Subject: Urgent Complaint Against Miracle Cash&More and Affiliates for Securities Fraud and Misrepresentation
To Whom It May Concern,
I am writing to file a formal complaint against Miracle Cash&More, its Multi-Level Marketing arm Boogie Gopher Club, and other affiliates including Crypto Wealth Club, Metaterra MTRC, and CashflowNFT.net. This complaint pertains to multiple violations of state securities laws and regulations, as detailed below.
- False and Misleading Representations: Miracle Cash&More has been projecting itself as a global financial entity with an exaggerated valuation in the billions. They claim that investments would yield extraordinarily high returns (100x to 1,000x), which is unrealistic and wildly deceptive to investors.
- Unlicensed Operations and Revoked EU License: Our investigation revealed that their EU license (FVT000438) to operate as a Virtual Currency Service in the EU was revoked for Money Laundering. Despite this, they continue to solicit and accept investor funds, which is a clear violation of regulatory standards.
- Fraudulent Claims about Physical Presence and Services: Claims about operational Point of Sale terminals, physical stores in the EU, and a casino in Cyprus are false. The flagship store in Amsterdam, for example, is closed, and other claimed locations are non-operational.
- Unregistered Activities in the US: Despite a significant investor base in the US (approximately 80%), Miracle Cash&More is not registered to operate in the US. Their practices of accepting investments and wiring money through a US bank account without proper registration and disclosure are concerning and potentially illegal. They have raised over $35 Million from US investors despite not being registered in any US state as a corporatoin or with securities boards.
- Dubious Ownership and Management: Key figures like Micah David Theard and Hakan Torehan, who have substantial ownership stakes and are involved in fundraising, raise concerns due to Theard’s admission of large-scale fundraising from US citizens and Torehan’s direct ties to organized crime.
- Lack of Genuine Business Efforts: There is a notable absence of legitimate business activities or efforts to establish a real company. Website traffic analysis of MiracleCash.com indicates minimal engagement, contradicting their claims of a flourishing business.
- Ongoing Investigations and Lack of Investor Awareness: Despite being under investigation in Texas, investors are largely unaware or misled by the false promise of high returns.
I urge the State Securities Board to take immediate action to investigate these allegations, protect investors, and enforce compliance with state securities laws. The detailed compilation of our findings can be accessed at MiracleCashFacts.com.
Your prompt attention to this matter is crucial to prevent further investor harm.
Sincerely,
[Your Name] [Your Contact Information] [Your Affiliation]