I have been asked by a new member who has not posted to remove this post:
Banners Broker HYIP ponzi scam
the suggestion being that the FBI don't directly say Allied Wallet is a fraud or participated in a fraud.
I'm happy to clarify the issue and have invited the member to come here to submit their views.
I will supply some definitions first
fraud legal definition of fraud
misrepresentation legal definition of misrepresentationFraud is commonly understood as dishonesty calculated for advantage. A person who is dishonest may be called a fraud. In the U.S. legal system, fraud is a specific offense with certain features.
Forfeiture | Wex Legal Dictionary / Encyclopedia | LII / Legal Information InstituteAn assertion or manifestation by words or conduct that is not in accord with the facts.
Misrepresentation is a tort or civil wrong.
An old cop I knew used to say to me "Sometimes we should forget about the crime or catching criminals. If they knew we were going to take everything they gained from crime away from them that would be reason enough for them not to get involved in it".Forfeiture takes two distinct forms -- criminal and civil. Nearly all contemporary forfeiture involves the civil variety. Criminal forfeiture operates as punishment for a crime. It, therefore, requires a conviction, following which the state takes the assets in question from the criminal. Civil forfeiture rests on the idea (a legal fiction) that the property itself, not the owner, has violated the law. Thus, the proceeding is directed against the res, or the thing involved in some illegal activity specified by statute. Unlike criminal forfeiture, in rem forfeiture does not require a conviction or even an official criminal charge against the owner. This is the source of its attractiveness to law enforcement, and its threat to those concerned about abuse or circumvention of Constitutional protections.
There is an old adage "be careful what you wish for..." the idea being that if your wish is fulfilled it may have unforeseen consequences. I'll keep my powder dry for now.
Anyone who wants to make a case for (or against) Allied Wallet is free to do so here and I am quite prepared to accept any corrections to the facts. In doing so I may clarify what I mean by suggesting Allied Wallet is a fraud or is/was connected to a fraud.