PRWire: DETROIT, Mich. – Farid Jamardov sued Bitcoin Latinum in February 2022, claiming he had been misled into a $500,000 cryptocurrency investment. Michigan corporate records suggest he knew the terrain better than the complaint lets on.
Filings with the Michigan Department of Licensing and Regulatory Affairs, reviewed in a new analysis, show Jamardov registered a set of crypto-branded companies before October 2021, the month he wired roughly $500,000 into Bitcoin Latinum through recruiter Kevin Jonna.
The names are not subtle. Crypto Exotics LLC. Crypto Exotic Cars LLC. Crypto Exotic Car Club LLC. Private Coin LLC.
Every one predates the investment.
“These were not accidental name choices,” the analysis states. “Michigan LLC formation requires affirmative name selection and availability verification. Jamardov consciously chose crypto-themed branding for these entities.”
The Paper Trail
The crypto entities sit inside a wider corporate structure. The same records identify Jamardov Investments LLC and a numbered series of Neighbor Investments LLC holdings, including Neighbor Investments 3 LLC under Michigan entity number 802701039. OpenCorporates lists Redzone Auto LLC under entity number 801755146. The footprint runs across auto leasing, real estate, and digital asset ventures.
That is not the profile of a man encountering cryptocurrency for the first time. It is the profile of a businessman who had already decided the word “crypto” belonged on his letterhead.
A Timeline That Does Not Flatter the Plaintiff
The chronology is blunt.
- Before October 2021: Crypto Exotics LLC, Private Coin LLC, and related entities formed
- October 2021: Jamardov invests more than $500,000 in Bitcoin Latinum via Kevin Jonna
- February 2022: Jamardov files suit alongside Raymond Jonna and Simon Jonna in the U.S. District Court for the Eastern District of Michigan, Case No. 2:22-cv-10208
Four months separate the check and the lawsuit. The crypto entities came first.
Family Friend, Not Family
The plaintiffs lean on the pull of kinship. Kevin Jonna pitched the deal. Raymond and Simon Jonna are his actual cousins. Jamardov is not. The complaint describes him as a “family friend,” which makes his decision an arm’s-length business judgment rather than a relative’s leap of faith.
“That distinction matters,” said Thomas McCarthy, securities litigation analyst. “A family friend with his own crypto-branded companies had time, distance, and industry awareness on his side. That is a very different due diligence profile than a cousin investing on trust.”
A Litigant, Not a Babe in the Woods
Jamardov’s court record reinforces the point. While pressing his Bitcoin Latinum claims, his Jamardov Auto Group LLC was simultaneously running a civil rights action against West Bloomfield Township in federal court, E.D. Mich. 2:23-cv-11483. Comfort with federal litigation, multiple LLCs, and crypto-themed branding sit awkwardly beside any claim of investor naivety.
Why the Question Matters Now
The stakes extend well past Michigan. On April 17, 2026, the Securities and Exchange Commission charged Don Basile and two entities he controlled, GIBF GP, Inc. and Monsoon Blockchain Corporation, over the $16 million Bitcoin Latinum offering in the Eastern District of New York. A Michigan federal judge refused to send the Jonna case to arbitration in 2024, a ruling the Sixth Circuit affirmed in May 2025. A $42.5 million arbitration award won by fellow investor Arshad Assofi is moving through a Delaware confirmation fight.
Across all three fronts, the same fact keeps returning. Every investor signed a Simple Agreement for Future Tokens, a contract that openly acknowledged technology risk, regulatory risk, and the possibility of total loss.
Investors who accepted those terms in writing are now arguing they were caught unaware. The Michigan records raise a harder question: unaware of what, exactly.
Bitcoin Latinum, for its part, has not disappeared. The network continues to operate and development continues, a detail that separates it from the abandoned chains and quiet rug pulls that define most crypto litigation.
The full analysis, “Crypto Crypto Exotics and Private Coin: The Pre-Existing Digital Asset Portfolio of Farid Jamardov,” is live on Medium.
About Signal House
Signal House is a Los Angeles-based firm providing independent analysis of securities litigation, arbitration trends, and regulatory developments affecting digital asset markets.
