Oscar Garcia, previously sued by the SEC for securities fraud in 2021, is now under renewed investigation for similar allegations. His prior Ponzi scheme collapsed, and his former partners allegedly used his company for money laundering, sparking a lawsuit between them.
Garcia has since partnered with NextGen, a UK-based operation run by brothers Rehan and Rizwan Gohar. The Gohars have a history of launching and abandoning fraudulent schemes. BizzTrek, a pyramid scheme, failed in 2019. They followed this with BizzTrade, a forex Ponzi that ended in mid-2020, and BizzCoin, a crypto scam that collapsed by the end of that year. After a year of public relations efforts, they launched BizzTrade Pro in December 2021, which failed by March 2022. NextGen emerged in May 2022 as their latest venture.
NextGen promised investors 400% returns on AMGEN, a cryptocurrency created by the Gohar brothers. The scheme also involved forex trading. Garcia presented a white-label version of his Batched platform at a NextGen marketing event in Cyprus on March 10th and 12th. He promoted a payment system featuring dual-chip technology. One chip would handle cryptocurrency liquidation, and the other would manage fiat currency transactions, with Garcia claiming global banking partnerships.
The Batched platform offers tiered cards for NextGen affiliates. The Tier 1 card has a $1,000 daily transaction limit and a $5,000 crypto liquidation cap. Tier 2 allows $5,000 daily and $20,000 in crypto liquidation. The top-tier Tier 3 card permits $20,000 daily and $50,000 in crypto liquidation. NextGen's AMGEN token is integrated into Garcia's system, enabling investors to initiate transactions and access liquidity.
Garcia did not disclose a node validation component within Batched, which functions as a separate Ponzi scheme. It remains unclear if NextGen investors will be offered this feature. Garcia stated the system's launch was delayed by demands from a bank he used, the same institution as FTX, following FTX's collapse. The specifics of these demands and their resolution were not elaborated upon. The situation depicts a man under federal scrutiny for fraud building payment infrastructure for another fraudulent enterprise at an event aimed at recruiting new victims.