Peter Schiff on Monday called on the SEC to investigate Michael Saylor for marketing STRC preferred stock to retirees, arguing the 11.5% dividend is unsustainable and labeling it “a classic centralized Ponzi.”
Schiff Says Saylor Violated SEC Antifraud Rules
Schiff wrote on X, asking how the SEC can let Saylor get away with public comments that STRC is suitable for retirees whose primary investment objectives are low-risk wealth preservation and income.
“This is a violation of SEC antifraud and marketing rules,” Schiff wrote.
In a follow-up post, Schiff wrote that Saylor admitted STRC is being bought by retirees seeking low-risk wealth preservation. “But STRC is actually high-risk,” Schiff wrote. “Saylor’s comments will help retirees who lose money win lawsuits against $MSTR.”
The dispute intensified after Saylor acknowledged during Strategy Inc.’s (NASDAQ:MSTR) Q1 earnings call that the company may sell Bitcoin (CRYPTO: BTC) to fund STRC dividend payments. `
Saylor …
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