Vista Network sues Phillip Piccolo and associates for fraud

In a somewhat surprising move, Vista Network has filed a Californian lawsuit against defendants Phillip Piccolo, Kevin Dalton Johnson, Paul Morris, Joseph Reid and the company Travelada.

Vista Network is accusing the defendants of “fraudulent and criminal misconduct”.

Vista Network surfaced in late 2017 and is headed up by CEO Armen Temurian.

The company’s lawsuit is strange, as Vista Network launched as an
80 day ethereum doubler Ponzi
.

According to Temurian
, by January 2018 Vista Network had ceased operating its Ponzi doubler.

As per Temurian’s linked comment above, following termination of the doubler Vista Network rebooted as a cryptocurrency mining opportunity (mining pool).

Hardware mining was attached to the cloud mining opportunity for pseudo-compliance. Non publicly tradeable VistaCoin and AlexaCoin altcoins were also added at some point.

Meanwhile at no time did Vista Network or Temurian register with the SEC, meaning at best the MLM opportunity was an illegal unregistered securities offering.

Update 19th November 2018 – 
Following publication of this article Armen Temurian has been in touch to claim at no point Vista Network operated as a Ponzi scheme.

The first run of Vista was not a Ponzi we invested and returned on investment truly, only without a license. Then we stopped in late December 2017 trading without a licence.

We never did MLM or paid mlm comp plans while trading and returning without a license.

We profited over 3 million dollars doing this, we were also luck because we traded short medium and long term holding patterns while BTC went from $1000 to $20,000.

WE WERE NEVER A Ponzi and we can prove that. We will never be a PONZI sir.

Also OZ just so you know we will file with the SEC our first paperwork by January 31 2019 as we bring our VistaCoin and AlexaCoins onto the blockchain and onto our first exchange listing on DutyFly.

/end update

In their November 9th complaint, Temurian alleges Piccolo, Johnson, and Morris were hired to develop Vista Network’s affiliate backoffice.

The complaint refers to Piccolo, Johnson and Morris as the “PJM Defendants”, and alleges

Once the PJM Defendants gained access to Vista’s confidential trade secret documents and cryptocurrency accounts under the pretense that they were acting as software developers, they surreptitiously set out to defraud Vista, misappropriate its trade secrets, and steal its assets.

Joseph Reid is cited as having introduced Temurian to the PJM Defendants.

In recommending the PJM Defendants, Reid purposefully misled Plaintiffs about the PJM Defendants’ qualifications to build the Back Office software suite and failed to inform Plaintiffs of numerous instances of prior allegations of fraudulent behavior made against Defendant Piccolo.

Temurian claims the PJM Defendants stole “nearly $700,000” in cryptocurrency that had been invested into Vista Network.

Then they used the software Vista hired them to build in order to create fake commissions

🤖 Quick Answer

What legal action did Vista Network initiate against Phillip Piccolo and associates?

What was Vista Network's original business model when it launched?
Vista Network emerged in late 2017 as an 80-day Ethereum doubler Ponzi scheme, operating under CEO Armen Temurian's leadership before transitioning away from this model.

How did Vista Network restructure its operations after discontinuing the Ponzi doubler?
Following the January 2018 cessation of the doubler scheme, Vista Network rebranded as a cryptocurrency mining opportunity, establishing a mining pool with cloud mining capabilities and hardware mining components for compliance purposes.

🔗 Related Articles

- Troy Barnes sentenced to 33 months prison (Achieve Community)
- Piccolo v. Vista Network civil lawsuit confidentially settled
- Liberty Reserve IT employee sentenced to 3 yrs prison
- Counter-claim filed in Vista Network fraud lawsuit
- Cryptex reboots as Bytnex following domain seizure