Hot on the heels of North Carolina authorities
going after Frank Edward Calabro Jr.
, another regulatory lawsuit against serial promoters of scams has emerged.
On February 16th the FTC filed suit against Thomas Dluca, Louis Gatto, Eric Pinkston and Scott Chandler.
According to the FTC, Dluca, Gatto, Pinkston and Chandler have violated the FTC Act by ‘
advertising, marketing, and promotion of purported money-making schemes
‘.
In
their complaint
, the FTC identify Thomas Dluca as the founder and a promoter of Bitcoin Funding Team.
BehindMLM
reviewed Bitcoin Funding Team
in March, 2017.
Based on its business model, we concluded Bitcoin Funding Team was a matrix-based gifting scheme.
In his capacity as founder of Bitcoin Funding Team, Dluca told listeners on a marketing call that the company ‘
will make a millionaire of everybody on this phone
‘.
By mid-May Bitcoin Funding Team began to collapse.
Dluca is also identified as a promoter of My7Network, which the FTC identify as “another chain referral scheme”.
Louis Gatto and Eric Pinkston are identified as a promoters of Bitcoin Funding Team and My7Network.
Scott Chandler also promoted Bitcoin Funding Team. The FTC also identified Chandler as a promoter of Jetcoin.
BehindMLM
reviewed JetCoin
in June, 2017.
Based on its business model, JetCoin was a bitcoin doubler promising a 200% ROI in 40 to 50 days.
The FTC identify Scott Chandler as JetCoin’s Master Distributor.
By July JetCoin had collapsed. The scam reemerged as “
JetCoin 2.0
” on or around July 11th as a reload Ponzi scam.
The FTC cites the scamming history of the four defendants as evidence they
have promoted a series of purported money-making schemes involving cryptocurrencies.
For their continued efforts to defraud the public via serial promotion of scams, the FTC allege multiple violations of the FTC act across two counts:
promotion and participation of “chain referral schemes” and
making false or misleading representations regarding the earning of “substantial income” in the scams defendants promoted.
Consumers have suffered and will continue to suffer substantial injury as a result of Defendant’ violations of the FTC Act.
In addition, Defendants have been unjustly enriched as a result of their unlawful acts or practices.
Absent injunctive relief by this Court, Defendants are likely to continue to injure consumers, reap unjust enrichment, and harm the public interest.
The FTC allege that collectively, Dluca, Gatto, Pinkston and Chandler have “generated millions of dollars” promoting fraudulent schemes.
To put an end to Dluca, Gatto, Pinkston and Chandler’s scamming careers, the FTC sought
a preliminary injunction against all four defendants
a permanent injunction prohibiting future violations of the FTC Act (no more promoting scams) and
relief to redress injury to consumers as a direct result of Dluca, Gatto, Pinkston and Chandler’s scamming, including restitution, refund of money paid and disgorgement of i
🤖 Quick Answer
What regulatory action did the FTC take against Thomas Dluca, Louis Gatto, Eric Pinkston and Scott Chandler?On February 16th, the FTC filed suit against these four individuals, alleging violations of the FTC Act through advertising, marketing and promotion of purported money-making schemes. Thomas Dluca was identified as founder and promoter of Bitcoin Funding Team, which authorities characterized as a matrix-based gifting scheme.
What was Bitcoin Funding Team according to regulatory findings?
Bitcoin Funding Team, founded by Thomas Dluca, operated as a matrix-based gifting scheme. BehindMLM's review in March 2017 analyzed its business model structure and concluded it constituted an illegal pyramid scheme promoting cryptocurrency-related money-making opportunities.
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