Like I said, this is in the end going to have to be a class action format suit against Jam and no lawyer will take a case like this on without multiple examples of fraud...lets start assembling and documenting all of the individual examples of fraud perpetrated by Jam and build a case to present to the authorities first...we will probably have better luck with the authorities initially; civil action for damages can follow after an official fraud investigation is conducted.
I don't know if they still do, but I know in the past that several btcjam employees (including senior management people) were investing in numerous btcjam loans while working for btcjam. I wonder if they also lined their pockets with unpaid loans which is why btcjam is fighting so hard not to give us anything enforceable, first cutting ties with a legitimate arbitration firm and now bad-mouthing enforcemyarbitrationaward.com.
Very interesting, is there any way to substantiate your claim? How do you know that such activities were conducted in the past? That kind of activity is akin to Jam buying up deeply discounted Notes on defaulted loans of which they know they could later collect on, using insider knowledge to profit at the expense of investors is not particularly looked on as positive by the authorities
Of course, there is at the time of this writing very little legislation governing BTC transactions in the U.S, but a lot is coming which is why BTCJam probably discontinued servicing US customers so abruptly in March this year. That does not exclude them from civil prosecution though, they had a duty to their investors that they themselves created by offering BTCJam to investors.
I would also be interested in seeing proof of this, but otherwise I agree that there doesn't seem to be much to stop them from taking unfair advantage of insider knowledge on their Notes market.