Fintoch Review: California Slams MLM Crypto Ponzi With Fraud Order

Well, well, well… the curtain has finally dropped on one of crypto’s most ridiculous Broadway productions. Fintoch — the so-called “innovative blockchain investment company” that was really just an MLM Ponzi dressed up in a suit and teleprompter — has officially been hit with a desist and refrain fraud order by California’s Department of Financial Protection and Innovation (DFPI).

Apparently, California wasn’t impressed with actors playing CEOs or Silicon Valley “offices” rented by the hour. Go figure.

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What the DFPI Actually Said

According to the DFPI’s August 13th order, Fintoch had been selling securities in California since at least 2023. These came in the form of “investment contracts,” pitched to unsuspecting victims through the company’s website and slick marketing videos.

The problem? None of these securities were registered, qualified, or legal under California’s Corporate Securities Law (CSL). Translation: they were selling magic beans and calling it an orchard.

The order bluntly states that Fintoch LLC and its sister shell, Morgan DF Fintoch LLC, had no authorization whatsoever to peddle these contracts. As a result, the companies are now ordered to stop offering or selling securities in California, effective immediately.

Meet the Fake Executives

Now here’s where things get hilarious.

Fintoch’s CEO, “Bobby Joe Lambert,” was nothing more than an actor named Mike Provenzano reading lines off a teleprompter. Joining him was “William Thompson,” played by another hired gun, Joel Fry.

These weren’t executives. They were literally actors paid to cosplay as corporate bigwigs in staged promo videos.

The DFPI confirmed what most of us already suspected: Bob Lambert never existed. William Thompson never existed. They were puppets in suits, spouting marketing copy to make a Ponzi look professional.

Lights, Camera, Ponzi

To sell the illusion, Fintoch rented out a Silicon Valley office space, slapped some logos on the wall, and filled the room with hired extras pretending to be blockchain developers.

In one promo video, “Lambert” and “Thompson” proudly gave a tour of the office, boasting about all the innovation supposedly happening inside. In reality, the only “magic” happening was a scam production team calling “action” before lunch break.

Fintoch’s Collapse

Fintoch launched in 2022 and quickly positioned itself as a high-tech, high-return investment vehicle. In truth, it was just another MLM crypto Ponzi scheme, recycling new investor money to pay old investors.

The house of cards fell in May 2023, right after regulators in Singapore issued a securities fraud warning. That timing strongly suggests the real masterminds were tied to Chinese scam operations, rather than the usual Eastern European “Boris CEO” factories.

But the scammers weren’t done yet. In August 2023, they rebranded as Standard Cross Finance (SCF Chain), once again trotting out Joel Fry for the lead role. By October, SCF collapsed too.

Total investor losses? Still unknown — but considering Fintoch’s global marketing push, it’s safe to assume it’s in the tens (if not hundreds) of millions.

Why It Matters

California’s DFPI stepping in now is more of a symbolic slap than a rescue mission — because by the time fraud orders drop, the money’s usually long gone. Victims are left chasing shadows, while scammers are busy scripting their next Ponzi sequel.

Fintoch proves once again that if the “CEO” looks like he belongs in a local car insurance commercial, maybe don’t send him your life savings.

Final Verdict

Fintoch wasn’t a blockchain breakthrough. It was a Hollywood knockoff Ponzi, complete with actors, rented sets, and fake office tours. California’s fraud order is just confirmation that the whole thing was smoke, mirrors, and bad scripts.

The crypto world is full of scams that look legitimate until you scratch the surface. Fintoch will go down in the hall of shame as one of the most absurd, but also one of the most predictable.

If you lost money, you’re not alone. If you didn’t, consider this your reminder: in crypto, if the CEO is played by a guy you can also hire for children’s birthday parties, maybe… just maybe… it’s a scam.

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