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Alan Friedland and the CFTC have settled following the first four days of his trial.

Usually, settlements are struck before trial, so this one is a little unique. This MLM fraud trial may be the first in which a settlement was struck in the middle of the proceedings.

According to Friedland’s court docket, the trial started on January 31.

What happened next is described below:

Trial Day 1 (Jan. 31) jury panel chosen, sworn in, and opening arguments by Friedland and the CFTC’s legal team witness cross-examination by Friedland

Examination and cross-examination of the CFTC’s second and third witnesses on Trial Day 2 (Feb. 1)

A CFTC deposition video was shown in court

Examination and cross-examination of CFTC’s fourth and fifth witnesses on Trial Day 3 (Feb 2)

Examining and challenging the sixth and seventh witnesses for the CFTC on Trial Day 4 (Feb. 3).

12:12 p.m. – “The court consults with the parties on subjects”

“Court is in recess” as of 12:14 p.m.

The court continues at 1:45 p.m. The parties and the court talk about the details of the settlement. The parties consent to a recorded settlement. Alan Friedland, the defendant, admits the conditions of the settlement as they were recorded in open court on February 3, 2022.

“Court adjourned” at 1:49 p.m.

Unfortunately, Friedland’s settlement’s specifics have not yet been made public.

The court issued an order requiring “the parties shall submit a combined request for entry of consent judgment and permanent injunction” later on the same day it was reached (Feb. 3).

This means that Friedland gave in and the CFTC won the deal.

By March 7th, the necessary joint motion must be submitted. Disgorgement, a monetary judgment, and a civil penalty are what we may anticipate from the consent judgment.

Friedland will be prevented from breaking the Commodity Exchange Act again thanks to the injunction.

The lesson here is that Friedland settled after the CFTC presented its case against him. He knew he was in trouble, so there was no use in offering his defense.

I’d like to believe that Friedland finally realized that whatever ridiculous defense he had wouldn’t hold up in a moment of clarity.

This stands in sharp contrast to Friedland’s assertion that US authorities “were not empowered to control a cryptocurrency initiative” in April.

Friedland continued by asserting that US officials had “botched this up very, very horribly” and that he was “under no duty to register CompCoin, the software, or myself.”

Allegations of fraud with CompCoin are detailed in the CFTC’s action against Friedland.

NRGY, which debuted in early 2021, is Friedland’s CompCoin Ponzi.

NRGY started to dump after the standard Ponzi shitcoin pump:

Friedland introduced NRGYGO in August 2021 to revive the fraud.

NRGYGO has followed a similar trend as NRGY, but with a water pump that didn’t start until mid-November.

US officials have not yet taken any action about NRGY and NRGYGO. We’ll have to wait and watch whether that changes in the wake of Friedland’s CompCoin fraud settlement.

7th April 2022 update The CompCoin fraud settlement for Alan Friedland has been authorized.

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