A B.C. Supreme Court judge has rejected an application to set aside an order to freeze assets in a civil forfeiture suit that alleges the defendants perpetrated a $30-million cryptocurrency fraud.
The pair sought to set aside the interim preservation order, which prevents assets from being sold or taking on more debt, arguing it had been improperly granted ex parte, that is without their lawyer being present in court. They also sought to have the Range Rovers returned pending the outcome of a trial.
While Cheng and Hobbs argued the civil forfeiture office’s evidence is “entirely speculative,” Myers said the civil forfeiture office had made out a serious case to be tried for fraud and that the assets sought to be preserved are the proceeds of that alleged crime. According to the B.C. Civil Forfeiture Office’s allege, the couple ran Vanbex Group Inc. and Etherparty SmartContracts Inc., which launched a cryptocurrency coin called a FUEL token for which they raised money from investors by “deceit, falsehood or fraudulent means.
The civil suit alleges that the couple attempted to liquidate their assets when they became aware of the RCMP investigation, a point the pair also denies.
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