Microsociety Fort Galt in Chile Uses Bitcoin to Build Anew
4 stars based on
72 reviews
All four named to the board of directors. No prospectus, no disclaimers, no verification of accredited investor status. All four partners' background discussed in this literature. This is a must read because it may violate SEC regulations, and does not disclose material information, such as the fact that Cobin and Eyzaguirre were no long with the project, or that Johnson was the sole owner of the real estate holding company. Scroll down to the Oct 30 entry. Four "founders" paid into GGC using these "contracts.
London UK, no explanation given. Funds were transferred to a lawyer's account in New Zealand. On this date, Cobin's powers of attorney for Johnson and Berwick were rescinded. Meeting minutes say that the partners agreed to dissolve the corporation and the partnership. Johnson claims that all the partners met and agreed. Cobin says the meeting never happened and that he did not agree to dissolve GGC SA without being compensated according to their previous agreement.
The company was in fact not dissolved until Aug 20 by a subsequent law firm. Two of the investors submitted their funds after this date. This is material information. Johnson had no experience in real estate development, no experience in Chile and does not speak Spanish. Inmobiliaria was incorporated as the real estate holding entity for the project.
Johnson is named at the General Manager. No board of directors named. Berwick has no management or officer position. Johnson did not inform Berwick or the equity investors that Berwick had no position in the corporation. He assumed that he had a partnership with Johnson. Johnson wrote to Berwick via email: Also, there is very galt s gulch chile bitcoin stock price water associated with the property.
Note that it took only two weeks for the GGC Recovery Team's real estate agent to verify the water rights and zoning--one visit to the municipality, and another to the Departamento General de Agua.
Johnson's plan going forward: In other words, Johnson planned to cover up his incompetence and material omissions as he tried to find more land for the project. This is a material omission. Memorandum Galts Gulch S. Johnson directed Berwick's and his lawyers who held the shares of IGG to sign 9, shares over to him, and one share to Chirgwin. Berwick didn't know that he was not an owner, officer or manager of IGG for another six weeks.
Johnson did not reveal to potential investors that he was the sole owner or that Berwick had no official position in the project, a material omission. Total capital contributed by Johnson: El Lepe lemon orchards had been neglected for approximately five years before the GGC purchase.
The avocado orchard was essentially abandoned, and what trees survived were not producing. Announcement made in The Dollar Vigilante. The infrastructure commitment put IGG under the Urbanism and Construction law requiring Johnson to have gotten insurance or bond to protect investors from the failure to obtain zoning approvals. Also note that in the instructions, there's no mention of the requirement for notarized signatures for the contract--another violation of the Urbanism law.
Both violations are felonies. Berwick is not a director, a manager, a galt s gulch chile bitcoin stock price and has no authority over the bank account. This is not only fraud against Berwick, but fraud against all the investors who were not informed that Johnson was the sole owner, director and manager of IGG.
Most if not all the people who invested in GGC did so based on Berwick's marketing and thought he was a partner in the corporation. Johnson Berwick txt msg about ownership Berwick informed he has no stake jun 10 Weeks of wrangling ensued, with the equity investors dragged into the dispute. Johnson marketed GGC to galt s gulch chile bitcoin stock price and other free market adherents at FreedomFest as part of his affinity scam.
Jeffery Tucker foolishly stated that GGC will be the best investment opportunity for Johnson never paid for his GGC booth at the conference. Here's the brochure he printed for the event. Johnson allegedly assaulted Sandy Sandfort, aged Sandfort worked for GGC for approx.
Sandfort was paid compensation for the alleged assault. Johnson told Berwick and the equity investors that the water rights to Lepe would transfer to IGG in approx. In fact, the contract says that Guipaca Ramirez retains the water rights until the last payment due on Apr 14 Johnson email about Lepe purchase Aug 16 This document is strong evidence that the corporation was not dissolved voluntarily on Nov 14 as Johnson claims.
Cobin has said that he refused to dissolve GGC SA until he was paid under the partners' original agreement. Johnson did not reveal this information to potential investors, a material omission. Note that this report is dated two weeks after the real estate closing, representing a lack of due diligence and yet another material omission.
A year after GGC began, amazingly, the corporate structure was not complete and neither the equity investors nor Berwick had ownership of their share of GGC. On page 2 of this memo, Chirgwin states that the shares of IGG are held in escrow. At least one investor accepted this information and believed this arrangement would protect him from malfeasance.
When he discovered that Johnson agreed to swap IGG shares for Rio Colorado see blog post XX and asked Chirgwin how this could happened when the shares were in escrow, Chirgwin's answer was essentially that there must have been an escrow arrangement specified in some contract, somewhere.
Cute video ad for the Spring Celebration posted to youtube. Affinity scam event for sales and marketing of GGC. Johnson paid the following "libertarian celebrities" to endorse the project: Click on the image to enlarge. Erroneously said galt s gulch chile bitcoin stock price the farm is organic, and that GGC is a self-sustaining community, while there was no one living there. Also claimed there are "over a dozen residential and community buildings.
This gem of a press release is preserved at PRweb. He and Ramirez renegotiated a new payment schedule:. Monthly dividends The corporation is not established until Dec 10 See the announcement galt s gulch chile bitcoin stock price. They speculate it was because they 1.
In fact, no land titles were transferred to Agricola. To this day, it is a shell company. Go here and scroll down to Nov Berwick and Johnson cannot reconcile. This left GGC without a proven marketing outlet and no libertarian spokesman to credibly continue the affinity scam.
Johnson appeared on Josh Tolley's radio showaired in the US. He was selling GGC "organic" farm share program, the 25 acre "organic" lemon orchard, the avocado orchard and galt s gulch chile bitcoin stock price lots.
They renegotiated the payment galt s gulch chile bitcoin stock price yet again: Incoming wires blocked due to suspicious activity. Johnson blames a whole cast of villains for this, but it was more likely violations of the know-your-customer regulations. Johnson apparently galt s gulch chile bitcoin stock price gave Ramirez a check for approx. We assume the check cleared. This payment could be extended to Aug 15 with penalty, of course.
See the scanned agreement hereand the English translation here. Total investor funds into her account: Del Real submitted minutes for an IGG shareholders meeting held on this date. Vila and Cordova already signed shares over to Johnson one share to lawyer Chirgwin on Apr 26ten months earlier. See time line entry for that date. Del Real's transfer of shares document allegedly has forged signatures of the two lawyers.
According to the minutes, in attendance: Johnson make GM with 8, shares, M. Del Real made Chairman with 2, shares, P. Del Real made Secretary, Thornton made legal representative. Johnson claims these documents are "false" and that Agricola is wholly owned by Asesorias y Servicio Galt's Gulch. Shares for Agricola were trading in Bitcoin on crypto-trade since Nov 21 see entry. Johnson announced that he was moving the trading to another galt s gulch chile bitcoin stock price exchange, Ciphertrade.