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Home NFT

State Regulators Shut Down Flamingo Casino Club for NFT Scams

Alexa by Alexa
June 9, 2022
in NFT, Politics
Reading Time: 2 mins read
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State Regulators Shut Down Flamingo Casino Club for NFT Scams
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In five American states, officials have begun enforcement proceedings against the Flamingo Casino Club, a probable Russia-linked casino. The defendants are accused of running a scam involving nonfungible tokens (NFTs) connected to a metaverse casino.

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Meanwhile, the organization was accused of directly soliciting investors through social media by law enforcement. They were additionally accused of employing influencers to promote NFT sales for the casino.

The Flamingo Casino Club was accused of “fraudulently soliciting NFTs” by the Alabama Securities Commission, Kentucky Department of Financial Institutions, New Jersey Bureau of Securities, Texas State Securities Board, and Wisconsin Department of Financial Institutions.

Ownership rights for a metaverse casino are being claimed, allowing token-holders to share in any profits.

Feds Chase After Russia-linked Casino

The authorities also said that the resort began operations in Russia in March 2022. It made a “simply untrue” statement about its connection to the Flamingo Las Vegas, a real-world casino whose name dated back to 1946.

They also accused the Flamingo Casino of “deception and fraud” for suggesting links with Yahoo and MarketWatch, which they say is “untrue.”

“The Flamingo Casino Club is not only allegedly hiding its connection to Russia, but it is also reportedly using a phony office address, providing a non-functioning phone number, concealing its actual physical location, and keeping material information about its owners hidden from the public,” the five state regulators added.

The Claims against the Flamingo Casino Club

The Flamingo Casino Club gave a portion of the revenue generated by NFT sales to war victims in Ukraine, according to CNBC, which was refuted by enforcement director Joe Rotunda of the Texas State Securities Board.

The casino, which is connected to a Russian oligarch by the name of Roman Abramovich and has been accused of working for Vladimir Putin’s government, began minting NFTs on April 12, according to its website. When this material was made public, the site had an image of the Flamingo Las Vegas Hotel and Casino.

Tags: CasinoFlamingoNFTScams
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