On January 31st 2019 a lawsuit was filed against Elastos foundation and its founders alleging fraud and securities scam by Newyork based investor Mark owen individually and on behalf of all others similarly affected
Elastos foundation never acknowledged any news of this lawsuit in its weekly newsletter until it was brought up to discussion by community members. They scoffed off the lawsuit as trivial issue and downplayed its potential impact to investors
As of May 2019 things have escalated quickly Marcy Friedman have been appointed as the judge to preside over the court proceedings
Elastos Foundation has hired "white collar "criminal defense attorney William j Foley to represent themselves and Co Founders Rong Chen & Feng Han individually
Disgraced Ex Elastos CMO Fay Li is also named as the defendant in the lawsuit . Fay Li was responsible for marketing ELA token to US investors persuading them to buy at highly inflated price . Plaintiff Mark owen states Fay Li was untraceable to serve her the summons notice and he had to seek the help of a private detective agency to locate her.
Elastos Foundation has sold $ELA as security token to investors promising a return on their investment and carried out a "lock up program" Elastos also promised future "sugar dividends" 'Airdrops" for ELA holders.
Elastos team abruptly ended the ELA Lock up program and deleted all evidence from their website referring to sugar dividends and airdrops .
The laws suit also brought to light the lies told by Elastos foundation that Feng Han donated 5 million USD to MIT research Institute .Mark Owen states under penalty of perjury that
Para.7
Given Defendants’ apparent locations overseas, I conducted additional internet research using similar means to determine where Defendants might be subject to service in the U.S. Specifically, on or around November 15, 2018, I found reports on the internet indicating that Defendant Han made substantial donations to the Massachusetts Institute of Technology (“MIT”). See Ex. C. On January 24, 2019 I personally communicated via email with MIT’s Assistant General Counsel, Jaren D. Wilcoxson, about whether Defendant Han had any affiliation with MIT to further assess the claims at issue and determine whether Defendant Han might be subject to service at MIT. Mr. Wilcoxson stated that Defendant Han had no affiliation with MIT.
Para.14
On April 2, 2019, I again spoke with MIT Associate General Counsel Jaren Wilcoxson regarding MIT’s relationship with Defendant Han. Mr. Wilcoxson reiterated that MIT did not have a relationship with Defendant Han.
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=TseEM_PLUS_ILecglzESBJJkoiA==
https://iapps.courts.state.ny.us/nyscef/DocumentList?docketId=wKgbxsNeM1JgtmSXXldBTw==&display=all
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