Sam Lee and his We Are All Satoshi Ponzi scheme have acquired a Desist and Chorus Order from California.
As per the Division of Monetary Safety & Innovation’s September twenty seventh order;
Starting a minimum of as early as 2023, WAAS supplied and offered securities within the type of funding contracts in California by means of common solicitations on its web site.
WAAS referred to those funding contracts as “Subscriptions.”
The “Subscriptions” supplied by WAAS had been securities that had been neither certified nor exempt from the qualification requirement below the CSL. The Division has not issued a allow or different type of qualification authorizing WAAS to promote these securities in California.
Along with securities fraud, DFPI famous;
WAAS is a fraudulent pyramid and Ponzi scheme. It doesn’t promote or purport to promote any precise product and has no obvious income apart from funds acquired from
buyers.By Lee’s personal admission, WAAS meant to make use of 68% of investor funds to pay buyers to recruit different buyers, 30% of investor funds to purchase and maintain bitcoin, and a couple of% of investor funds to pay Lee a “administration payment.”
Thus, the payouts that buyers acquired from WAAS had been really funds deposited by different buyers.
On account of working a Ponzi scheme and committing securities fraud, DFPI ordered We Are All Satoshi and Lee to
desist and chorus from the additional supply or sale of securities in California.
BehindMLM reviewed We Are All Satoshi again in April 2023. Just like the DFPI, we recognized securities fraud and a Ponzi scheme.
We Are All Satoshi fell below Lee’s StableDao Ponzi umbrella. Lee ran the fraudulent funding schemes with Shavez Anwar (aka Shavez Ahmed Siddiqui).
Each fled to Dubai because of earlier Ponzi schemes collapsing circa 2021. In Dubai, Lee and Anwar are sheltered from regulation enforcement by Dubai’s authorities.
The August collapse noticed Lee and Anwar break up. Lee introduced his personal StableDAO reboot in early September, however there was no additional updates.
Anwar took management of what was left of We Are All Satoshi and introduced his personal reboot.
As of October twelfth, We Are All Satoshi advertising and marketing movies are going up on the corporate’s YouTube channel:
As tracked by SimilarWeb, We Are All Satoshi web site visitors dropped 32% between August and September 2023.
Nearly all of visitors originates from Canada (33%). The US is second at 23%, dropping 38% month on month.
