Arbitrade/Dignity Gold

    Exposed by OffshoreAlert in 2019, Arbitrade perpetrated a cryptocurrency-based investment fraud that raised more than $40 million, with investors told their digital assets were backed by billions of dollars of gold that, in reality, did not exist. Despite the crude nature of Arbitrade's scheme and the fact that several of its principals had histories of lawsuits, judgments, tax liens, and involvement with prior scams, Bermuda Premier David Burt welcomed the company, claiming its operators had passed "enhanced due diligence" and "background checks". Burt's claims were difficult to take seriously given that Arbitrade’s principals included an undischarged bankrupt whose Trustee accused of perpetrating a $3.5 million Ponzi scheme against "friends" and "family”, a penny stock broker whose previous employers include six broker-dealers that U.S. regulators had expelled from the securities industry after committing fraud, and a Canadian concert promoter and multi-level marketer against whom eight judgments for more than C$372,000 had been entered in Ontario in 2008-2009 alone. Arbitrade morphed into Dignity Gold, with New York-based property developer Kent Swig among the principals. The new version of the scheme was given credibility by news outlets reporting - as though it were fact - that it was backed by “a minimum of $6 billion in gold reserves”, notwithstanding the fact that Swig was being sued at the time by JPMorgan Chase Bank over an allegedly unpaid credit card debt of $33,982 . Nearly two years after OffshoreAlert’s exposé, the assets of the scheme’s founder, Troy Hogg, were frozen by the Ontario Securities Commission as part of a fraud investigation into Arbitrade and Dignity.
    Timeline
    14

    March

    2024

    Hybrid International LLC v. Scotia International of Nevada Inc. et al: Complaint (‘Fraudulent Transfers’)

    Complaint to void “fraudulent and/or voidable transfers” involving, inter alia, Max Warren Barber and his father, Warren Dunn Barber, in Hybrid International LLC v. ENT International Limited Liability Company, a.k.a. ENT International LLC; GSE Global LLC, Aura X LLC, MSB International LLC, Scotia International of Nevada Inc., Sarah Grace Navarra, a.k.a. Grace Barber, and John Does 1-10 at the Third Judicial District Court, Salt Lake City, State of Utah, USA.

    30

    September

    2022

    Ontario Securities Commission v. Troy Hogg et al: Statement of Allegations (‘US$51M Crypto Fraud’)

    Statement of Allegations alleging a US$51 million crypto-based investment fraud in the Ontario Securities Commission v. Troy Richard James Hogg, of Canada; Cryptobontix Inc., of Canada; Arbitrade Exchange Inc., of Canada; Arbitrade Ltd., of Bermuda; T.J.L. Property Management Inc., of Canada, and Gables Holdings Inc., of Canada, before the OSC’s Capital Markets Tribunal.

    SEC sues Bermuda's Arbitrade & others for '$37M crypto investment fraud'
    30

    September

    2022

    U.S. and Canadian regulators accuse Bermuda’s Arbitrade & insiders of ‘$51M crypto investment fraud’

    Nearly four years after it was exposed by OffshoreAlert, Bermuda-domiciled Arbitrade Ltd. and related parties, including Troy Hogg, Stephen Braverman, James Goldberg, and Max Barber, have been accused of perpetrating a $51 million crypto-based investment fraud by securities regulators in the United States and Canada.

    30

    September

    2022

    SEC v. Arbitrade Ltd. et al: Complaint (‘$37M Crypto Fraud’)

    Complaint alleging “a crypto asset pump-and-dump scheme” in U.S. Securities and Exchange Commission v. Arbitrade Ltd., of Bermuda; Cryptobontix Inc., of Canada; Troy R.J. Hogg, of Canada; James L. Goldberg, Stephen L. Braverman, and Max W. Barber, as Defendants, and SION Trading FZE, of the United Arab Emirates, as Relief Defendant, at the U.S. District Court for the Southern District of Florida.

    Dignity Gold
    29

    September

    2022

    Crypto group Dignity Gold & Chairman Kent Swig sued for ‘$7.1M in outstanding loans’

    New York property developer Kent Swig and firms he controls, including his Dignity Gold group that claims to have billions of dollars of gold backing a scandal-plagued, crypto-based investment scheme that has operated in Canada, Bermuda, and the United States, are being sued for $7.1 million in allegedly outstanding loans.

    24

    August

    2022

    Lincoln International LLC v. Kent Swig et al: Summons with Notice (‘$342K Unpaid Rent’)

    Summons with Notice for $342,275 in allegedly unpaid rent in Lincoln International LLC v. Helmsley Spear LLC, Falcon Pacific Construction/Builders LLC, Swig Equities LLC, Kent M. Swig, and Dignity Holdings LLC, the latter two of which are involved in a crypto-based investment scheme known as Dignity Gold, at the Supreme Court of the State of New York, County of New York.

    27

    July

    2022

    Timothy Tabor et al v. Kent Swig: Non-Compliance Affirmation (Contempt Petition)

    Affirmation of Non-Compliance in support of a Petition for Contempt regarding an attempt to collect on a judgment for $197,633 in Timothy Tabor and Akiko Tabor v. Kent Swig, a New York property developer who, separately, is involved in a crypto-based investment scheme known as Dignity Gold, at the Supreme Court of the State of New York, County of New York.

    21

    July

    2022

    Troy Hogg v. Stephen Braverman et al: Complaint (‘Crypto Fraud’)

    Complaint “to recover for tens of millions of dollars and/or equitable relief for a series of transactions by which defendants mulcted tens of millions of dollars from plaintiff” regarding a cryptocurrency scheme involving entities in Bermuda, Canada, United Arab Emirates, and USA in Troy James Hogg, of Canada; Leila Holdings Ltd., which is identified as a Canadian company in the complaint even though it appears to be domiciled in Bermuda, derivatively and on behalf of Arbitrade Ltd., of Bermuda v. Stephen Lance Braverman, described as a resident of California; Kent Mason Swig, of New York; Dignity Holdings LLC, of Delaware; Dignity Mining Group LLC, of Delaware; Dignity Gold LLC, of Delaware; Charles Hamlin Woodworth, of New Jersey; Max Warren Barber, of Utah; William Richard Sanders, of Tennessee; Scotia International of Nevada Inc., of Utah; SION Trading FZE, of the United Arab Emirates; Prieur Leary, of Florida; CoinMint LLC, of Puerto Rico, and Hayden Gill, of Montana, at the Supreme Court of the State of New York, County of New York.

    troy-hogg-sues-stephen-braverman
    24

    November

    2021

    Canadian Troy Hogg claims two Americans ‘misappropriated $250K I paid them for Bermuda bank license’

    In a legal action in which he is seeking $395 million in damages for an alleged fraud involving a cryptocurrency scheme, Canadian Troy Hogg claims two Americans “misappropriated” $250,000 he gave them in 2019 to try to obtain a bank license in Bermuda, OffshoreAlert can reveal.

    22

    November

    2021

    Troy Hogg et al v. Stephen Braverman et al: Summons with Notice

    Summons With Notice for damages of $395 million alleging fraud and misappropriation regarding a cryptocurrency scheme in Troy James Hogg, a citizen of Canada, individually, and Leila Holdings Ltd., of Bermuda, derivatively on behalf of Arbitrade Ltd., also of Bermuda v. Stephen Lance Braverman, Kent Mason Swig, Dignity Mining Group LLC, Charles Hamlin Woodworth, Daniel Francis Sweet, Coinmint LLC, of Puerto Rico; Prieur Leary, Hayden Gill, Max Warren Barber, William Richard Saunders, Shaun L. Heseltine, ABCOR International Ltd., of Belize; Scotia International of Nevada Inc., of Utah; SION Trading FZE, of the United Arab Emirates; Jeffrey Muller, Victor George Webb, G4S Cash Services LLC, of the United Arab Emirates; Peter Walters, Kaled Swlaiman Salem Bokhem, Silver Estate Management Ltd., of Wyoming; E. Warren Goss, and Impact Partners, of New York, at the Supreme Court of the State of New York, County of New York.

    02

    February

    2021

    Tommy Alastra v. Troy Hogg: First Amended Complaint

    First Amended Complaint alleging fraud and breach of contract involving “a scam by Hogg, a purportedly wealthy and successful businessman, who promised plaintiff that he would fund $150,000 for an Oscars-related event and $50,000 for a film project, and then reneged on his promises, causing plaintiff financial and reputational damage” in Tommy Alastra v. Troy James Hogg, a citizen of Canada, at the Superior Court of California, County of Los Angeles.

    28

    January

    2021

    JPMorgan Chase Bank v. Kent Swig: Complaint (‘$34K Credit Card Debt’)

    Complaint for $33,982 allegedly owed on a credit card in JPMorgan Chase Bank NA v. Kent M. Swig at the Supreme Court of the State of New York, County of New York. Editor’s Note: Kent Swig is, inter alia, Chairman of Delaware-domiciled Dignity Holdings LLC, which is a participant in a Bermuda-Canada-US-based cryptocurrency scam that originated as Arbitrade and morphed into Dignity Gold.

    21

    January

    2021

    UAE ‘gold supplier’ SION Trading sued for ‘$5M fraud’

    UAE-domiciled purported gold supplier SION Trading FZE, which has been implicated in several fraudulent schemes, including a cryptocurrency scam involving Bermuda-based Arbitrade, is being sued in Utah along with individuals and firms in or from Barbados, Canada, England, Panama, St. Lucia, and the USA for allegedly perpetrating a $5 million ‘advance fee’ fraud.

    17

    November

    2020

    Ontario Securities Commission v. Troy Hogg et al: Asset Freeze Application

    Application by the Ontario Securities Commission to continue an asset freeze direction against Troy Richard James Hogg, Cryptobontix Inc., Gables Holdings Inc., and Colonial Hotel (Grand Bend) Limited, all of Canada, as part of an investigation into a suspected cryptocurrency-based investment fraud, filed at Ontario Superior Court.

    30

    September

    2020

    Malcolm Duncan v. Max Barber et al: Receivership Motion Opposition

    Max Barber’s Opposition to Malcolm Duncan’s Motion for an Order “appointing a receiver to sell the set of Nelson Mandela gold hands and accompanying certificates of authentication (the “Mandela Hands”); and (ii) modifying the February 27, 2020 temporary restraining order to permit the receiver to sell the Mandela Hands” in Malcolm Duncan, a citizen of South Africa v. Max Barber, SION Trading FZE, of Ras Al Khaimah, in the United Arab Emirates, and Barlan Enterprises Ltd., d.b.a. Guernsey’s, a firm of auctioneers based in New York, at the Supreme Court of the State of New York, County of New York.

    17

    September

    2020

    Malcolm Duncan v. Max Barber et al: Receivership Motion

    Malcolm Duncan’s Motion for an Order “appointing a receiver to sell the set of Nelson Mandela gold hands and accompanying certificates of authentication (the “Mandela Hands”); and (ii) modifying the February 27, 2020 temporary restraining order to permit the receiver to sell the Mandela Hands” in Malcolm Duncan, a citizen of South Africa v. Max Barber, SION Trading FZE, of Ras Al Khaimah, in the United Arab Emirates, and Barlan Enterprises Ltd., d.b.a. Guernsey’s, a firm of auctioneers based in New York, at the Supreme Court of the State of New York, County of New York.

    29

    June

    2020

    Troy Hogg v. Stephen Braverman et al: Complaint

    Complaint for damages of $705,271 and an application for a preliminary injunction in Troy Hogg, of Ontario, Canada v. Stephen Braverman, described as a resident of California; Rozgold Capital LLC, described as a California company; Olde Monmouth Stock Transfer Inc., described as a New Jersey company, formerly known as Next Group Holdings Inc., based in Atlantic Highlands, NJ, and Cuentas Inc., described as a Florida company based in Miami, FL, at the U. S. District Court for the Eastern District of New York.

    Max Warren Barber
    29

    April

    2020

    Judgment for $427K against firms involved in Bermuda/US crypto scam

    A judgment for $427,552 has been entered against UAE-domiciled SION Trading and Utah-based Scotia International of Nevada for non-payment of gold and silver that was used for a cryptocurrency scam that began in Canada, moved to Bermuda, and is currently being conducted by firms in Delaware.

    04

    March

    2020

    ‘Billion Dollar’ crypto gold firm sued for unpaid rent of $6,632

    Scotia International of Nevada, which claims to own gold worth billions of dollars as part of a cryptocurrency-based investment fraud by Bermuda/Canada-domiciled Arbitrade and Delaware-domiciled Dignity Holdings, is being sued for unpaid rent of $6,632 in Utah. It’s the fifth lawsuit against the SION group over the last eight months.

    27

    February

    2020

    Fraud lawsuit filed over crypto scam group’s ‘Hands of Mandela gold casts’

    A complaint alleging fraud has been filed in New York regarding a deal to sell purported “gold casts of President Nelson Mandela’s hands” to the Bermuda/Canada-domiciled Arbitrade Group, whose cryptocurrency scam was exposed by OffshoreAlert last year.

    26

    February

    2020

    Malcolm Duncan v. Max Barber et al: Complaint

    Complaint alleging fraud regarding “gold casts of President Nelson Mandela’s hands” and a Bermuda/Canada-based cryptocurrency group known as ‘Arbitrade’ in Malcolm Duncan, of Texas v. Max Barber, of Utah; SION Trading FZE, of Ras Al Khaimah, in the United Arab Emirates, and Barlan Enterprises Ltd., d.b.a. Guernsey’s, of New York, at the Supreme Court of the State of New York, County of New York.

    08

    October

    2019

    Bermuda crypto firm Arbitrade’s ‘$14B gold bullion provider’ sued again

    Ras Al Khaimah-domiciled SION Trading FZE and Utah-domiciled Scotia International of Nevada Inc., which participated in an apparent pump-and-dump cryptocurrency fraud by Bermuda-domiciled Arbitrade Ltd., are being sued in the US for allegedly failing to pay for gold and silver that underpinned the scheme.

    11

    July

    2019

    Bermuda crypto firm Arbitrade’s ‘$14B gold bullion provider’ sued for fraud in US

    Utah-domiciled Scotia International of Nevada Inc. a.k.a. SION, which is part of a group that Bermuda cryptocurrency firm Arbitrade claims provided it with $14 billion of gold bullion, and its president, Max Barber, are being sued in the United States over an unrelated alleged $4 million securities fraud.

    03

    May

    2019

    James Goldberg et al v. Ronnie Moas et al: Plaintiffs’ Reply in Support of Motion to Strike Moas Declaration

    Plaintiffs’ Reply in Support of Motion to Strike Declaration of Ronnie Moas in James Goldberg, Stephen Braverman, and Troy Hogg v. Ronnie Moas and Standpoint Research Inc. regarding Bermuda-based cryptocurrency firm Arbitrade, filed at the Circuit Court for the 11th Judicial Circuit, in and for Miami-Dade County, Florida.

    25

    April

    2019

    James Goldberg et al v. Ronnie Moas et al: Defendants’ Exhibits & Letter of Correspondence

    Defendants’ Exhibits & Letter of Correspondence in James Goldberg, Stephen Braverman, and Troy Hogg v. Ronnie Moas and Standpoint Research Inc. regarding Bermuda-based cryptocurrency firm Arbitrade, filed at the Circuit Court for the 11th Judicial Circuit, in and for Miami-Dade County, Florida.

    15

    April

    2019

    James Goldberg et al v. Ronnie Moas et al: Criminal Prosecution Order

    Order Appointing Miami-Dade State Attorney’s Office for Prosecution of Defendants in James Goldberg, Stephen Braverman, and Troy Hogg v. Ronnie Moas and Standpoint Research Inc. regarding Bermuda-domiciled cryptocurrency firm Arbitrade at the Circuit Court for the Eleventh Judicial Circuit, in and for Miami-Dade County, Florida.

    09

    April

    2019

    James Goldberg et al v. Ronnie Moas et al: Motion to Dismiss

    Motion to Dismiss in James Goldberg, Stephen Braverman, and Troy Hogg v. Ronnie Moas and Standpoint Research Inc. regarding Bermuda-domiciled cryptocurrency firm Arbitrade at the Circuit Court for the Eleventh Judicial Circuit, in and for Miami-Dade County, Florida.

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