Author Topic: Opinions about "The Geek Group" on YouTube (Read 72874 times)

vk3yedotcom · « **Reply #176 on:** December 31, 2018, 09:34:36 pm »

Statement on the closure at https://www.facebook.com/TheNatSci/posts/10156622931918001?__tn__=K-R

Psi · « **Reply #177 on:** January 01, 2019, 12:21:19 am »

yeah.
Very sad news.

beanflying · « **Reply #178 on:** January 01, 2019, 12:41:34 am »

A shame as there was some very good content and ideas produced by a group of people with a passion over a long time.

Also some cringe worthy content courtesy of Mr Bowden interjecting and talking over the top of others on video from time to time instead of shutting up and listening while they spoke about their area of expertise. Not saying this happened all the time but it was obvious who expected to be in charge and rule the roost in a 'collective' of nerds.

coppercone2 · « **Reply #179 on:** January 01, 2019, 08:02:18 am »

I still want to know how funding problems involve the DHS.

Were they selling hardware to Iran?

Psi · « **Reply #180 on:** January 05, 2019, 06:26:54 am »

He's got a lot of organised haters.
TGG probably just got swat'ed, but in a more sophisticated campaign sort of way.
There's only so long govt agencies can ignore people reporting things before they have to look into it.
A well put together campaign could easily use verifiable half-truths to cause enough FUD to trigger an investigation.

In any case, the truth will come out once they can talk about it.

beanflying · « **Reply #181 on:** January 05, 2019, 07:22:57 am »

One sides truth generally isn't it is what they believe or want others to believe. 'The Truth' will be told in court I suspect and not before.

A very quick look at this a few days ago revealed some firearms and other issues in the past (ignoring the obvious haters) and given some of the content of things going snap crackle and pop in the videos going in DHS heavy with the IRS in tow would seem sensible. I suspect the boring bit will be some naughty accounting, money shuffling and or tax issues.

coppercone2 · « **Reply #182 on:** January 08, 2019, 02:21:49 am »

he is doing illegal trading or something

https://bitcoinexchangeguide.com/nonprofit-organization-raided-for-unauthorized-trading-of-bitcoins-in-michigan/

sleemanj · « **Reply #183 on:** January 08, 2019, 10:58:28 pm »

https://youtu.be/BEOKJo9lumM?t=3465

TheNewLab · « **Reply #184 on:** March 14, 2019, 12:31:28 pm »

anyone in Grand Rapids area ready to drive up with a huge rental truck, and just sweep through and grab the best.
Doesn't matter if the guy is a creep, or over-the-top arrogant.

All good things must come to and end...and not-so-good included.

One observation:
for all his huffing on the Web archive, WordPress site of his...for being the one that handle any mess. He sure is making an overblown deal about this FED raid and all.

It seems to me that they just ran their not-for-profit poorly and violated IRS codes in how they created what revenue that they did.
FED jail time. Not likely.. Just liquidation, and likely personal bankruptcy

He's young and hopefully learned a bi lesson, (or lessons?)

SO HEY, anyone interested in grabbing a Hon brand, 4-drawer legal.size file cabinet, for nothing, and willing to pack and send it the the SF-Bay Area. I am interested. of course will pay shipping. maybe stuff a few quad copters in the file drawers, of some clever thing.

EEVblog · « **Reply #185 on:** March 16, 2019, 10:12:29 am »

Quote from: beanflying on January 05, 2019, 07:22:57 am

A very quick look at this a few days ago revealed some firearms and other issues in the past (ignoring the obvious haters) and given some of the content of things going snap crackle and pop in the videos going in DHS heavy with the IRS in tow would seem sensible. I suspect the boring bit will be some naughty accounting, money shuffling and or tax issues.

It's to do with his trading in crypto somehow, nothing to do with The Geek Group it seems.
He thinks he's going to federal prison for it.

beanflying · « **Reply #186 on:** March 16, 2019, 10:46:45 am »

And yet the apparent Not for Profit entity is closed and going up for sale at the same time as well. If they were unconnected then he could have walked as a Director and the entity could have kept going under new management. I smelll more

yet to be revealed.

Psi · « **Reply #187 on:** March 16, 2019, 11:05:57 am »

Quote from: beanflying on March 16, 2019, 10:46:45 am

And yet the apparent Not for Profit entity is closed and going up for sale at the same time as well. If they were unconnected then he could have walked as a Director and the entity could have kept going under new management. I smelll more yet to be revealed.

The raid did a massive PR hit to the company. They have been running unprofitable for years and only just staying afloat financially.
When their PR tanked and income from members dropped there was likely nothing that could be done.

The capital value of the building has probably gone up a lot since they bought it.
If ya can't pay the mortgage payments the bank will foreclose on you and you lose big time.

If you can't pay the bills there's really no option but to sell the building and all company assets and settle any debt,
Then you can close the business. Otherwise you run out of money and it is all taken off you by the bank and debt collectors.

EEVblog · « **Reply #188 on:** March 16, 2019, 11:48:06 am »

What the heck is "unauthorised bitcoin trading" anyway?

Psi · « **Reply #189 on:** March 16, 2019, 12:06:00 pm »

As i understand it, in the USA if you sell bitcoin publicly then you are a bank or financial institute and must be registered and have all the required government certification.

There are a lot of Chris Boden haters around, entire groups on reddit and other places. All out to get him.
It's very likely they reported him to the FBI/IRS/DHS for selling bitcoin and doing god knows what else.
(Chris has said there were haters saying he had a "secret rape room" and stupid shit like that. Which i don't believe for a second.)
It's no wonder so many government agencies showed up in the raid.
The company has been swat'ed many times in the past.
And once again since the raid.

It's somewhat suspicious that Greek Group/Chris Boden threads on eevblog usually devolve into negative discussions for no obvious reasons.

beanflying · « **Reply #190 on:** March 16, 2019, 12:15:39 pm »

Until it gets near a court clearly the full details won't be known even on the Bitcoin trading for $.

With the IRS being in on the raid and as they don't administer Banking directly in the USA there will be more to come. At a guess I would think naughty behaviour of the Not for Profit and where the money came and went is the reason they were there too or certainly to have a good look of the books.

EEVblog · « **Reply #191 on:** March 16, 2019, 12:16:37 pm »

https://www.chepicap.com/en/news/6409/fbi-raids-non-profit-tech-organization-in-michigan-for-unauthorized-crypto-trading.html

Quote

Michigan-based non-profit organization was seized by the FBI for performing unauthorized crypt trading.

The Federal Bureau of Investigation (FBI) raids the office of a non-profit tech organization in Michigan for commercially trading cryptocurrency without proper authorization.

The president of the National Science Institute, or formerly known as The Geek Group, Chris Boden opened up about the matter as well as the legal problems he’s going to face on YouTube.

“I did a stupid thing, I made a bad decision, so I’m going to pay for it,” he said as quoted by WoodTV.

The man believes that he’s looking at federal prison and that he will likely to spend more than $100,000 in legal expenses, although the FBI officials refused to comment on the charges Boden is facing.

And despite the explicit language he used, Boden took the blame and stated that he’s fully responsible for everything that happened.

Moreover, he also mentioned his plan to sell all the businesses’ assets, probably to fund the incurring legal cost.

To recap, the FBI seized the computers, hard drives and other equipment from the National Science Institute office in Grand Rapids, Michigan just 10 days before the year ended.

The seizure was conducted in cooperation with the Homeland Security, following an investigation that reveals Boden’s unauthorized crypto trading on the office that’s supposedly used as a workspace that acts as incubator for local startups and provides low-cost computers for the public.

EEVblog · « **Reply #192 on:** March 16, 2019, 12:21:58 pm »

https://news.bitstarz.com/nsi-shuts-its-doors-after-ceo-caught-illegally-trading-crypto

Quote

The US National Science Institute (NSI) has had to shut its doors after federal authorities raided its offices in December. The NSI had been offering to trade cryptocurrencies without the correct registration and Chris Boden – NSI Founder and CEO – took full responsibility for his actions. Boden is likely looking at a huge fine and multiple years behind bars for the company’s crypto trading activity.

An Emotional Farewell
Chris Boden founded the NSI back in 1994 under the name Geek Group in a bid to offer educational activities relating to the latest technological developments. Unfortunately for Boden and the team, NSI is being forced to sell off everything it has – meaning projects, technological artifacts, and equipment is all up for sale. Boden posted the heartbreaking news on Facebook, stating that what’s not sold by 31st January will head to the dump.

US Regulators Clamping Down on Illegal Trading
In America, offering the ability to trade cryptocurrencies is a dangerous game unless you’re regulated. The NSI was far from regulated or licensed. It appears to have been a goodwill service that was entered into unknowingly. NSI didn’t do this on purpose and Boden – along with his team – are completely shattered by the move from the FBI. Even so, the FBI and US Securities and Exchange Commission (SEC) has been cracking down on illegal crypto traders recently.

Other Firms Waiting for Approval
There are a number of firms out there with products ready to launch, but are holding off until they acquire the correct licensing from the SEC to avoid issues like NSI is facing. Prometheum is waiting for the SEC to give it the green light before it launches its security tokens to the public. Had NSI followed suit and gotten SEC approval for crypto trading, it wouldn’t have to shut down.

Pick Up Some Tech Goodies on the Cheap
Due to the fact that NSI is effectively in liquidation to pay off its huge debt, it’s selling off its equipment and stocked products on the cheap. This poses a great opportunity for tech enthusiasts to get their hands on state-of-the-art equipment at a massive discount. However, it’s unlikely that NSI will be accepting any form of crypto payments for these products given the amount of trouble that has already landed them in.
While it’s sad to see an institution like NSI vanish after so many years, it’s a lesson to other firms out there operating without the correct licenses – you will be caught. It wouldn’t be surprising if the SEC receives a number of applications for permits and licensing in the wake of this scandal

Psi · « **Reply #193 on:** March 16, 2019, 12:22:29 pm »

My opinion is that the IRS was there just because the haters had reported him, or the company, for tax evasion or something.
Yeah, nothing we can really do but wait and see what happens.
But i'm 100% for considering everyone innocent until proven guilty.

EEVblog · « **Reply #194 on:** March 16, 2019, 01:03:18 pm »

Quote from: Psi on March 16, 2019, 12:22:29 pm

But i'm 100% for considering everyone innocent until proven guilty.

In this case it seems he's admitted trading crypto without a license and he expects jail time for it.
No idea of actual charges yet though?

EEVblog · « **Reply #195 on:** March 16, 2019, 11:56:21 pm »

Chris has a Patreon, and sounds like he changed the description after all this went down. Decent number of Patrons
https://www.patreon.com/ChrisBoden

Psi · « **Reply #196 on:** March 17, 2019, 12:13:29 am »

It was never a secret that he was selling bitcoin, it has been advertised publicly for years.
The question for the courts is how seriously did he break any laws.

Lots of people sell bitcoin and lots of them are likely doing so illegally to.

There's a difference of intent between someone who sells bitcoin in a dark alleyway to known shady people verses
someone who didn't realize the legality of it and sold it publicly but kept records of who bought/sold what.

EEVblog · « **Reply #197 on:** March 17, 2019, 12:19:39 am »

Quote from: Psi on March 17, 2019, 12:13:29 am

It was never a secret that he was selling bitcoin, it has been advertised publicly for years.

Why would anyone "buy Bicoin" from him personally instead of any other exchange?

Psi · « **Reply #198 on:** March 17, 2019, 12:22:31 am »

Dunno, probably because it was easier.

Rasz · « **Reply #199 on:** March 17, 2019, 12:23:07 am »

Quote from: EEVblog on March 17, 2019, 12:19:39 am

Quote from: Psi on March 17, 2019, 12:13:29 am
It was never a secret that he was selling bitcoin, it has been advertised publicly for years.

Why would anyone "buy Bicoin" from him personally instead of any other exchange?

its easier to launder money in person?


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Author Topic: Opinions about "The Geek Group" on YouTube (Read 72874 times)

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