New ERC20 Token on Track to Defraud Investors

It's not unfamiliar to find scams in the crypto world. As its popularity grows, it brings inexperienced traders and investors to the market, with shadowy figures lurking in the dark to take advantage.

One such project goes by the name of ULTC, or The Ultimate Indicator. ULTC is a live price indicator that tracks trading data and provides up-to-date prices on Crypto in real time. ULTC also has its own coin with an interesting feature.

ULTC's Whitepaper states:
"The Ultimate Indicator is what the name implies: a combination of crypto coins, very similar to the Dow Jones Industrial Average & S&P 500 Index in the stock market. Ultimate Coin is an Ethereum based coin that tracks the Intrinsic Value of the Ultimate Indicator. The Ultimate Indicator is calculated by adding the prices of the top 15 Coins by market value (components) and multiplying by a proprietary price-weighted formula to measure movement of the cryptocurrency market. The Ultimate Indicator itself is price-weighted, which means that each company makes up a fraction of the Ultimate Indicator proportional to its price. With one common multiplier, coins with larger prices have more weight in the Ultimate Indicator than coins with lower prices, thus earning the priceweighted Ultimate Indicator designation."

https://ultimateindicator.net/ULTC_Whitepaper.pdf

While the technical and feasibility side of ULTC could be put into question by someone more capable, a 3,000,000,000 token supply as it's whitepaper suggests, would put the creator of the Ultimate Coin, and whoever else is behind the project, rocketing towards record profit taking overnight.

So then who is behind ULTC? Recently in early April 2018, ULTC's Whitepaper was updated with a name, Irv Freiberg. Social media posts had posted the updated whitepaper to describe Irv as the "sole owner" of ULTC.

Irv Freiberg is a resident of Boca Raton, Florida (confirmed via Facebook) and has been a notorious con artist in the area for quite some time.

In one lawsuit, Irv was convicted on multiple accounts of: Unfair Competition by False Advertising, Trademark Dilution, Unlawful Interception and Disclosure of Electronic Communications, Theft of Trade Secrets, Theft and Fraud, Unjust Enrichment, Conspiracy, Intentional Interference with Contractual Relationships, Deceptive and Unfair Trade Practices, Conversion, Declaratory Judgment and Money Lent.

An article from pacedm.com explains:
"The lawsuit states that Freiberg, while acting as a contractor for CPL Media, requested that CPL Media’s clients wire him money directly instead of CPL Media. The suit also claims he had access to all of the consumer data via iContact and ExactTarget and has stolen those accounts, and has denied access to those accounts and others. Larkin also is claiming that accounts at HitPath, Facebook, various domain names, and servers were hijacked by Freiberg in order to defraud CPL Media Group and Larkin.

http://pacedm.com/2012/08/convicted-fraudster-irv-freiberg-accused-again-of-being-scam-artist/

"The most interesting claim in the lawsuit is that, Freiberg who had already been convicted of fraud before had been planning this fraud from the start and had registered similar domains and created secondary affiliate accounts before the business launched."

The other conviction the article points out is also interesting.

"The former head of Stockgenie.com, an Internet stock promotion web site, pleaded guilty today to conspiring with at least five other individuals to engage in an elaborate scheme to defraud investors of more than $20 million, U.S. Attorney Christopher J. Christie announced.

Irving Freiberg, 48, of Boca Raton, Fla., and a former resident of New York, entered his plea in U.S. District Court in before Judge William G. Bassler. As part of his plea agreement, Freiberg has agreed to forfeit more than $3.5 million in cash and assets to reimburse defrauded investors."

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=41666513

"As part of the plea agreement, Freiberg agreed to forfeit to the United States: his home in Boca Raton, Florida; five vehicles, including a 2003 Mercedes Benz, a 2003 Aston Martin, a 2002 Bently Azure, and a 2004 Maserati; and several hundred thousand dollars in jewelry. The total estimated worth of the forfeited assets is in excess of $2 million, not including more than $1.5 million in cash. The forfeited properties and cash will be made available to defrauded investors. "

ULTC doesn't have much more going for it, as the connection to Irv isn't the only problem. In the lawsuit with CPL Media Group, Jay Shetty, owner of Launchship Technology Solutions in India, had a devious role to play.

The lawsuit states:
"Plaintiff CPL’s website is hosted by Liquid Planet. Defendants, acting withoutauthority of plaintiffs and in direct contravention of plaintiff’s best interest, directed IT associatesin India, Jay Shetty and Rajender of Launchship Technology Solutions, Pvt. Ltd., to pull downCPL’s website and to use defendant Abbeysco, LLC’s registered domain name and URL of www.sweeps-prizes.comfor the hosting of the website and all of its previously publishedmaterial and the intellectual property of CPL."

ULTC and The Ultimate Indicator claims not only is Jay Shetty the CEO of the project, but that his company, Launchship is the creator of both the ULTC website and the ULTC ERC20 token.

A week ago on ULTC's Vimeo page, representatives of ULTC (Thomas Gity and Anita Perl) interviewed Jay Shetty on the glory of the ULTC project. Those videos have now mysteriously disappeared.

Thomas Gity and Anita Perl, while they claimed to be located in California, are actually located in the same area as Irv Freiberg in Florida. They claim to have no knowledge of who Irv Freiberg is, and that they did not know he was behind the project they work for.

As of now, an announcement has been made that ULTC is still on track to launch despite the revelations. ULTC's ERC20 token is only trading on the HITBTC exchange, with many users in ULTC's official Telegram chat vowing to get ULTC pulled from the exchange.