Uulala

As with Troy Hogg's Arbitrade Group, there's no crypto scheme too fraudulent for Bermuda's Premier, David Burt, to welcome with open arms. Thus it was again with California-based Uulala, which Burt personally approved to conduct the first authorized Initial Coin Offering in Bermuda, even recording a video that appeared on Uulala’s website in which he congratulated the firm for meeting “the Bermuda Standard" and boasting that Uulala's association with the jurisdiction would enhance its "reputation" and inspire "confidence" when seeking to attract investors. How low that standard is became apparent when OffshoreAlert revealed that Uulala’s principal, multi-level marketer Oscar Garcia, is a conman whose failed enterprises have led to a mountain of lawsuits, judgments, and tax liens alleging fraud or indebtedness. Burt approved Uulala in October 2018, OffshoreAlert exposed it in January 2019, and, two-and-a-half years later, Garcia and Uulala were sued by the U.S. Securities and Exchange Commission for an alleged $9 million digital tokens fraud, a lawsuit they settled for pennies on the dollar without admitting or denying the allegations. Garcia exploits his ethnicity to target his own community, particularly the poor, teaming up with The Latino Coalition when selling an MLM scam known as Lucrazon Global and then with the Association of Latino Professionals For America to push Uulala. An indication that Burt doesn't care about investors in, or clients of, Bermuda's blockchain firms is that, after OffshoreAlert informed him we had "uncovered dozens of lawsuits, judgments, liens, bankruptcies and/or regulatory actions in North America concerning directors, officers, and shareholders of Uulala and Arbitrade", he did not ask us for details and seemingly took no action against the company, at least not publicly.