Tuesday, March 26, 2019

Kevin Patrick Hobbs and Lisa Cheng targeted for civil forfeiture

The couple ran Vanbex Group Inc. and Etherparty Smart Contracts Inc. that launched a cryptocurrency coin called a FUEL token. Vanbex raised $30m in the fraudulent initial coin offering (ICO).

Cops launched a fraud investigation into Etherparty and Vanbex, as well as Hobbs and Cheng, in May 2018.
Hobbs has a criminal history, including money laundering and marijuana trafficking. The forfeiture office is seeking a luxury Coal Harbour townhouse, two Range Rover SUVs, and funds in Bank of Montreal accounts as proceeds of crime.
The three-bedroom townhouse with views of Coal Harbour was bought in late 2017 by Hobbs and Cheng for $4.1m in cash, but was recently listed for sale at $7.8m. The 2017 and 2018 Range Rovers, owned by Hobbs, sell for as much as $90k and are still believed to be in his possession. Hobbs is also accused of using the “misappropriated funds” to buy a Bay Street apartment in Toronto for just under $3.7m and to purchase a three-year lease for a $500k 2018 Lamborghini.