A man who is being prosecuted for fraud and the sale of unregistered digital currency by the Securities and Exchange Commission (SEC) has filed a motion to have the case dismissed. Vladimir Okhotnikov argued last week that the SEC’s charges against him are unfounded because the complaint contains “shotgun and puzzle pleadings” and lacks the requisite jurisdiction.
The SEC initially charged Okhotnikov and ten others with running a global crypto Ponzi scheme in August. At issue in the case was the website Forsage.io, which served as a portal for retail investors to participate in smart contracts on the Ethereum, Tron, and Binance blockchains. So far, the SEC has reached settlement agreements with several defendants.
The SEC has called Okhotnikov “the face” of the Forsage enterprise. According to the agency, he promoted Forsage by hosting YouTube videos and giving interviews where he boasted about the profits investors could make and the safety of the platform. Okhotnikov has experience with multilevel marketing projects, but the SEC has made unsupported claims against him, according to the motion to dismiss.
For his part, the defendant argues that the SEC’s “group pleadings” do not provide a sufficient basis for establishing personal jurisdiction over him.
Even if the SEC’s allegations about Okhotnikov’s use of social media and Forsage’s website were true, the fact that he is neither a U.S. resident nor has ever been there would be insufficient to establish personal jurisdiction in the United States, according to the motion.
As another issue, the filing objects to the complaint’s “conclusive and arbitrary labelling of the smart contracts as a pyramid and Ponzi scheme.” The motion to dismiss the unregistered securities claim argues that the SEC has not provided sufficient evidence that the smart contracts meet the applicable legal test that would convert them into securities.
What Is Forsage?
When it comes to launching and growing a blockchain-based online business, Forsage is the best smart contract available. Since 2020, Forsage has been running as a decentralised platform that brings together people from all over the world and opens the door to infinite possibilities in a completely new economic system.
There are over two million people from over two hundred different countries who are part of the Forsage Community. They had a revenue of over one billion dollars.
Check out the video to get a sense of the Forsage community and to meet some of its members.
No one owns or runs Forsage. It’s now functioning as a smart contract, and it’s been set to run automatically. Since smart contracts are inherently irreversible, not even the original creators or developers can alter the terms of the agreement.
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Forsage Io Is Legal
Incorrect; the use of Forsage is against the law. Busd uses the pyramid scheme in its drilling operations (in which you get nothing but a return). The government of India has made it abundantly clear that pyramid schemes are illegal there and everywhere else.
Mr Lado Okhotnikov of Russia made it. It is now common knowledge that Forsage BUSD is a pyramid scheme, which is against the law in most nations. raves from the critics There are no bugs or issues at all with this platform.
When people use this method, they increase their financial stability significantly. However, pyramid schemes like this one are outlawed in most nations and thus the system cannot be used there.
Forsage allegedly ran a fraudulent Ponzi scheme for over two years, using money from new customers to pay off previous investors. As a preliminary matter, Forsage does not have any financial backing. Opening an account, however, will cost you some money.
You can confidently cash out your winnings at any time on this safe platform. Ponzi schemes are fraudulent business models that pay out returns to early investors with the capital or fees from later investors.
They can’t last forever because there’s a finite amount of new investors willing to put money into them. Forsage does indeed present a simple opportunity for financial gain. Making a network only requires adding new people to it.
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In other words, your potential profit grows in proportion to the number of people you bring on board. Your downstream earnings are also a source of profit. Disclaimer: The use of cryptocurrencies and NFTs carries with it the risk that they are not regulated. There is no way for regulators to recover money lost because of these deals.
Unlike traditional currencies, cryptocurrencies are not backed by the government and are vulnerable to market fluctuations. Before making any financial commitment, it is highly recommended that readers consult with professionals and read all relevant literature on the subject, including the offering documents.
Low Risk
Each individual wallet handles its own transactions and sends them directly to the other wallets. Any monetary transactions made on the platform are never stored on the platform itself.
Nothing needs to be “withdrawn” because there is nothing to withdraw. Users do not need to do anything to access their money.
Unstoppable
Forsage is predicated on a set of infinitely running, self-sufficient programmes over which no one, not even their creators, has any say whatsoever.
In addition to being stored securely in the blockchain, the immutability of smart contracts means that their logic can never be altered or destroyed. Forsage is invincible because it combines economically sensible programmes with the unchangeability of a smart contract.
It is immune to modification by anyone, including authorities, hackers, and even the creators. As long as there is the internet, so will Forsage.
Last Words
forsage.io. If you want to launch and grow a blockchain-based online business, Forsage is the best smart contract to use.
Since the year 2020, Forsage has been in operation as a decentralised platform that brings together people from all over the world and opens the door to infinite possibilities in a completely new economic system.
