SEC secures judgment against promoter of crypto scam Forsage
The Securities and Exchange Commission (SEC) has obtained a judgment against Mark F. Hamlin, a promoter of fraudulent crypto scheme Forsage.
The order was filed with the Illinois Northern District Court on August 25, 2022.
Hamlin is a resident of Henrico, Henrico County, Virginia. Hamlin is a lead promoter of Forsage in the United States. He became the first U.S. promoter to have promotional videos posted to the Forsage Official YouTube channel. Hamlin is an instructor of the Forsage Academy courses “FORSAGE Smart Contract Full Overview” and “Train your success mindset.”
Hamlin has prior experience participating in MLM projects. Upon information and belief, he holds Forsage Ethereum IDs XX0064 and XX1007; and Forsage Tron IDs XX0147 and XX0280; among others. Hamlin had earlier declined to testify in the Commission’s investigation based on his Fifth Amendment privilege against self-incrimination.
According to the consent judgment, Hamlin is permanently restrained and enjoined from violating Section 17(a) of the Securities Act of 1933 (the “Securities Act”) [15 U.S.C. § 77q(a)] in the offer or sale of any security by the use of any means or instruments of transportation or communication in interstate commerce or by use of the mails, directly or indirectly to employ any device, scheme, or artifice to defraud.
He is also permanently restrained and enjoined from offering, operating, or participating in any marketing or sales program in which the participant is compensated or promised compensation solely or primarily for (a) inducing another person to become a participant in the program; or (b) if such induced person induces another to become a participant in the program; and participating directly or indirectly in any offering of crypto asset securities; provided, however, that, such injunction shall not prevent Defendant from purchasing or selling crypto asset securities for his own personal account; and any other relief that the Court deems just and appropriate.
Hamlin must pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a civil penalty pursuant to Section 20(d) of the Securities Act [15 U.S.C. § 77t(d)] and Section 21(d)(3) of the Exchange Act [15 U.S.C. § 78u(d)(3)]. The Court will determine the amounts of the disgorgement and civil penalty upon motion of the Commission.