Dear Clients,
We follow the progress made by the judicial authorities and analyze every step taken. We are committed to sharing all significant information with you. All victims of this fraud eagerly await the final verdict and the initiation of the restitution process, which will involve disbursing funds recovered from the seized assets.
In the following paragraphs, we will once again reflect on the course of this proceeding. The work of the U.S. prosecution serves as an exemplary model for the formation and execution of such cases. This instills hope in the victims and others involved in similar cases that justice will be served.
Case Summary:
Defendants Goettsche, Balaci, and Weeks have been charged with conspiracy to engage in wire fraud in connection with their roles in BitClub Network. From April 2014 through December 2019, BitClub Network was a fraudulent scheme that solicited money from investors in exchange for shares of purported cryptocurrency mining pools and rewarded investors for recruiting new investors into the scheme. Goettsche, Balaci, Weeks, and others conspired together to solicit investment in BitClub Network through fraudulent means, including by providing false and misleading figures that BitClub investors were told were “bitcoin mining earnings” purportedly generated by BitClub Network’s bitcoin mining pool. Goettsche, Balaci, Weeks, and others obtained the equivalent of at least $722 million from BitClub Network investors.
Defendants Goettsche, Balaci, Weeks, and Abel also conspired to sell BitClub Network shares—which were securities—notwithstanding that BitClub Network did not register the shares with the U.S. Securities and Exchange Commission. Weeks and Abel created videos and traveled around the United States and the world to promote BitClub Network and recruit others to invest.
Zoran Miljakovic
Attorney at Law