Note: The scam Stoic Capital (stoic-capital.com) is not to be confused with Stoic Capital Pte Limited (https://stoic.com.sg/), a legitimate company regulated by MAS in Singapore.
Typically, when a ponzi scam decides to “close shop”, they will come up with a “legitimate sounding” excuse to do so. They will have something to blame for their closure. Common ones include:
- Investigation by authorities
- Hackers
- Too much accusation of them being a scam online leading to loss of reputation
- Problem with third party system, eg payment processor
- Brokers
- Frozen funds
Rarely will they come out and say “Hey we are a scam, you have been duped.” The really naive investors continue to believe them.
I suppose this is the end of the road for Stoic Capital and their investors. Expected it to be around this time as I didn’t expect their investor congress to really take place.
The notice put up by Stoic Capital is as follows:
Interim activity moratorium
With apologies to inconveniencies to all parties concerned, we have to declare an interim activity moratorium due to the following events that have recently taken place:
1) Our company has been abruptly targeted by official structures of Europe and the U.S. The attack of Feds was all-embracing, distressful and multi-purposeful; all assets, cash and bonds were seized. All our accounts have been blocked to avoid further in-out market motions with insecured previous deals involved. Our offices sealed, offshore and onshore companies halted. The termination is complete.
2) The basic Federal claim is strong suspicion in money-laundring and indulgence of investors in concurrent and steady tax evasion. In line with the charges moved forward, the offcials demand that we should disclose all investors’ pool data, accounts and gains earned through our company’s work. Our lawyers have elaborately investigated the issue, and got down to work, so that the privacy of investors, their revenues and rights to utilize their means in the most free way be defended notwithstanding any circumstances engaged. Our company has always been dealing in the stock exchange markets despite underhand plotting of magnates next to certain establishments.
3) The given situation and appeared problems needs some time to take care of. The event has also made impossible the expected investors Congress in the nearest future (all Congress fees already received by us will be returned to available balance as soon as possible).
4) To conclude the given above statement, due to objective circumstances we have to open up interim activity moratorium for new deposits as well as yields and principals up to August 31, 2009. During this period of time, we estimate that our lawyers will settle down the matter, and obtain necessary assent to continue our company’s work, so that in short a time we restructure our liabilities in payouts with the help of returned means that are now seized.
5) We would be grateful to all our investors for cooperation who voluntary give us power to disclose their data and required details about all incomes received with the assistance of our company, so that we provide the files to the Secret Service, Postal Service and SEC. Please be informed that you’re required to provide the authorization to pay all taxes that are liable therein and confirm the taxes paid already. For this please e-mail us your account holder authorization in writing signed.
