Blazar Token creator accused of using investor funds for renovating bathroom

Somewhere in New Jersey, glistening new tile sits on fresh grouting, but it was paid for via misappropriated funds from a fraudulent stock and crypto asset investment scheme, or so the US Securities and Exchange Commission claims. The SEC said in its complaint [PDF] that former New Jersey State Correctional Police Officer John …

[Doctor Syntax]

Gamekeeper turned poacher.

[tiggity]

@Doctor Syntax

Or maybe always a poacher?

There's nearly always a steady stream of contraband into prisons and often some prison officers involved.

Maybe he got his scam idea from some of the inmates?

Though any "investor" with > 1 braincell should run to the hills at the sound of any "investment opportunity" involving crypto, a "one man band", Facebook ads, and ridiculously huge returns (any of those should be a red flag but the combination is off the scale for scam alert).

[Anonymous Coward]

Pretty sure everyone in Crypto is a Matt Damon willing to help you loose money in one way or another.

[Phil O'Sophical]

close to 1,200 percent over the last 2 years

I start to lose sympathy for the victims when I hear they fell for that sort of ludicrous claim. The old saw about not being able to con an honest man comes to mind.

[Ace2]

If you promise 27% a year, someone smart will sign up, and then expose you for a fraud.

If you promise 1200% a year, no one smart will sign up.

[Anonymous Coward]

Scammer's filter

It's just the standard stupidity filter so popular among scammers.

If you put outlandish and idiotic claims up front (at the top of the marketing funnel as marketers would say) then you immediately filter out the people that are less gullible and that would require a lot of energy to persuade.

It's what Alex Jones, Nigerian prince scammers, Joe Rogan and countless other have been doing for ages to sell untold riches, or mixtures of water, aqua and H2O to restore your health and optimal performance.

[CowHorseFrog]

Re: Scammer's filter

In other words American heroes of industry.

[Winkypop]

Seems appropriate

Crypto is like pissing your wealth down a toilet.

[martinusher]

Its either a very big bathroom or a comparatively small amount of mooney

I've been through several bathroom renovations. On a domestic scale they're expensive and time consuming but in a business scale they're tiny compared with the kinds of monies that proprietors like to extract from their businesses. Preferably up front. For this fellow's mistake is not clearly delineating his 'fees' from the investment stream.

You can't get these kinds of returns in the short term by any legitimate activities. I don't know what the investors were thinking but they were ripe for the plucking, it was just a matter of who ended up with their money.

[CowHorseFrog]

This cant be true - we all know crypto is always a magnet for the most honourable of society.