Oscar Garcia was sued by the SEC for securities fraud in 2021. Now the agency is investigating him again for the same crime.
His previous Ponzi scheme collapsed. His partners in crime secretly used his company to launder millions for another fraud operation. He's locked in a lawsuit with those same partners.
So what did Garcia do? He signed a payment processing contract with another Ponzi scheme.
NextGen operates out of the UK under Rehan and Rizwan Gohar. The brothers have a track record. They launched BizzTrek in late 2018 as a pyramid scheme. It collapsed by mid-2019. They pivoted to BizzTrade, a forex Ponzi that lasted until mid-2020. Then came BizzCoin, a crypto trading scam that crumbled by year's end. After spending 2021 making excuses, they launched BizzTrade Pro in December. That collapsed by March 2022.
NextGen arrived in May 2022, the latest incarnation of the Gohar operation.
The new scheme promised affiliates 400% returns on investments in AMGEN, a cryptocurrency the brothers created. Forex trading was back on the menu.
On March 10th and 12th, NextGen held a marketing event in Cyprus. Garcia took the stage.
He pitched a white-label version of his Batched platform, talking about "banking the unbanked" and describing a payment system that mimics the Visa Network. The real draw was something called dual chip technology.
One chip handles crypto liquidation. The other handles fiat currency. Garcia claimed he was working with banks around the world to make it happen.
NextGen affiliates could purchase cards in three tiers. The plastic Tier 1 card came with a $1,000 daily transaction limit and a $5,000 crypto liquidation cap. The black metal Tier 2 card allowed $5,000 daily and $20,000 in crypto liquidation. The gold metal Tier 3 card pushed those numbers to $20,000 and $50,000 respectively.
NextGen's AMGEN token was built directly into Garcia's system. Investors could use the coin to initiate transactions and secure liquidity.
Garcia made no mention of the node validation component built into Batched, another Ponzi scheme layered into the platform. Whether NextGen investors would be offered that element remains unclear.
Garcia also claimed he was supposed to launch this system months earlier. He said he'd been using the same bank as FTX. After FTX collapsed, he said, the bank made demands that delayed everything.
The story cuts off there. What the bank demanded, whether it was delivered, what happened next—those details vanish. But the pattern is clear: a man under federal investigation for fraud, building payment infrastructure for another fraud operation, at an event designed to recruit more victims into the scheme.
🤖 Quick Answer
Who is Oscar Garcia and what are his legal issues?Oscar Garcia faced SEC prosecution for securities fraud in 2021 and is currently under investigation for the same offense. His previous Ponzi scheme collapsed after his partners exploited his company for money laundering purposes, leading to ongoing litigation.
What is NextGen and who operates it?
NextGen is a fraudulent payment processing operation based in the UK, managed by brothers Rehan and Rizwan Gohar. The company provides payment services to fraudulent schemes despite the operators' documented history of launching multiple collapsed scams.
What is the Gohar brothers' criminal history?
The Gohar brothers launched BizzTrek in 2018 as a pyramid scheme, which collapsed in 2019. They subsequently operated BizzTrade, a forex Ponzi scheme lasting until mid-2020, followed by BizzCoin, a cryptocurrency trading scam
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