Over and over we've seen the same financial scam play out:

a) company starts up that explicitly avoids being a bank

b) company does something where some amount of money is placed in FDIC-insured banks, and it TRUMPETS on its website: "FDIC INSURED" over and over

c) consumers are misled into thinking their money is safe

d) regulators do not act

e) consumers lose all their money

f) profit (for a very specific set of individuals)

The company can even fake up a bunch of social media accounts to tell people reassuring lies right up until the scam collapses.

These scams will continue until regulators get serious about putting people in jail for them.

https://www.reddit.com/r/yotta/comments/1ctf25r/is_our_money...

Is this a job for regulators or just criminal prosecution? Sounds like step (b) is either fraud or not, depending on how the trumpeting gets done.

Unfortunately, the kleptomaniacs are in charge.

Please try again in 4 years

>These scams will continue until regulators get serious about putting people in jail for them.

Which is so much more likely under turmp.