On January 31st Alan Friedland’s CompCoin fraud trial kicked off.

After three days of the CFTC presenting its evidence against Friedland, which included calling up five witnesses, Friedland settled the charges.

Friedland’s CFTC settlement has yet to be finalized and approved by the court.

Despite that Friedland is
already
sweeping his settlement under the rug.

With BuilderDefi’s launch and
Friedland’s CFTC settlement
happening simultaneously, there are investors asking uncomfortable questions.

Upon hearing Friedland explain BLDR’s coin price will fluctuate and losses are possible, one potential BuilderDefi investor remarked;

Listen I’m sorry, I’m not trying to be disrespectful in any way, shape or form. I was just allowed into this room so I’m not going to try and be…

But from that statement that was just made, coming from somebody who just said twenty, maybe fifteen minutes ago, that he had just dealt with the CFTC or some court case, and then he’s like, “Hey man, don’t risk anything that you might lose, this might fluctuate.”

And then, “Oh but we’re totally, y’know, confident that this is gonna work”. That scares the living fuck out of me as an investor.

While Friedland was rambling on about BuilderDefi, webinar participants raised questions about his CFTC settlement.

There’s some chatter about my recent settlement for a case that was brought against my firm and then myself, in regards to a very promising blockchain project that started in 2014, that I founded.

I am an entrepreneur. I’ve been in the financial industry. We ran into some very, very unfair regulation because, y’know I was a proponent of cryptocurrency.

We filed, we met many times with the regulators. Unfortunately they made it impossible for us to operate and so, as part of it, I agreed, for business decision [sic], to settle.

For the record, the CFTC
went after Friedland
for soliciting $1.6 million in investment into CompCoin.

The CFTC didn’t invent any new laws to charge Friedland under. The Commodities Exchange Act has been around since 1936.

Friedland represented to CompCoin investors that revenue would be generated via ART, an AI trading platform.

Friedland began soliciting investment into CompCoin based on ART’s “success”, failing however to disclose that ART had only been tested in a hypothetical environment.

The CFTC sought to have Friedland return the $1.6 million stolen from investors, plus interest and a civil penalty.

The case had nothing to do with Friedland being an entrepreneur or early crypto adopter.

When NRGY launched Duane Noble, one of Friedland’s business partners, was
touting TradeGenie
.

[21:20] Our first app is coming out, it’s an algorithm that connects to people’s TD Ameritrade account and it trades stocks automatically.

[22:14] It’s gonna be called TradeGenie.

TradeGenie is believed to be the rebranding of ART.

TradeGenie however never materialized. If it’s still part of NRGY and/or if it’s being relaunched through BuilderDe

🤖 Quick Answer

Who is Alan Friedland and what legal issues has he faced?
Alan Friedland is a cryptocurrency entrepreneur who faced fraud charges from the CFTC (Commodity Futures Trading Commission). In January, his CompCoin fraud trial commenced, but after three days of evidence presentation and witness testimony, Friedland settled the charges with regulators before final court approval.

What is BuilderDefi and its connection to Friedland's settlement?
BuilderDefi (BLDR) is a cryptocurrency project launched by Friedland. The simultaneous timing of BuilderDefi's launch and Friedland's CFTC settlement has raised investor concerns about transparency and potential regulatory complications surrounding the new venture's credibility and operations.

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