The SEC believes that iConsumer offered stock to its members inappropriately between February 13, 2018 and May 23, 2018 (inclusive). To make sure that the shares of stock you earned during this period are yours to keep, we’ve created an offer so that you may rescind the shares and Bitcoin you earned and were awarded. To keep your shares and the Bitcoin you earned, you don’t have to do anything.
While we don’t agree with the SEC, our making this offer to rescind those shares is far easier than arguing with the SEC. To repeat: Don’t do anything if you want to keep your shares and Bitcoin.
To take us up on the offer to rescind your shares you’ll also need to return to iConsumer all of the Bitcoin you may have earned as part of the transactions being rescinded. You’ll need to pay $7.50 in issuance and transfer fees. You’ll need to provide your full name, mailing address, and social security number so that we can perform the required Know Your Customer (“KYC”) and Anti Money Laundering (“AML”) checks on you. You’ll need to execute and return to us a subscription agreement. You will need to execute and return to us your Offer Election Form. You may owe Federal and/or State income tax on the amount you receive. We will report the transaction to the IRS where appropriate. You may not rescind only a part of the shares and Bitcoin you earned during the affected time period. It’s all or nothing. In return, you’ll get $.09 per share plus statutory interest (these are the shares we are currently selling and awarding at $.15 per share). The last trade on the OTC market as of October 25, 2018 for these shares was at $.18/share.
If you earned shares that are subject to this offer, after Monday, October 29, 2018 there will be a button on your Dashboard that will allow you to elect to start the rescission process. It’ll show you the detail of the amount of Bitcoin you’ll be returning, the number of shares subject to rescission, whether or not you have sufficient money or Bitcoin in your account to cover the issuance and transfer fee, and the status of your KYC / AML checks. If you do not have sufficient Bitcoin in your account to cover the return of the earned Bitcoin, you will be given instructions on how to transfer Bitcoin to us. If you elect to rescind your award, we will also audit your account to make sure that you have complied with all of the terms and conditions of your membership. We are not required to make this offer to people who have not complied with our terms and conditions. You must elect to accept our offer by 5 p.m. Central time, December 6, 2018. If you do nothing, you will be deemed to have rejected our offer.
This is a formal offer. There is a formal document on the SEC site with all of the details, including an extensive Q & A section with lots of official answers. Choosing to rescind your shares is an investment decision. We urge you to read the questions and answers to get a better understanding of the risks involved with accepting or rejecting this rescission offer.
As always, we cannot give you investment or legal advice. We very much appreciate that you chose to earn ownership in iConsumer and received Bitcoin as part of that bargain. We do not want our members to rescind that ownership or Bitcoin. We advise you to seek qualified investment and legal advice before signing any legal documents. To repeat for a final time: To keep the shares and Bitcoin you earned, you don’t need to do anything.