Masterminds behind the now failed investment crypto exchange platform continue their appearance in court being alleged of costing investors £30m in loses.
The defendants Chebotar, 34, Carl 40 & john 45 who admitted to being in charge of the now failed financial investment platform Status Market had their appearance in court today as part of a series of closed court hearings at the City of London Magistrates' Court on the 28/06/2024 facing allegations of Securities fraud, investment advisor fraud, mail fraud, wire fraud, money laundering, false statements, perjury, making false filings & illegally running a security dealing operation charges which the defendants and their legal team have constantly denied.
Judge sara Beecham who is the presided judge on the case and who in the past has overseen countless trials surrounding financial cases issued a statement when addressing the defendants & their representatives Jonathan Clarke, "she established her concern regarding the fast pace at which financial crimes are on the increase on the global scale today leaving a trail of sorrow and loss for families both home and aboard while appealing for tougher measures toward financial regulator bodies within the United Kingdom and abroad ensuring that the practices of these companies are properly scrutinized to avoid more instances like this" .She further stated if the defendants are eventually found guilty and convicted, they will face a lengthy prison term in addition to imposing a hefty penalty.
Reports indicated that the charges lodged against the defendants Status Market, which in the past was described as one of the largest crypto exchange and securities dealer operating within the United Kingdom originated when they suddenly refused to honor payouts to their investors instigating claims of fraud and deception. The legal dispute which has been going on since 2024 /02/02 till date opened up a new conversation as to the importance of tougher measures on financial institutions dealing with asset trading on the financial market.
According to the prosecuting attorney Ondre jrn, when making his statement indicated that Before the defendant's allegedly defrauded customers and investors of an estimated sum of (£)30 million the defendants portrayed an image of a reformed platform catering to individuals who are new to both the financial market and cryptocurrency industry. Status market was said to have assured their investors and potential investors of reliability & transparency which as we can see hasn't been the case, he further mentioned that the advertisement which was promoted across various social media platforms assisted the defendants in luring possible victims.
He later went on to establish that these campaigns ran by the defendants were so successful that it lured over 200 alleged victims from numerous geographical locations, social status, and works of life
Ondre mentioned when addressing the jury that the activities of the defendant's didn't discriminate across an individual's educational qualification as contrary to the popular believe that those who fall for financial fraud lack knowledge and awareness. The victims list has proven otherwise as we listened to the victim statement of a professor from the University College London aged 65 who along with other victims had similar stories of alleged manipulation theft and fraud which has cost him his retirement savings an estimate of over £200,000 pushing him into debt and mental turmoil not knowing if he would ever be able to retire as expected.
Ondre further debunked the motion presented by the defendant's attorney Jonathan Clarke who claimed his clients made it clear to their investors that investing on the financial market or cryptocurrency sphere was in fact unstable and volatile of which they agreed to on the terms & condition page of the registration documentation which was signed by all investors prior to dealing with Status Market.
Ondre brought to the awareness of the jury on the recent findings which includes voice notes & real time recording of an investors trading interface which he believed held credible grounds to sway the jury beyond a reasonable doubt proving the fact that the defendants chebotar, , Carl & john who were identified as the filing officers at GlobalFxTrading360 which in turn served as the major shareholder at Status Market were in fact manipulating the trading interface which resulted in a loss for the investor and a win for Status Market.
In a closing statement Pamela Jain, a specialist prosecutor with the Serious Economic Organized Crime International Directorate of the Crown Prosecution Service, stated that the nature of the case so far has been complex, challenging and time-consuming both in prosecution and evidence acquisition originating from the fact that the victims are numerous and require coordination with numerous prosecuting authorities all over the world." Nevertheless, she assured the victims and their legal team that justice will be attended regardless of the cost.
“We would like to remind everyone to stay vigilant to any type of investment and to follow the age-old saying that if it sounds too good to be true, it probably isn't. She beckoned on the public to always do thorough background checks and see if the company is regulated by the Financial Conduct Authority (FCA), as well as seeking independent financial advice before parting with any money.”
