April 16, 2020 by Antoine
In spite of the precariousness of its finances, the business man Brock Flagstad has led to a wealthy lifestyle after embezzling more than $ 2 million belonging to investors in crypto-currencies.
A scam high level
Two complaints have been filed against Brock Flagstad, an american businessman who allegedly diverted more than $ 2 million investment to finance the design of a platform private trading financial “.
James Streibich Revocable, a trust which represents the interests of the complainants, before the american justice, argues that Brock Flagstad has squandered a large part of the funds to conduct a lifestyle ostentatious.
In 2018, the company led by Brock Flagstad has proposed a business opportunity that was to pay interest enormous on the long-term through a project of crypto-exchange. However, the trader of crypto-currencies has not used the funds appropriately. Instead, he performed “travels in private jet” and “drove luxury cars” with the funds collected from the victims.
The modus operandis of the scam
The trust James Streibich Revocable submits that the accused has gradually transferred the investor funds to ” his company Folding Light to bank accounts outside “. Streibich claims to have bank records showing that at least 849, 000 were transferred to Folding Light on his personal bank account.
The crypto-scam developed by Block Flagstad has exclusively targeted the investors in the Chicago area.
“Flagstad has solicited millions of dollars in venture capital funds for companies Flagstad with many major investors in the Chicago region “, one can read in the complaint.
During the summer of 2019, the trust asserts that Flagstad had ceased to pay the interest of investors and fled in the State of Georgia to avoid accountability to its creditors. On his side, Brock Flagstad is not ready to admit his guilt in front of his evidence and contends that it intends to defend “vigorously” before the court.
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