It came really surprising when Vista Network sued Philip Piccolo and his associates as well as their company Travelada under the charges of fraudulent and criminal misconduct. The lawsuit was filed in California.
To give a little intro, Vista Network was started by Armen Temurian in late 2017. Armen is the CEO of the company. The matter of fact is that the company itself started as an Ethereum doubler Ponzi. However, a statement by Armen cleared that the doubler Ponzi scheme was ceased by January 2018.
After the termination of Ponzi Doubler, Vista presented a cryptocurrency mining opportunity for investors. They attached hardware mining with the cloud mining to make it look legit. They also added AlexaCoin and VistaCoin through the non-publicly network. They did not even register to SEC and kept offering unregistered securities to investors.
Later in November 2018, Armen started that the company was never a Ponzi. According to him, the investors were returned their part truly. However, he did mention that the license was never there.
He further said that he would be getting the SEC to license the first thing in January 2019 and the coins (AlexaCoin and VistaCoin) would be available on the first exchange listing on DutyFly.
The complaint against Phillip Piccolo, Paul Morris, Joseph Reid, Kevin Dalton Johnson, and the company was made on 9th November 2018. In the lawsuit it was made clear the defendants were hired for developing affiliate back-office for the Vista Network.
The complaint said that the PJM Defendants after gaining access to Vista’s confidential trade secret documents and cryptocurrency accounts, being hired as the software developers, furtively set out to defraud Vista by misappropriating its trade secrets and stealing its assets.
As per the complaints, the total loss that Armen incurred was about $700,000. The defendants also deleted shipping information, shipped the products to unknown people and even canceled real orders to keep that money with themselves.
This is not it. As per the statement, Johnson and Piccolo even went way ahead and threatened Armen for extortion. They threatened by blackmailing to delete all the crucial information and data from the software forever unless they receive a large amount of money.
Armen even filed a TRO only two days after filing this complaint. However, it was rejected.