Things Are Getting Worse for WallStreetSilver. Is Jim Lewis the Silver Version of Sam Bankman-Fried?
Story in progress and updated two times per day. The volume of claims and incidents by mining executives, reddit members and precious metals enthusiasts are being added to this ongoing story. a compilation of reports by reddit community members uploaded via the PickAxe self-publishing tool.
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Wall Street Silver. Allegations of fraud, censorship, racism and plagiarism.
Wall Street Silver's Fall from Grace. No longer Silver Darlings. From Hero to Zero The number of serious allegations about Wall Street Silver corruption are snowballing by the minute.
This drip drip drip is turning into a flood.
There are intensifying reports that Wall Street Silver's self-proclaimed founder Jim Lewis and his assistant Ivan Bayoukhi have misled numerous mining companies to trade pumped-up followers in exchange for advertising, yielding a growing distrust within the silver mining clients about experiencing deplorable and dissatisfying returns on advertising results.
The alleged fraud perpetrated by Jim Lewis and Ivan Bayoukhi stems from various ethical missteps. Most prominently, grossly exaggerated and false claims by Jim and Ivan surrounding their social media influence.
Numerous Wall Street Silver users report that Jim attended mining conference(s) off the popularity of Wall Street Bets then convincing gold and silver miners they had followers far from the numbers they charged advertisers in terms of price per impressions.
It gets worse. We are now learning that Jim Lewis had no previous background in precious metals or mining, the two very things he was charging exorbitant consultant and media fees for. This would be like a Doctor charging enormous fees while having zero knowledge of chemistry or biology.
Jim's previous experience was the opposite of promoting precious metals. It's reported his background is working for "hostile" firms like Merrill Lynch while he positioned himself as some maverick against these same "Wall Street devils."
When someone advertises based on a phony media kit, it is a version of fraud linked to being conned about a media's demographics, strength, track record, and reach.
This is like owning a newspaper and telling the local plumber that you have a readership or circulation of one million when your circulation is much less. Or, like having a magazine for home design and telling remodelers that your readership owns homes when most are renters.
We've spoken with more than four prominent gold and silver dealers who mention they see little difference in sales due to Wall Street Silver "Apes."
They comment that once prices are above $24, they get more inquiries about "apes selling" than "apes buying."
Moreover, Jim Lewis and Ivan Bayoukhi have created numerous fake accounts or have allegedly paid services like Fiverr, Upwork, Freelancer hired to pump up their followers on twitter and reddit.
Some say they are hiring "click farms" to build fake followers.
Things keep getting much worse for Jim Lewis and Ivan Bayoukhi
Insiders who have looked behind the curtain know the corruption is there while Jim Lewis escalates. Many of the original flock are leaving the WallStreetSilver group in droves or getting blocked by "Big Jim" for asking legitimate questions about his accountability to the original mission.
People on the Reddit sub-Wall Street Silver are starting to see through the fakery and many substantive and serious questions are surfacing such as:
1/ What happened to the money raised on their GoFundMe campaign?
2/ Why was there no transparency on these funds (i.e. Show Me The Audit)
3/ What happened to the funds earmarked for billboards?
4/ What happened to the proceeds from the minted coins sold by SilverGoldBull?
5/ Why does Jim Lewis censor people who ask routine questions regarding his accountability?
This all comes down to this fundamental issue. Communities on social media are customarily about people of like mind sharing ideas for a cause or to raise awareness. They are not companies. They are not intended to have leaders leverage the momentum of the community effort for privatized gains or a personal revenue stream. Everyone else in the community has a regular job whereas Jim and Ivan have exploited the content and numbers of the community and monetized to line their pockets with everyone else's effort.
Wall Street Silver Caught Lightning in a Bottle but "it was a Bottle of Bad Faith."
A few years ago, Wall Street Bets was in the news for disrupting Wall Street insiders who had shorted stocks like Gamestop and AMC Theatres. After all, it was Covid, and people were not gathering inside movie theaters. So Wall Street Bets organized retail investors to "take the other side of the trade" in a grassroots underdog movement giving rise to meme investing.
Wall Street Silver's original mission was to do likewise with the silver commodity vs publicly traded stocks. The thinking was that bankers and silver industrialists had been manipulating silver pricing to the downside.
This presented an opportunity to form a syndicate of guerilla retailers to follow the WSB disruptive spirit of investing and "stick it to bankers and their client governments" who use the US dollar to rig markets and foreign policy related to monetary policy.
Numerous Wall Street Silver members allege that Jim Lewis and Ivan Bayoukhi have hijacked the WSS group for personal gain. A swelling movement wants Jim and Ivan to resign because of what they call "theft, corruption, censorship acts and false advertising."
Ivan had gone on KITCO with David Lin to discuss how WSS would have a ledger that would yield 100% transparency in funds raised on GoFundMe. The funds were to educate the masses on how a silver squeeze could stop bankers from manipulating the silver market via paper or OTC futures trading.
Ivan Bayoukhi tells the worldwide audience and David Lin that all the money raised from the GoFundMe campaign will be on a ledger so everyone can see funds spent on raising awareness for the silver movement. This included public awareness campaigns such as:
-other ancillary promotions
They solicited donations from prominent bullion dealers, including SD Bullion, Miles Franklin and other big names in the precious metals industry.
But there is a bombshell or outcry mounting.
No one has seen this ledger of so called transparency.
The ledger was to account for proceeds from their GoFundMe donations and 1 oz silver rounds.
View the segment of the video below. The video whereby Ivan boasts of transparency surrounding the missing funds some claim is north of $500,000.00 (GoFundMe and proceeds from the 1 oz .999 Silver Rounds featuring the mascot Troy) https://www.reddit.com/r/SilverDegenClub/comments/10eicgr/gofuckme/
Ivan Bayoukhi on the ledger
More on this ledger topic below when it's revealed that there was a third founder that was kicked out of the movement or maybe he left because he didn't want to be implicated in theft of GoFundMe?
Holding Jim and Ivan to account.
Look What Happens when WSS Community Members are asking about transparency.
Specifically, the new refrain is "For the Love of God, Please produce the ledger." Otherwise the only rational conclusion is that the funds were misallocated at best or siphoned at worst.
Moreover why would community funds be spent on expensive legal fees? It goes to the very premise of this article.
Precisely, Why would you take a community movement that you didn't really start and run to the attorney to profit?
This isn't their intellectual property or anyone's physical property. It's a community on reddit that doesn't belong to them.
This tweet was submitted by a reddit user and taken down after questions started trickling in like
SHOW ME THE F*CKING LEDGER