Jerrod Bunce (Ascension) and Michael McNierney (MAC)'s defunct business, BTCQuick, LCC, of Colorado, registered by Michael from (Jerrod's address is given as can be read about here at the height of its popular success:
As the site is now down, the best existing timeline can be observed on Jerrod's "official" company thread on BitcoinTalk forum: https://bitcointalk.org/index.php?topic=159716.0
This business funded operations by raising funds on a now defunct crowdfunding website, BitFunder.
An estimated 2400 BTC+ was raised via BitFunder in total for the business to operate by selling BTC at a markup (roughly 7.
5%) via credit card or bank account, with an estimated 1700 BTC specific vaguely specified operating funds. At the time raised, this amount ranged in value as much as $100k-200k+, and could likely be considered and unregulated sale of securities. Investors were assigned various equity stakes via the crowdfunding platform.
Jerrod, representing the business under his Bitcointalk forum handle "Ascension", eventually claimed the business was insolvent, despite never providing any financial statements or documentation outside those posted in Bitcointalk, which represented the business as making a profit until it suddenly was "insolvent".
Jerrod then ignored investors demands for more transparency.
His statement was as follows on March 09, 2014:
"btcQuick is not operating and it has been decided that the company will be dissolved and the remaining funds will be returned to the investors.
We decided that this would be the best option in light of our new merchant account being a complete joke, ACH payments are extremely fraud prone, U.S. regulation ,and our bank account has been put on hold. Due to the Credit card and ACH chargeback windows we will have to wait 6-12 months before we can return the funds back to the investors.
I will issue an official memo in the coming week along with a current assets report/listing.
Thank you for your support,
Ascension"
In regards to a final repayment to investors/creditors on the same date:
"This still has to be determined as we have to wait out the chargeback period and settle any remaining bills for servers ect."
Although he never provided transparency around the operational loss of $100k+, he did promise a final payout of the merchant account on April 13, 2014:
"Currently we are awaiting the funds to be released from our merchant account and to be deposited into our bank account. Once the hold our bank account it lifted we will convert all USD assets to BTC and distribute according to our Bitfunder list.
Here is a link to our Merchant Account Statement - April 2014." (the merchant account PDF can still be viewed at this link).
On December 5th, 2014, he provided his final post, before ignoring/blocking all attempts to get in contact with him:
"They finally got back to me (today) and they will deposit funds into our account once they receive a letter from our bank. Hopefully by EOD this should be completed and we will have the funds early next week."
Jerrod appears to have engaged in massive amounts of amounts of fraud, unregulated sale of securities, negligence, and and has simply lied and misled investors in his business from inception while denying any wrongdoing.
At the very least, Jerrod and Michael clearly owe creditors the promised and confirmed remaining sum after close of operations and the LLC of $59,010.34.
For additional background, Jerrod previously appears to have arrested on a class 3 felony sexual offense charge for a series of alleged incidents that began in 2001 and lasted until 2007.
As of this writing, both of these individuals can still be found receiving and repaying loans from other individuals on crowd lending platform BTCJam under the same usernames.
Jerrod Bunce Reviews
Jerrod Bunce (Ascension) and Michael McNierney (MAC)'s defunct business, BTCQuick, LCC, of Colorado, registered by Michael from (Jerrod's address is given as can be read about here at the height of its popular success:
http://www.coindesk.com/bitcoin-sales-service-btcquick-hits-nearly-2m-sales/
As the site is now down, the best existing timeline can be observed on Jerrod's "official" company thread on BitcoinTalk forum: https://bitcointalk.org/index.php?topic=159716.0
This business funded operations by raising funds on a now defunct crowdfunding website, BitFunder.
An estimated 2400 BTC+ was raised via BitFunder in total for the business to operate by selling BTC at a markup (roughly 7.
5%) via credit card or bank account, with an estimated 1700 BTC specific vaguely specified operating funds. At the time raised, this amount ranged in value as much as $100k-200k+, and could likely be considered and unregulated sale of securities. Investors were assigned various equity stakes via the crowdfunding platform.
Jerrod, representing the business under his Bitcointalk forum handle "Ascension", eventually claimed the business was insolvent, despite never providing any financial statements or documentation outside those posted in Bitcointalk, which represented the business as making a profit until it suddenly was "insolvent".
Jerrod then ignored investors demands for more transparency.
His statement was as follows on March 09, 2014:
"btcQuick is not operating and it has been decided that the company will be dissolved and the remaining funds will be returned to the investors.
We decided that this would be the best option in light of our new merchant account being a complete joke, ACH payments are extremely fraud prone, U.S. regulation ,and our bank account has been put on hold. Due to the Credit card and ACH chargeback windows we will have to wait 6-12 months before we can return the funds back to the investors.
I will issue an official memo in the coming week along with a current assets report/listing.
Thank you for your support,
Ascension"
In regards to a final repayment to investors/creditors on the same date:
"This still has to be determined as we have to wait out the chargeback period and settle any remaining bills for servers ect."
Although he never provided transparency around the operational loss of $100k+, he did promise a final payout of the merchant account on April 13, 2014:
"Currently we are awaiting the funds to be released from our merchant account and to be deposited into our bank account. Once the hold our bank account it lifted we will convert all USD assets to BTC and distribute according to our Bitfunder list.
Here is a link to our Merchant Account Statement - April 2014." (the merchant account PDF can still be viewed at this link).
On December 5th, 2014, he provided his final post, before ignoring/blocking all attempts to get in contact with him:
"They finally got back to me (today) and they will deposit funds into our account once they receive a letter from our bank. Hopefully by EOD this should be completed and we will have the funds early next week."
Jerrod appears to have engaged in massive amounts of amounts of fraud, unregulated sale of securities, negligence, and and has simply lied and misled investors in his business from inception while denying any wrongdoing.
At the very least, Jerrod and Michael clearly owe creditors the promised and confirmed remaining sum after close of operations and the LLC of $59,010.34.
For additional background, Jerrod previously appears to have arrested on a class 3 felony sexual offense charge for a series of alleged incidents that began in 2001 and lasted until 2007.
http://www.theflume.com/news/article_0ba49abc-2da2-11e1-bf3c-001a4bcf6878.html
As of this writing, both of these individuals can still be found receiving and repaying loans from other individuals on crowd lending platform BTCJam under the same usernames.