Uulala

As with Troy Hogg's Arbitrade Group, there's no crypto scheme too fraudulent for Bermuda's Premier, David Burt, to welcome with open arms. Thus it was again with California-based Uulala, which Burt personally approved to conduct the first authorized Initial Coin Offering in Bermuda, even recording a video that appeared on Uulala’s website in which he congratulated the firm for meeting “the Bermuda Standard" and boasting that Uulala's association with the jurisdiction would enhance its "reputation" and inspire "confidence" when seeking to attract investors. How low that standard is became apparent when OffshoreAlert revealed that Uulala’s principal, multi-level marketer Oscar Garcia, is a conman whose failed enterprises have led to a mountain of lawsuits, judgments, and tax liens alleging fraud or indebtedness. Burt approved Uulala in October 2018, OffshoreAlert exposed it in January 2019, and, two-and-a-half years later, Garcia and Uulala were sued by the U.S. Securities and Exchange Commission for an alleged $9 million digital tokens fraud, a lawsuit they settled for pennies on the dollar without admitting or denying the allegations. Garcia exploits his ethnicity to target his own community, particularly the poor, teaming up with The Latino Coalition when selling an MLM scam known as Lucrazon Global and then with the Association of Latino Professionals For America to push Uulala. An indication that Burt doesn't care about investors in, or clients of, Bermuda's blockchain firms is that, after OffshoreAlert informed him we had "uncovered dozens of lawsuits, judgments, liens, bankruptcies and/or regulatory actions in North America concerning directors, officers, and shareholders of Uulala and Arbitrade", he did not ask us for details and seemingly took no action against the company, at least not publicly.
Timeline
30

March

2020

Gustavo Lopez v. Uulala Inc.: Complaint

Complaint for non-payment of a promissory note of $700,000 regarding a dispute involving a cryptocurrency group that is domiciled in Bermuda in Gustavo Lopez, individually and on behalf of Uhhlala Holdings LLC v. Uulala Inc., of Delaware, at the Superior Court of the State of California, County of Los Angeles.
14

May

2020

Uulala Inc. v. Damiano Raigoza et al: Complaint

Complaint alleging "a systematic campaign to disparage Uulala's reputation with investors and employees" in Uulala Inc., described as a "blockchain technology" company "that has developed a financial solutions banking platform and mobile app that gives the underbanked the ability to send and receive money from anywhere in the world" v. Damiano Raigoza, Andre Urena, and Allan Sheu at the Superior Court of the State of California, County of Los Angeles.
Oscar Garcia - Uulala
15

May

2020

Blockchain firm Uulala claims ‘viability at risk’ after ‘investors seek withdrawals’

Blockchain group Uulala, which has operations in Bermuda, Canada, Mexico, and the United States, has claimed in a lawsuit that its future is "at risk" after "multiple" investors asked to withdraw "approximately $800,000" and are threatening legal action due to a "campaign of disparagement" by three former employees.
27

July

2020

Uulala Inc. v. Damiano Raigoza et al: Special Motion to Strike

Special Motion to Strike by Damiano Raigoza in Uulala Inc., which is part of a cryptocurrency group that became the first applicant to be approved by Bermuda to conduct an Initial Coin Offering v. Damiano Raigoza, Andre Urena, and Allan Sheu at the Superior Court of the State of California, for the County of Los Angeles.
25

September

2020

Uulala Inc. v. Damiano Raigoza et al: Uulala’s Opposition to Special Motion to Strike

Plaintiff's Opposition to Special Motion to Strike in Uulala Inc. v. Damiano Raigoza, Andre Urena, and Allan Sheu at the Superior Court of the State of California, County of Los Angeles. Editor's Note: In this filing, Uulala stated that the group's Initial Coin Offering in Bermuda "generated less than $25,000".
20

May

2021

Matthew Loughran v. Uulala Inc.: Complaint

Complaint for $9,915 in Matthew Loughran v. Uulala Inc., a California-based company that is part of a group that was the first applicant to be approved for an Initial Coin Offering in Bermuda, at the Superior Court of California, County of Sacramento.
12

July

2021

Gustavo Lopez v. Uulala Inc.: Judgment

Judgment for $700,000, plus interest, in Gustavo Lopez v. Uulala Inc. at the Superior Court of the State of California, County of Los Angeles. Editor's Note: The Uulala Group became the first applicant to be approved for an Initial Coin Offering in Bermuda in October, 2018, with Bermuda's Premier, David Burt, recording a video for the group that it used for promotional purposes on its website. Uulala was exposed by OffshoreAlert in January, 2019.
04

August

2021

SEC v. Uulala Inc. et al: Complaint

Complaint alleging "the fraudulent and unregistered offer and sale of digital asset securities known as UULA tokens" that raised "more than $9 million from over a thousand investors" in U. S. Securities and Exchange Commission v. Uulala Inc., Oscar Garcia, and Matthew Loughran at the U. S. District Court for the Central District of California.
04

August

2021

SEC sues Uulala for ‘$9 million crypto fraud’

A group called Uulala, which was the first applicant to be approved to conduct an Initial Coin Offering in crypto-friendly Bermuda, has been accused of perpetrating a $9 million digital tokens fraud in a complaint filed at federal court in California by the SEC - two-and-a-half years after the scheme was exposed by OffshoreAlert.