Inc. and Etherparty Smart Contracts Inc were investigated by the RMCP, during which it was determined that the couple illegally collected more than 30 million US dollars. The claim states:
“… Falsely representing corporate investment opportunities … knowing that they did not intend to use the invested funds to develop the products they were selling, but rather with the intention of appropriating corporate investment funds raised for their own personal gain."
This is a three-bedroom townhouse overlooking Coal Harbor, bought at the end of 2017 by Hobbs and Cheng for $ 4.1 million in cash, two Range Rovers, an apartment in Toronto, purchased for just 3.74 million dollars, and rented Lamborghini. Hobbs has a criminal record, including for money laundering in 2008.
Cheng and Hobbs say that Vanbex did not require investors to develop or distribute the FUEL token and did not claim that the value of the tokens would increase. According to the couple’s lawyer, the conditions were clear and transparent, and all risks are documented. Their statement states:
“We intend to vigorously defend and present a complete and truthful story for the court. We are sure that in the end the truth will come to the surface and the facts will prevail in our favor. ”