Bitcoin Scams, Fraud, Con Artists and Shams

Cryptocurrency Pyramid Schemes and Ponzi Schemes | Blog Video

Compare honest, straightforward pyramid schemes (where everyone knows what is going on) to illegal, covert ponzi schemes, total fraud in which criminals use money from new investors to pay existing ones. Bitcoin itself is neither a pyramid nor a ponzi scheme because Bitcoin is a legitimate payment technology that does not make money from the owner finding suckers. Bitcoin gains from increase in value like stocks and gold do. Bitcoin simply outperforms all other investments based on 11 years of data.

I’ve personally mined Bitcoin and other cryptocurrencies, and paid mining hosting companies – both very profitably. On a good roll, it takes about a month to a year or more to turn $500 into $10,000 with Bitcoin. So, when a Facebook friend comes along and claims to do it in a day, that is a huge red flag. Based on my experience in helping to jail con artists, fraudsters and scammers, I would not give one dollar to someone who operates in this fashion. The methodology very much resembles a ponzi scheme.

I am considering joining another facebook friend, a closer friend who is also a real estate client. He is doing something that looks a bit more like a more legitimate pyramid type of scheme, which is under investigation by the SEC, but no charges have been filed. I might give that a try because it helps people to learn ethereum. Learning ethereum (the second most popular cryptocurrency) is a potentially simple, yet very smart undertaking. I’ll let you know how that goes.

Millions of Americans remain unemployed as a result of the virus hysteria, crippling finances for many households.

Americans lose more money on investment scams than any other type of income fraud, according to FTC analysis. Individuals report a median loss of more than $16,000, according to CNBC.

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This Time They Really Got Him — Fraudster Drew Donovan in Jail Facing Eight Charges

He should be put away for a while this time.  Arrested this week on multiple charges including check bouncing, giving false information to police, drugs, probation violation and fraud, fake real estate philanthropist Drew Christian Donovan is now in San Mateo County jail awaiting a hearing on June 14. #drewdonovan #fraud #dtla

Arrested again - Drew Donovan
Arrested and facing charges – Drew Donovan

Donovan, who also goes by the name Christian Andrews and once known as convicted felon Jimmy Wayne Jackson originally of Holland, Michigan, first gained the attention of the  L.A. Loft Blog more than a year ago after he called our office requesting help to buy a luxury Sky loft in Downtown Los Angeles.  It turns out that he is a scammer who claims to be a wealthy individual with terminal cancer who wants to help deserving individuals to pay their bills, and even wants to buy them a home. He just needs some assistance along the way to avoid his meddling parents, and he asks for a bit of help for his expenses during the process —  well, he wants thousands of dollars of help actually.  Based on Donovan’s carefully crafted B.S., it can seem like a small price to pay for more than a million dollars of handouts.

Free Million Dollar Condo! -- Not
Free Million Dollar Condo!  —  Not

Of course, his payments of the bills will bounce, the million dollar check will bounce and the home purchase will never occur as his earnest money deposit confirmation and all other financial confirmations that he provides are phony. Naturally, nearly everything he says is a lie. Donovan is a full-time charlatan who runs a criminal enterprise using the highest level of skill, technology, forgery and identity theft to bilk hundreds of victims (including families and disabled persons) out of millions of dollars to support his depraved lifestyle of drugs and anonymous sex.  He has even been accused of kidnapping a mother away from her children, and, based evidence recovered by the LA Loft Blog, Donovan might possibly be suspected of poisoning and rape using sleeping pills like Ambien. This monster is exactly where he belongs today because we all worked together to stop him:

Skilled shyster Drew Donovan stopped -- for nowName: DONOVAN, DREW C
DOB: 11/21/1968
Gender: M
Facility: Maguire Correctional Facility
Case Number: 18-3379
SMCSO: 1223104
Booking Number: 767471.0
Next Court Date: 06/14/2018 01:30PM
Projected Release Date: Not Available
Court Dockets
COURT DOCKET BAIL CHARGE
18-NF-006521-A USD 25,000.00 M 148.9(a) PC Giving False Information To A Police Officer
18-NF-006521-A USD 25,000.00 M 11364.1 HS Possession Of Smoking Device
18-NF-006521-A USD 25,000.00 F 532(a) PC Obtaining Money, Labor Or Property By False Pretenses
18-NF-006521-A USD 25,000.00 F 11377(a) HS Possessing A Controlled Substance
18-NF-006521-A USD 25,000.00 F 4573 PC Bring Drugs Into A Jail
WR018085 NO BAIL F 1203.2 PROBATION VIO PC 1203.2 PROBATION VIO
WR018085 NO BAIL F 476A(a) PC Making Or Delivering A Check Exceeding $950 Knowing There Are Insufficient Funds For Payment
BURA10088701 NO BAIL F 476A(a) PC Non-Sufficient Fund Check Multiple Checks (Felony)  |  Submit / Request Evidence:  crimestoppers@laloftblog.com

Thanks the mindful readers of the L.A. Loft Blog and the South San Francisco Police, the conniving creep is now safely behind bars where he belongs. Let’s hope he stays there for quite a while before he slithers his way back to Southern California. In the mean time, we all need to remain vigilant against fraudsters, con artists and other dangers that lurk.

Prospective home buyers can avoid fake information, find missing disclosures and dodge many other problems by knowing what is really going on with each building in Downtown Los Angeles. All loft buildings have issues that buyers want to know about before going to look at the properties for sale.  Get a free list of lawsuits and litigation Fill out the online form:

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Top con artist goes to court
Top con artist goes to court

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Names have been changed to protect victims. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.  |  Submit / Request Evidence:  crimestoppers@laloftblog.com