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
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.
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.
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.
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.
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.
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.
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.
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

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.