Oyster Pearl founder charged with tax evasion

December 11, 2020

KaylaTurner
33
Oyster Pearl is a cryptocurrency launched in the market in October 2017. Its symbol is PRL. It has a supply of a total of 98,592,692 coins. Amir Bruno Elmaani is the CEO and chief architect of this digital currency. He operates with the pseudo name “Bruno Block”. He used the smart contract technology of the Ethereum blockchain. This way he designed the oyster pearl currency to operate. The sale is through few exchanges like KuCoin, Cryptopia, Etherdelta, and CoinExchange. Oyster wallet operates with two keys. The private key is for protection against fraud. The public key is for sending and receiving coins. All this was possible due to the Ethereum Blockchain technology.
 

Tax Evasion

 
During the initial coin offering (ICO), Elmaani had made millions of dollars. In 2017, there is a huge craze to buy digital currency in the US. Elmaani had taken advantage of this situation. He got more and more investors for his currency. In this way, he had minted a lot of money. To order to enjoy his gains, he used inappropriate means for tax fillings in 2017. He didn’t reveal his real income to the Internal Revenue System (IRS). He knowingly showed incorrect data while filing tax returns. In 2018, he didn’t file the tax returns at all. He avoided filing taxes so that he could enjoy his wealth. So, the Internal Revenue System (IRS) has charged him with two counts of tax evasion. The Securities and Exchange Commission (SEC) has also filed civil charges against him.
 

The findings

 
William F. Sweeney Jr. Is working on this case. He is the Assistant Director-in-Charge of the New York Field Office of the FBI. He found that Elmaani is channeling his funds through a shell company. Elmaani is using this shell company to hide his true income. The company is also used to hide the source and origin of his gains. So, this shell company is serving two important purposes for him. Elmaani bought multiple yachts for $10 million dollars. In these yachts, he stored gold bars. He purchased gold bars through his sale of oyster pearls. In addition, he had spent $1.6 million at a carbon-fiber composite company. He has also invested his wealth in real estate and home renovations. A large amount of cash is also used to pay for personal expenses.
 

Exit Scam

 
In October 2018, he created new tokens for sale. He used the Ethereum blockchain technology to do this. The new tokens sold at below-market price rates. After that, he created free tokens for himself. He has moved his tokens to different wallets to avoid taxation. Above all, he has also converted his new PRL tokens to other cryptocurrencies. He used a coin mixer. It is a service used to hide the true origin of funds. He used these services to conceal the origin and destination of his accumulated funds. He transferred the funds to his family and friends. Finally, he transferred all the funds back to him.
 
After the exposure of his scam, he is now in custody. All PRL tokens are worthless at this moment, causing huge loss to its investors.
Kayla Turner
Kayla Turner

Kayla is an adept article writer with vast hands-on experience in cryptocurrency and technology. She is outgoing and always looking for new challenges to conquer. Over the years, she has gain massive traction online for writing stellar content on cryptocurrency and blockchain technology in a crispy and easy to understand style. When she is not writing for the web, she loves spending quality time with friends, colleagues, and her family indoors and outdoors. Be sure to check out his profile online for more invigorating articles.

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