You had been sued by the SEC for securities fraud in 2021. You only in the near past discovered the SEC is investigating you once more for securities fraud.
Your Ponzi scheme has collapsed, you discovered your companions in crime secretly used your organization to launder tens of millions for an additional Ponzi scheme, and also you’re additionally in the midst of a lawsuit with mentioned companions in crime.
What do you do?
Nicely… in case you’re Oscar Garcia, you signal a cost processor contract with yet one more Ponzi scheme.
NextGen is run out of the UK by Rehan and Rizwan Gohar.
NextGen started as BizzTrek, a pyramid scheme launched in late 2018.
BizzTrek collapsed round mid 2019. This prompted the launch of BizzTrade, a foreign exchange themed Ponzi scheme.
BizzTrade collapsed in mid 2020, prompting a reboot with “BizzCoin” and crypto buying and selling.
BizzCoin’s crypto Ponzi collapsed in direction of the top of 2020. 2021 was spent developing with excuses.
In December 2021 BizzTrade Professional launched. BizzCoin was swapped out for BizzCoin Professional, and the Ponzi scamming continued.
By March 2022 BizzTrade Professional had collapsed, which brings us to NextGen’s launch in Could 2022.
NextGen sees associates put money into AMGEN (one other created shitcoin), on the promise of a passive 400%. Crypto buying and selling is out, with the Gohar brothers resurrecting their foreign exchange ruse.
Between March tenth and twelfth, NextGen held a advertising and marketing occasion in Cyprus.
Launched on stage on the occasion was none aside from Oscar Garcia.
After doing a music and dance about “banking the unbanked”, Garcia introduces what seems to be white labelling of his Batched platform for NextGen.
We constructed one thing that your founders mentioned, “do it as a result of we’ll run with it”.
They usually understood this. We didn’t simply construct a cost system, we constructed a lot extra. And that’s what we’re right here to see.
Welcome to your personal neobank in Nextgen. This technique does precisely what the Visa Community does.
Garcia goes on to disclose a “twin chip know-how” card.
Stage two is twin chip know-how. Stage two is what in case you can liquidate crypto proper into one of many chips, and the opposite chip is simply fiat.
We’re working with banks world wide to make this program work.
Garcia’s playing cards shall be given to NextGen associates in three tiers:
- Tier 1 (plastic card) – $1000 every day transaction restrict and $5000 crypto liquidation restrict
- Tier 2 (black metallic card) – $5000 every day transaction restrict and $20,000 crypto liquidation restrict
- Tier 3 (gold metallic card) – $20,000 every day transaction restrict and $50,000 crypto liquidation restrict
NextGen’s AMGEN Ponzi token has been built-in into Garcia’s providing.
You need to use your coin to provoke the transaction to safe it and transfer it, and now you’ve obtained liquidity.
Garcia doesn’t point out the “node validation” Ponzi part of Batched. Whether or not that’s being supplied to NextGen traders or not is unclear.
Apparently sufficient, Garcia claims he was going to launch this technique “months in the past”. He states he was utilizing the identical financial institution as FTX, and after FTX collapsed the financial institution demanded a overview.
We had been launching this factor months in the past, however then that (FTX collapsing) occurred (and) they (the financial institution) mentioned no we gotta overview every little thing.
VISA had already certified the plastic card design and we had been transferring ahead. So it created a roadblock.
FTX collapsed in early November 2022. Just a few months earlier Garcia realized of an SEC investigation into Batched.
That investigation started in September 2022 and, at time of publication, stays ongoing.
Whether or not Garcia’s coping with NextGen fall throughout the scope of the SEC’s investigation stays to be seen.
