As Neo & Bee closes up shop, company faces ... - BitcoinX

Neo & Bee CEO Danny Brewster Faces Fraud Allegations in Cyprus: "According to a report in the Cyprus Mail, the customers paid €15,000 and €20,000 respectively, for the bitcoins, which never materialised."

Neo & Bee CEO Danny Brewster Faces Fraud Allegations in Cyprus: submitted by coinwatcher to Bitcoin [link] [comments]

The full picture from Danny Brewster

Due to the sheer amount of misinformation surrounding myself and current events, I thought it necessary to post something. This is going against all advice that I have received on the matter.
The fraud charges are of my greatest concern right now, they are baffling to me and here is why:
I sold several people bitcoins for cash, most of which had them sent directly to their own wallets or exchange accounts prior to Neo and Bee becoming open to the public. There were 4 people however that requested for me to hold them until they provided me with an address to send them. Two people that bought on November 20th 2013, One Person that bought from me twice once on the 2nd December 2013 and the 20th December 2013 and one person who bought from me on the 24th December 2013. There was a 5th person I was holding Bitcoin for however following a change in their personal circumstances I bought the bitcoins back from them.
Sorry to disappoint those that believe the tales that I simply took them.... The keys are still stored on paper. The total sales to these 4 people amounts to 75.29270138 BTC which were purchased for a combined total of €35213.57 so I have no idea where the values reported in the media have been derived from.
I have not received one single request from the individuals who bought the bitcoins from me to send the coins to an address they provided. With one exception a request was made but that was received from the individual that introduced one of the buyers to me, they requested for me to transfer the coins to his Bitstamp account. I didn't send the coins to his address as he was not the person that I had the agreement with. One of these people went directly to the police following rumors that I had fled the country.
Here is a message to the Criminal Investigation Department of the Cypriot Police:
I have been trying for days to contact them to resolve this situation. The whole thing could be cleared up in a matter of days, because as of right now their case is based on rumors of me fleeing Cyprus which is complete garbage. I still have a house full of my own belongings, assets, family, friends and most importantly my daughter in Cyprus.
I have provided my contact information via email to the police and to third parties such as the reporter from the Cyprus Mail and one of the people who bought bitcoins from me. If they do not contact me to arrange a solution, then I assume my greatest fears are true that they are doing nothing more than trying to set me up on charges to discredit both myself and Bitcoin as a whole, whilst creating more fear about challenging the status-quo.
The are three reasons for me not returning to Cyprus immediately following the issuance of a warrant and those are;
  1. I have a family funeral to attend.
  2. The whole situation can be resolved without me doing so.
  3. The manner in which the investigations are being carried out are concerning, the police haven't made an attempt to contact me despite numerous personal requests for them to do so.
The only solution to the problem is for the individuals to provide me with their addresses through the police so I can arrange for the bitcoins to be sent to them. Without those peoples addresses I can do nothing but maintain the original written agreements.
I have also instructed a lawyer in Cyprus to make direct contact with the police to try and put a resolution in place so this can be concluded quickly so that I can continue working with the business recovery and sales agents to resolve everything surrounding Neo & Bee.
The police have been making a concerted effort to locate my assets in Cyprus, which doesn't seem the most logical way of handling such a case, surely they should be trying to contact me to get the full picture and not issuing warrants based on hearsay.
The only question I want to ask the Cypriot police is;
If I buy some building supplies and agree to provide a delivery address at a later date, but never do provide an address. Has the seller committed fraud if he still holds the supplies for me?
To clear a few things up surrounding Neo & Bee, yes there are creditors to the business and I have not ran with any coins, we had made payments in excess of €1.4m with many of the coins being converted to Euros before the run up in price, the largest amount converted at once was the day Silkroad was busted, I had to take the decision on that given day to convert them or risk them becoming pretty worthless and the business not getting off the ground. The outstanding funds from BitFundeWeExchange are valued at this moment around €500,000. The coins of my own I have on MtGox would have covered all creditors with a claim against the business in full. Had I wanted to run off with coins, it would have been better to do so before spending all of them and the remainder of my own coins on the business.
Questions have been raised about my own personal assets too, something I shouldn't have to answer about but yes, I bought a Bentley back in December, before any issues with MtGox and getting bitcoins out. Anyone that understands the price difference in cars between Cyprus and the UK they will understand exactly why I sold my own bitcoins to buy the car. The car is still in Cyprus, it hasn't been shipped anywhere and my original plan was to sell it after the summer and make a nice profit, which would have been reinvested into Bitcoin or the business. When it is possible for me to do so, I still plan on selling the car to put the money towards satisfying creditors.
To this end I am concentrating first and foremost on resolving the issues with Cypriot police including my planned return to Cyprus. Only then I will concentrate all of my time on resolving everything surrounding Neo and Bee.
Danny Brewster
submitted by cryptocyprus to Bitcoin [link] [comments]

Neo & Bee - A shareholder perspective

I'm a shareholder who has watched the business closely since the early beginning, when they first presented their business plans on Let's Talk Bitcoin radio show.
What most articles about Neo's problems fail to mention is the outside factors that lead to this delicate situation.
Neo's problems started with the IPO or IPVO as they've called it. Their plan was ambitious, to raise a lot of BTC or three separate security exchanges at the same time. BTCT.TO, Havelock and Bitfunder. Out of all these three exchanges, only Havelock is operational at the moment. BTCT.TO was first exchange to shut down due to pressure from US authorities which was followed the next month by Bitfunder shutdown that was also accompanied by a mysterious fund freeze or some other issue that made access to funds impossible for customers and that included Neo & Bee funds raised in the Bitfunder IPO. A hefty chunk of IPO funds were raised on Bitfunder. Danny said in his last statement he covered those lost funds out of his own pocket. Both BTCT.TO and Bitfunder were operated by US citizens from within the US.
Danny tried to recover the Bitfunder IPVO funds, he even brought Bitfunder owner to Cyprus in an attempt to find a recovery solution
Neo's March opening also coincided with the collapse of Mt.Gox, where Danny personally lost BTC which he wanted to use to inject into the company prior to completing an equity sale. Needless to mention price of BTC didn't help with sustaining ongoing EURO fiat expenses like wages and such.
What also happened in March, and this part is very important, was a forum assault from the competition MPEx exchange (an exchange mentioned in a recent article regarding Satoshi Dice investigation) who started spreading a lot of disinformation Neo & Bee was targeted by MPEx because they are the main, highest volume listing on Havelock (an exchange they've also targeted a lot using same tools). Neo & Bee also had plans for a regulated security exchange which would have posed bigger threat for MPEx. In addition MPEx was the only BTC security exchange Neo & Bee ignored when they've decided to do the IPO, something which also didn't sit well with MPEx owner.
Most of the things MPEx claimed were flat out lies and disinformation, which is something they've constantly done for the past few months using a multitude of accounts to make such campaign more credible. One of Danny's latest posts on the Bitcointalk forum is a reply to such filthy unfounded defamaition MPEx is also the person Danny referred to in his last statement: "My recent silence has been forced due to the actions of two people, one of which has been posting on here thinking they know me and have the inside knowledge about my life which is largely false and they really should obtain some better sources, however those posts had much wider ramifications than they probably assumed they would have, so I hold them partially responsible for what has occurred since their posts" MPEx even went as far as to claim Danny was claiming the identity of a dead kid He was also using multiple accounts to spread disinformation on forum. MPEx main Bitcointalk account was permanently banned following these intense defamation campaign and this is something Bitcointalk libertarian mods rarely do. It came on the heels of a very malicious and targeted defamation campaign using a multitude of accounts.
By spreading all these false rumors MPEx did manage to amplify Neo's liquidity issue by making finding a buyer much harder and make both shareholders and employees edgy and ultimately lead to those threats Danny received, which I personally think were very real. There were some articles in the Cypriot press claiming that Danny didn't register complaints with Cypriot police regarding those threats but Danny only claimed he was advised to interrupt contact with all parties involved by "revelant authorities", including the employees who might have been involved in making those threats. He never mentioned going to the Cypriot police for advice. According to what other people said Danny doesn't speak Greek and he most likely contacted either UK police or the UK embassy.
According to Danny's words, he planned on returning to Cyprus before those threats were made. In the meantime, back in Cyprus 2-3 individuals that paid Danny 30-40k Euros to buy BTC, a deal which he didn't get to close following the events described above, made official complaints against Danny. (it's possible these very same people made those threats and it's also possible they are ex employees) This lead to an official police registered complaint, apparently turning Danny into person of interest in police investigation and the piece of news that came out in Cyprus Mail which you've also turned into an article recently.
It's true that employees were kept in the dark about the liquidity issue Neo faced. This doesn't make Brewster corrupt or crooked. It made sense from his point of view not to cause a panic if alternative funding could have been found. Unfortunately many of the employees gave in to the panic successfully started on forums.
If I were to draw a conclusion to this whole unfortunate situation, I'd say the regulators were the ones to mess things up by interfering. Hadn't the regulators closed Bitfunder, Neo & Bee would have still been in business and fully operational today. The liquidity issue wouldn't have brought them down.
submitted by JuicyGrabs to Bitcoin [link] [comments]

Neo and Bee Update: Cyprus Police deny threat report, some employees resign. Just another fine day in buttcoin land!

I'm sorry the sources for these articles are in Greek but Google Translate will unravel the mystery letters for you..
Update: An article in English indicating 35k euro in cash was taken from customers, making it a local fraud case worthy of investigation. Also, offices are totally empty and all employees have quit. Buttcoiners have begun flooding /neobee with offers to sell their worthless shares.
submitted by JoeyLovesLeah to Buttcoin [link] [comments]

Police in Cyprus Reportedly Issue Arrest Warrant For Neo & Bee Chief Danny Brewster

新峰公司的老总最近被警察统计,据说他最近离开国家为他失败的生意寻找投资人,目前正被当局以诈骗罪通缉。 评论:骗子难当,结局大多是身败名裂,倾家荡产,锒铛入狱。 Police in Cyprus Reportedly Issue Arrest Warrant For Neo & Bee Chief Danny Brewster Eric Calouro | April 11, 2014 | 0 Comments
Neo & Bee Chief Danny Brewster is apparently wanted by authorities, according to areport on Friday from the Cyprus Mail. Brewster, who recently left the country in search of investors for his failing business is wanted on suspicion of fraud.
According to a Cyprus Mail source, Brewster is “a person of interest in an ongoing investigation”.
Brewster was assumed to have fled the country and run off with customer money not terribly long ago, but spoke up and said he was actively looking for investors to save the business. Alleged threats against his daughter, he says, kept him out of Cyprus.
Brewster’s whereabouts remain unknown.
Neo & Bee was designed to be a bitcoin bank of sorts, allowing customers to have interactions with the digital currency at a physical location. With a swanky Nicosia branch and an advertising campaign unlike anything the bitcoinosphere has seen, it’s no surprise the company ran out of money.
At this time, the Neo & Bee branch in Nicosia remains closed and employees say they haven’t been paid for the month of March.
本文固定链接: 三个硬币 |
submitted by freepublic to Bitcoin [link] [comments]

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At least two clients have already filed complaints with the police in Cyprus against the Bitcoin company Neo & Bee. The local authorities are currently investigating the alleged fraud, while the company’s CEO Danny Brewster is still missing. The complaints were filed earlier this week, according to an article published by the Cyprus Mail, which also reveals that the victims paid €20,000 ... Neo & Bee launched an IPO on bitcoin equities exchange Havelock Investments in September 2013, and it currently has a share price of 0.00328 BTC and a market cap of 9016.0102 BTC ($5.21m at today ... In a report published today by the Cyprus Mail, Cyprus police have issued an arrest warrant for Neo & Bee CEO Danny Brewster. The report claims that Brewster is named as a “a person of interest in an ongoing investigation” in the fraud investigation, but it’s not clear if he is the primary suspect in the case. Self-proclaimed “bitcoin bank” Neo opened their offices in Nicosia in ... By Elias Hazou POLICE are looking into allegations that Cyprus-based bitcoin marketers Neo & Bee have defrauded at least two customers, as the company’s CEO continues to be missing in action. In a report published in today’s Cyprus Mail, police in Nicosia have launched a fraud investigation targeted at Neo & Bee following the sudden and dramatic collapse of the “bitcoin bank.”. Two persons have filed complaints to the police alleging they paid the company cash, but have not received bitcoins in exchange.

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Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. $10,000 Bitcoin By Halving, IF Key Resistance Breaks! HUGE ETHEREUM NEWS Will Rocket Price! - Duration: 14:43. The Crypto Lark 28,810 views Danny Brewster speaks on the upcoming Neo & Bee business and payment network. The Bitcoin ecosystem had a bumpy start, but driven in part by the demand created by the Silk Road and perhaps the Cyprus crisis, the impact grew quickly: the total value of bitcoins rose to ... Thanks to Away for sponsoring this video! Go to and use promo code techquickie to get $20 off your next order! Bitcoin...