Let’s first remove the misconception that it is anywhere near a Ponzi scheme. If it was, the news and Settlement will be mentioning that P work again. No mentions, no conclusive evidence of wrongdoing in the Settlement.
Contrary to FTC statement and CNBC reports, the timeline is the following, and Beam had the paper trail to show that this is factual —
1) October 1, 2020 - Beam's ACH service provider's API service stopped working. Funds locked in banking service provider.
2) Early October - Beam began proactively working with its ACH service provider, banking service provider to unlock the funds help at bank. Service providers initially refused to unlock funds unless Beam indemnifies them. Months long disputes with ACH vendor who locked up the fund.
3) November 16 - All of $2.6 million except around 80 customers who Beam was not able to reach had been refunded in full by Beam and Beam's service providers. The remaining amount of these around 80 customers accounted for <$90K in aggregate dollar amount.
4) November 18 or about - FTC, knowing that Beam had returned vast majority of the $2.6 million, still filed a lawsuit against Beam. CNBC article came out around the same time misstating that Beam had not yet returned the funds and it was FTC who “made” the fund return happen or to be happened.
5) By January - Beam had since then contacted all remaining 80 customers and the return of funds had been complete for all where customers can be reached.
FTC admitted explicitly to Beam on an internal call that they have not reviewed all the evidence —and that they WILL NOT review the full evidence proving Beam's innocence—which is against the principle of due diligence and fair justice.
Beam offered full review of the facts and full disclosure of all facts and evidence, but FTC refused to examine the facts to rectify false allegations by FTC. This is clear evidence that this case was NEVER about truth-seeking, but a PR chess piece for FTC.
About Settlement
1 - There is zero conclusive evidence of finding of wrongdoing. Nil. Only false allegations.
2 - There is $0 penalty. When was the last time you saw FTC taking on an scrappy SME for months, only to come to a $0 settlement? Shows there’s more to the story.
To be clear, Beam as a company is not shutting down. Stop the misleading headlines just like when people call Beam a Ponzi scheme. False “entertaining” frivolous news comes and goes, but the damage on good people and startups is a permanent injustice.
If the “System” can take down any small, defenseless SME with explicit refusal to review the FACTs, simply sensationalizing a false make-believe story to paint a picture of the “System” being glorious, fired up by fake news, is this the world we want to leave to our children?
Contrary to FTC statement and CNBC reports, the timeline is the following, and Beam had the paper trail to show that this is factual —
1) October 1, 2020 - Beam's ACH service provider's API service stopped working. Funds locked in banking service provider.
2) Early October - Beam began proactively working with its ACH service provider, banking service provider to unlock the funds help at bank. Service providers initially refused to unlock funds unless Beam indemnifies them. Months long disputes with ACH vendor who locked up the fund.
3) November 16 - All of $2.6 million except around 80 customers who Beam was not able to reach had been refunded in full by Beam and Beam's service providers. The remaining amount of these around 80 customers accounted for <$90K in aggregate dollar amount.
4) November 18 or about - FTC, knowing that Beam had returned vast majority of the $2.6 million, still filed a lawsuit against Beam. CNBC article came out around the same time misstating that Beam had not yet returned the funds and it was FTC who “made” the fund return happen or to be happened.
5) By January - Beam had since then contacted all remaining 80 customers and the return of funds had been complete for all where customers can be reached.
FTC admitted explicitly to Beam on an internal call that they have not reviewed all the evidence —and that they WILL NOT review the full evidence proving Beam's innocence—which is against the principle of due diligence and fair justice.
Beam offered full review of the facts and full disclosure of all facts and evidence, but FTC refused to examine the facts to rectify false allegations by FTC. This is clear evidence that this case was NEVER about truth-seeking, but a PR chess piece for FTC.
About Settlement 1 - There is zero conclusive evidence of finding of wrongdoing. Nil. Only false allegations. 2 - There is $0 penalty. When was the last time you saw FTC taking on an scrappy SME for months, only to come to a $0 settlement? Shows there’s more to the story.
To be clear, Beam as a company is not shutting down. Stop the misleading headlines just like when people call Beam a Ponzi scheme. False “entertaining” frivolous news comes and goes, but the damage on good people and startups is a permanent injustice.
If the “System” can take down any small, defenseless SME with explicit refusal to review the FACTs, simply sensationalizing a false make-believe story to paint a picture of the “System” being glorious, fired up by fake news, is this the world we want to leave to our children?