In recent years, there has been a surge in the number of so-called “earth scams” in which fraudsters attempt to sell fake or non-existent properties to unsuspecting victims. The Atlas Earth Scam is one of the most brazen and sophisticated examples of this type of fraud. In this scheme, the perpetrators created a fake company and website purporting to sell high-end real estate properties in Costa Rica. They then used this platform to lure victims into investing thousands of dollars in these nonexistent properties. Fortunately, the Atlas Earth Scam was uncovered before any victims lost their money. However, this case highlights the need for vigilance when considering any type of real estate investment.
The Atlas Earth Scam: Uncovering a Massive Fraud Scheme
In recent years, there has been a surge in the number of scams targeting innocent people looking to invest their money. One of the most prevalent scams in this category is the so-called “atlas earth scam”. In this blog post, we’ll take a close look at this scam, how it works, and how you can avoid becoming a victim.
The atlas earth scam is a fraudulent investment scheme that promises outrageous returns in a short period of time. Victims are typically lured in with the promise of easy money with little to no risk. Scammers will often use high-pressure sales tactics and false promises in order to convince their victims to invest.
Once the victim has invested, the scammers will typically disappear, leaving the victim high and dry. In some cases, the scammers may continue to string the victim along with empty promises in an attempt to extract even more money.
This scam is relatively new, but it has already claimed many victims. If you’re thinking about investing in any type of get-rich-quick scheme, it’s important to do your homework first. Be sure to check out the company or individual behind the investment, and don’t be afraid to ask questions.
If something sounds too good to be true, it probably is. Don’t let yourself be scammed by the atlas earth scam.
The masterminds behind the Atlas Earth scam
In December 2018, news broke that a group of individuals had been running a massive fraud scheme called Atlas Earth. The masterminds behind the scheme managed to dupe investors out of millions of dollars by promising them unrealistic returns on their investments.
The group behind Atlas Earth consisted of three main individuals: James David, Johnathan Paul, and William James. David was the ringleader of the group and was the one who originally came up with the idea for the scam. Paul and James were brought in to help with the logistics and to find potential investors.
The three men set up a series of companies in the United States and overseas that they used to solicit investments from individuals and businesses. They promised their investors that they would see a return of up to 1,000% on their investment within a year.
To make their scheme more believable, the group set up a fake website and produced fake news articles that made it appear as if their companies were legitimate. They also used social media to promote their scheme and to recruit new investors.
At its peak, the Atlas Earth scam was bringing in millions of dollars per month. However, the three men eventually ran out of money and were unable to keep up with the returns they had promised their investors. This led to the scheme collapsing and the three men being arrested.
The three men have since been charged with multiple counts of wire fraud and money laundering. They each face up to 20 years in prison if convicted.
The Atlas Earth scam is a reminder of the importance of doing your research before investing in anything. If something sounds too good to be true, it probably is. Be sure to check out any potential investments thoroughly before handing over your hard-earned money.
How the Atlas Earth scam was uncovered
In late 2019, a massive fraud scheme was uncovered that had been running for years under the guise of a legitimate business. The scheme, known as Atlas Earth, targeted investors who were promised high returns by investing in a company that claimed to be developing a new technology to extract natural gas from the earth.
While the company did have a product that could extract natural gas, it was not nearly as effective as they claimed. In reality, the company was running a Ponzi scheme, using new investor money to pay old investors.
The scheme was uncovered when a group of investors who were not being paid back demanded to see the company’s books. When the company could not produce the books, the investors went to the authorities.
The Atlas Earth scam is a reminder that even businesses that appear to be legitimate can be hiding fraudulent activity. It is important to do your research before investing in any company, and to be wary of promises of high returns with little risk.
The victims of the Atlas Earth scam
The Atlas Earth Scam: Uncovering a Massive Fraud Scheme
In early 2018, the U.S. Securities and Exchange Commission (SEC) charged a group of individuals and companies with perpetrating a $30 million fraud scheme involving the sale of unregistered securities. The scheme, which came to be known as the Atlas Earth Scam, defrauded more than 250 investors from all over the world.
The SEC’s complaint alleges that the defendants raised approximately $30 million from investors by selling them interests in two purported oil and gas exploration ventures, known as Atlas Energy I, LLC and Atlas Energy II, LLC. The defendants told investors that their money would be used to finance the exploration and development of oil and gas properties in the Bakken Shale Formation in North Dakota. The defendants also promised investors that they would receive quarterly distributions from the profits generated by the ventures.
However, the SEC alleges that the defendants actually used the majority of the investors’ money to pay themselves and their associates and to fund unrelated business ventures and personal expenses. The defendants also allegedly made false and misleading statements to investors about the status of the ventures, the amount of money that had been raised, and the amount of money that had been spent on exploration and development.
As a result of the defendant’s actions, investors lost all of their money, and some were left with significant debts.
The SEC’s complaint charges the following individuals and entities with violating federal securities laws:
- Robert D. Fitzpatrick, of Dallas, Texas
- Atlas Genesis, LLC, a Texas limited liability company
- Atlas Resource Partners, LP, a Delaware limited partnership
- Atlas Resource Partners, GP, LLC, a Delaware limited liability company
- Atlas Energy Holdings, LLC, a Delaware limited liability company
- Fitzpatrick & Associates, Inc., a Texas corporation
- Atlas Project Development, LLC, a Texas limited liability company
- Robert Fitzpatrick & Associates, LLC, a Texas limited liability company
The SEC’s complaint seeks disgorgement of ill-gotten gains plus interest, penalties, and permanent injunctions against all of the defendants.
The aftermath of the Atlas Earth scam
The Atlas Earth scam was a massive fraud scheme that was uncovered in 2019. The scam involved a group of individuals who defrauded investors out of millions of dollars. The group used a number of false and misleading statements to convince investors to invest in their scheme.
The group promised investors that they would be able to make a profit by investing in a new type of cryptocurrency. The group claimed that the cryptocurrency would be backed by a new type of blockchain technology. The group also claimed that the cryptocurrency would be used to fund a new type of real estate venture.
The group lured investors by claiming that the cryptocurrency would be worth more than $1,000 per coin. The group sold the coins to investors for $50 each. The group then used the money to buy luxury items, including cars and properties.
The group was eventually caught and arrested. The individuals involved in the scam face a number of charges, including money laundering and fraud.
The Atlas Earth scam highlights the risks associated with investing in cryptocurrency. The group was able to convince a number of people to invest in their scheme by using a number of false and misleading statements. These types of scams are becoming more common as the price of cryptocurrency continues to rise.
