David El Dib, who is well-known for his role in the BitClub Network, comes from a background interlaced with scams and court cases. He has made a comeback with Laetitude and its associated project, Swapoo. However, there are significant questions about David El Dib’s present conduct and motives given his controversial past and connections to well-known schemes, most notably the BitClub Network.
About BitClub Network
BitClub Network, labeled a $722 million Ponzi scheme by the U.S. Department of Justice (DOJ), operated under the pretenses of cryptocurrency mining profitability. The network’s founders, including Russ Medlin and others, were indicted on charges including securities fraud and other financial crimes. David El Dib’s presence in promotional events and associations with key figures of the network, such as Russ Medlin, underscores David El Dib’s historical connection to fraudulent activities.
Involvement of Joseph Frank Abel Joseph Frank Abel
Joseph Frank Abel, known popularly as Joe, has become an important player in the BitClub Network Ponzi scheme scandal, which has rocked the cryptocurrency community. Following an exhaustive investigation conducted by the Department of Justice (DOJ) of the United States of America, Abel and four other co-conspirators were recently indicted on charges linked to crimes involving securities fraud.Â
Abel initially maintained his innocence after his arrest; however, he later changed his mind and submitted a guilty plea, as was stated in a news statement issued by the Department of Justice on September 3rd.Â
A major Ponzi scheme worth $722 million was exposed by the Department of Justice (DOJ) to be the BitClub Network, which was allegedly generating revenue through bitcoin mining. The plan was designed to deceive investors by making false claims of favorable returns.Â
Abel stated that he was involved in the process of soliciting investments by offering shares in the network’s bogus mining pools through online videos, lectures, and presentations that were distributed throughout multi-continental geographical areas.Â
As part of his guilty deal, he admitted that he had instructed investors situated in the United States to utilize virtual private networks (VPNs) to mask their IP addresses and avoid detection by law enforcement in the United States.Â
In addition, Abel admitted that he had falsified his tax returns by neglecting to record nearly one million dollars worth of cryptocurrency income, which further complicated his legal problems.Â
Abel is expected to be sentenced on January 27, 2021, and he is facing the possibility of receiving terms of up to five years in jail for conspiracy to commit securities fraud and three years for charges linked to taxes.Â
Both Abel and the programmer Silviu Catalin have entered guilty pleas; however, the co-defendants Matthew Goettsche, Jobadiah Weeks, and Russ Medlin are continuing to challenge the allegations that have been brought against them.Â
This is causing the legal ramifications of one of the most significant cryptocurrency scams in recent history to continue for a longer period.
Current Ventures: Laetitude and Swapoo
David El Dib the owner of Laetitude advertises itself as a participant in the bitcoin trading industry, highlighting sophisticated automated bots that are intended to provide passive profits for investors.
The bots in question were developed over three years by a group of mathematicians and programmers, and they are touted as utilizing cutting-edge techniques that have not been seen on the market before.
The products and services provided by Laetitude are met with great skepticism and cautious warnings, even though they promise to provide benefits such as speed, precision, and dependability.
Laetitude is a multi-level marketing (MLM) company that was established under the auspices of Spring7 FZ LLC and is presumptively situated in the United Arab Emirates. Laetitude operates within the MLM framework, which provides affiliates with incentives to recruit new members.
Membership costs for the company range from $500 to $3,700, and the maximum amount of money that may be invested is $50,000. The organization demands varied amounts of membership fees. Reportedly up to 35 percent of returns are claimed by David El Dib the owner of Laetitude, and the company uses a binary incentive structure to pay rewards based on affiliate recruiting. Laetitude also claims a considerable amount of returns.
Significant red flags are raised as a result of the association between Laetitude and David El Dib, who was previously connected to the infamous Ponzi scheme that was perpetrated by BitClub Network.
As a result of David El Dib’s history, which includes claims of involvement in fraudulent schemes and the legal consequences involving BitClub Network, the validity and ethical underpinning of Laetitude’s operations are called into question.
Furthermore, the fact that the company is not registered to offer securities, in addition to the fact that it has issued cautionary comments regarding the dangers associated with trading cryptocurrencies, raises worries regarding the possibility of regulatory violations and the vulnerability of investors.
Furthermore, the fact that David El Dib the owner of Laetitude is connected to Swapoo, which is defined as both a cryptocurrency exchange and a trading bot platform, adds another layer of complexity to the story told about it. There are still questions over ownership and operational openness, and there are charges that show a resemblance to fraudulent actions that the company has engaged in in the past.
Even though David El Dib the owner of Laetitude markets itself as a gateway to financial success through the utilization of cutting-edge trading technology, the company’s history, operational model, and regulatory compliance raise serious concerns.
Taking into consideration the inherent dangers that are linked with unregulated financial operations and multi-level marketing systems in the cryptocurrency industry, investors are strongly encouraged to exercise extreme caution and carry out exhaustive due diligence before dealing with Laetitude or other activities of a similar nature.
How Martin Backhausen is involved in this Ponzi scheme
Martin Backhausen is a controversial figure who is based in the Philippines. He is related to Delhi Dave Martin, the CEO of Swapoo, and has been tied to the BitClub Network scam.
Without audited reports, Swapoo, a questionable enterprise that promises a return on investment of 149.32% for the year 2020, is most likely a shell business based in the British Virgin Islands.Â
In addition, neither Swapoo nor its affiliated organization, Laetitude, are registered to issue securities, which is an indication that there is a possibility of securities fraud. The business plan suggests that it is a pyramid scam.
Concerns Relating to Regulations and Ethics
The fact that neither Laetitude nor Swapoo is registered to offer securities in any jurisdiction is a significant infraction that provides evidence of the possibility of securities fraud. This absence of regulatory control casts a shadow over their actions, leaving investors vulnerable to financial injury without the ability to seek legal remedy. The participation of persons who have been involved in legal disputes in the past, such as David El Dib and his associates, raises additional questions about the ethical foundation upon which these businesses are built.
The Bottom LineÂ
In his journey from BitClub Network to Laetitude and Swapoo, David El Dib has consistently engaged in fraud and exploitation, as well as the use of multi-level marketing frameworks to achieve personal benefit. When prospective investors consider David El Dib’s history as a former affiliate of a huge Ponzi scheme, in addition to the fact that he does not provide legitimate product offerings and does not comply with regulatory requirements, they face a gloomy picture. There is a stark contrast between the reality of the possibility of financial devastation and the appeal of making rapid profits through trading bots that have not been validated. Yeah
