Investors warned to be wary of Flamingo Casino Club
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Regulators in five states filed an emergency cease-and-desist order against Flamingo Casino Club. The order was issued after an investigation concluded that the site was promoting a non-existent relationship with the Flamedo Las Vegas Hotel and Casino while operating under an IP address registered to Moscow.
The injunction alleged that Flamingo Casino Club failed to communicate its physical address, phone number and any evidence that the membership of its leadership team actually exists. The order also charged the endeavor with ‘intentionally failing to disclose assets, liabilities, revenues and other financial information’ relevant to its business and “the development and management of the metaverse casino”.
Joe Rotunda is the Enforcement Director for the Texas State Securities Board. Rotuda is shocked by Flamingo Casino Club's actions and lack of transparency. He claims the domain was created using sophisticated graphics, erroneous ties to big-name backers and mysterious profit promises to defraud investors via the purchase of non-fungible tokens.
Flamingo Casino Club promised investors that they could enjoy a range of perks. The domain promised to give 50% of profits from an online casino it was looking to build on The Sandbox platform.
Flamingo Casino Club is in talks with Snoop Dogg to build an online casino. The cease-and-desist order claims that the company is not disclosing the status of negotiations for the purchase of virtual land.
