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1847 Holdings Delisted: Not a Failed Business—A Publicly Traded Ponzi Scheme

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6 months ago

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With the April 3, 2025 delisting of 1847 Holdings LLC (EFSH), following the prior bankruptcy and delisting of its spinoff Polished.com, it is time to stop framing these as ordinary business failures. This is not a story of mismanagement, market volatility, or unfortunate investing. This is the unraveling of a nearly $700 million, decade-long Ponzi scheme—engineered under the veil of a publicly traded company, orchestrated by insiders who understood the system and abused it deliberately.

Many regulators instinctively reject the notion that a company listed on a national exchange and regulated by the SEC could be a Ponzi scheme. But regulation does not equal legitimacy. In the case of 1847 Holdings, the behavior follows classic Ponzi mechanics. The company would routinely raise capital through dilutive public offerings—often through secondary or follow-on offerings—and within approximately 30 to 45 days, issue dividends to shareholders. These dividends were not funded by profits or free cash flow. They were funded by the very capital just raised from new investors, redistributed to prior shareholders under the false pretense of operational success. This cycle occurred multiple times in the company’s early history, carefully timed to maintain a façade of credibility while draining public capital.

While Polished.com did not issue dividends, it raised more than $500 million in just three years before collapsing. There is compelling reason to believe that capital raised by Polished was also used—directly or indirectly—to prop up 1847 Holdings, bridging financial gaps and sustaining dividends that the company could not support on its own. These entities were controlled by the same external management firm, 1847 Partners, which operated both companies as vehicles of capital extraction rather than growth.

The illusion was further supported by a series of manufactured narratives—glowing press releases announcing acquisitions, synergies, or expansions that were either entirely fabricated or grossly misrepresented. Financial filings were padded with inconsistencies, questionable adjustments, and, tellingly, blanket disclaimers citing “material weaknesses in internal controls.” These disclosures functioned not as a sign of transparency, but as legal insulation from the inevitable consequences of deception. Meanwhile, insiders enriched themselves through management fees, consulting agreements, preferred share arrangements, and undisclosed perks, all while shareholder value was systematically destroyed.

One of the most abusive mechanisms employed was the repeated use of reverse stock splits—eight in total. After each split reset the share count and artificially elevated the stock price, new rounds of toxic dilution would begin. It was a cycle of destruction: reverse, dilute, raise, repeat. Shareholders were diluted into oblivion while insiders benefited from preferred structures and private placements. They squeezed every last penny from the public float, like wringing a lemon dry—then wringing it again and again until nothing was left.

At the center of this scheme was 1847 Partners, controlled by Ellery Roberts and Louis A. Bevilacqua. Bevilacqua is not a passive legal advisor billing for filings. He is the architect of this fraud. As a licensed attorney, he used his expertise not to ensure compliance, but to build the legal and corporate infrastructure of a publicly traded Ponzi scheme. He structured the acquisitions, drafted the offerings, and embedded just enough plausible deniability into public filings to shield himself and his partners from immediate scrutiny. His role wasn’t supportive—it was foundational.

What makes this more egregious is that many of the companies acquired under 1847 Holdings were decades-old, cash-flow-positive businesses—some operating for nearly a century. These were not distressed assets; they were viable enterprises that should have thrived with hundreds of millions in capital behind them. Instead, they were looted, saddled with debt, mismanaged by design, and pushed into bankruptcy. In 2024 alone, nine bankruptcies occurred across the 1847 and Polished portfolios. The only reason the scheme collapsed was because NYSE rules prohibited further reverse splits, cutting off the final escape route.

For over a year, I have been stating clearly and publicly that this was a Ponzi scheme. The difficulty is that Ponzi schemes are often invisible to regulators until they become criminal cases. But if a company raises money under false pretenses, uses that money to pay earlier investors, fabricates press and financials, enriches insiders while leaving a trail of bankruptcies—it doesn’t matter whether the scheme was private or public. You don’t need the word “Ponzi” in the statutes to see what’s happening. This wasn’t an investment opportunity gone bad—it was a fraud with a ticker symbol.

And this isn’t just about 1847 Holdings or Polished. This conduct has harmed the broader microcap space. Bankers, lawyers, and issuers across the industry should take Louis Bevilacqua’s actions personally. He is a large part of the reason why public markets have become harder to access for legitimate small businesses. Rules are tighter, scrutiny is higher, and investor trust is weaker—because of individuals like him. He didn’t just steal from shareholders; he set back an entire ecosystem.

This is not a trivial matter. This is not a learning opportunity. This is one of the most brazen, sustained acts of public market fraud in recent memory. Nearly three-quarters of a billion dollars raised, countless companies destroyed, and shareholders devastated—while insiders walked away enriched. The SEC, DOJ, and FINRA must act. Louis Bevilacqua and Ellery Roberts must be investigated, and if appropriate, prosecuted. The record is clear. The intent was deliberate. The consequences are real. Now, accountability must follow.

Media Contact: 

Matthew Miller
Strategic Risk LLC
Bronx
NY
United States
914-306-4771
matt@strategicriskllc.com

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Press Release

Grvt Raises $19M to Pioneer Privacy-First Onchain Finance and Unlock Trillion-Dollar Markets

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8 minutes ago

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September 19, 2025

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September 18, 2025 – Panama City, Panama – Grvt, the preeminent DEX (decentralized exchange) for onchain financial privacy that is powered by zero-knowledge (“ZK”) technology, today announced the close of a $19 million Series A funding round. This investment strengthens Grvt’s pioneering position as the global blueprint for the future of finance, accelerating its mission to disrupt the fragmented onchain finance ecosystem by addressing longstanding industry challenges, including privacy vulnerabilities, security, scalability and accessibility. 

​As Wall Street embraces blockchain technology, the next chapter of global finance is being written, and it’s happening onchain. In August, Ethereum’s onchain volume reached over $320 billion, its highest level since mid-2021. Research also projects the DeFi sector to surge from $32.36 billion in 2025 to over $1.5 trillion by 2034. 

However, this potential remains untapped due to critical concerns raised by a surge of issues on decentralized platforms. These issues include “whale hunting”, where large trades are front-run or exploited by sophisticated actors scanning the mempool. Such tactics lead to billions in annual losses from maximum extractable value (MEV) attacks and other manipulative tactics. Further challenges include smart contract exploits, compliance hurdles on public chains, a siloed onchain ecosystem, and a lack of ease of use for everyday people.

Grvt is the only player in the field with a solid head start and tech infrastructure to change that. The Series A round was co-led by Grvt’s foundational technology partner ZKsync; Further Ventures, a leading capital markets infrastructure investment firm based in Abu Dhabi, which also led the strategic investment round into Grvt (deal closed last December); EigenCloud (fka EigenLayer), a verifiable cloud platform that lets developers build any application; and 500 Global (formerly 500 Startups), a venture capital firm with $2.3B in AUM investing in founders with a global outlook building fast-growing startups.

Majority of the funds raised will accelerate Grvt’s multi-pronged product strategy, designed to serve both active traders and passive investors. This unique approach is absent from the current exchange scene, solidifying Grvt’s unrivaled position to dominate and unify the fragmented onchain financial landscape and bring it to mainstream. Key pipelines include:

  • Fixed Yield Generation Flywheel: An industry-first yield vehicle that lets users effortlessly move funds between their funding, trading, and vault accounts, and maximize returns.
  • Infrastructure: Keep strengthening Grvt’s privacy-by-default infrastructure which is lacking in the industry.
  • Stablecoin-Enabled System: A robust stablecoin business foundation, including cross-exchange vaults and real-world asset (RWA) integrations.

The remaining funds will fuel community initiatives and talent acquisition to drive global expansion.

Hong Yea, co-founder and CEO at Grvt, commented: “Onchain finance has been held back by privacy gaps that expose users to exploitation. By building a privacy-driven, scalable, and trustless DEX that offers a wide array of structured products, Grvt exemplifies how ZK-powered solutions will become the new normal for everyone, realizing the vision of an open and secure onchain finance world.” 

Alex Gluchoski, co-founder and CEO at Matter Labs, commented: “We believe ZK is the ‘HTTPS moment’ for crypto. Just as HTTPS took the internet mainstream by adding a layer of trust and privacy, ZK will do the same for Web3. Grvt is uniquely positioned to be the most liquid and impactful application layer to help realize this vision, their dedication and progress excellently demonstrates how ZK can bring onchain finance to mainstream.”

Faisal Al Hammadi, Managing Partner, Further Ventures, “Further Ventures is committed to backing the next generation of financial infrastructure from Abu Dhabi to the world. Grvt’s application of zero-knowledge proofs demonstrates how cutting-edge cryptography can underpin markets at institutional scale, and we are proud to support their vision for a truly borderless financial system.”

Sreeram Kannan, Founder and CEO at Eigen Labs, “Verifiable data powers verifiable compute, and with EigenDA now at 100 MB/s, the bottleneck has shifted from data to compute. Grvt is tackling that frontier head-on. Their ambitious vision is matched by the caliber of their team, and we’re thrilled to back them alongside ZKSync in bringing onchain finance to cloud scale with the security and privacy it requires.”

Min Kim, General Partner at 500 Global, commented: “We believe the next frontier of finance will be built onchain, and privacy is a foundational element to unlock its full potential. Grvt’s vision of combining ZK technology with institutional-grade infrastructure aligns strongly with our thesis of backing global founders who are re-architecting core financial systems. We’re excited to partner with Grvt as they set a new standard for secure, private, and accessible onchain markets.”

A Collective Charge to Lead and Consolidate Onchain Finance 

By implementing zero-knowledge (“ZK”) technology and integrating with the ZKsync technology which has been explored in proofs-of-concept by leading institutions like Deutsche Bank, UBS and more, Grvt is uniquely positioned as a blockchain-native global blueprint for what ZK is able to achieve for finance, making everyday trading and investing secure, fast, private, and accessible. This is how the ZKsync Stack helps solve key bottlenecks when bringing finance onchain:

  • Privacy: Grvt runs a ZKsync Validium L2 blockchain that validates L2 state without publishing it, thereby ensuring privacy, an issue that has long plagued most DeFi protocols.
  • Ethereum-level Security: With ZK proofs, L2 transactions inherit Ethereum-level security. Every batch of transactions is verified directly on Ethereum, this means that even though transactions are processed off-chain for speed and low cost, their validity is mathematically guaranteed. If any transaction were invalid, the proof would fail and Ethereum would reject it.
  • Scalability: The ZKsync Stack improves scalability by operating as a L2 solution, enabling the processing of significantly more transactions than Ethereum’s base layer.
  • Accessibility: ZKsync technology makes transactions cheaper by handling them off-chain in bulk and only posting the essential proofs to Ethereum’s base layer, cutting settlement costs dramatically.

As a key investment arm of Abu Dhabi’s strategic push into the blockchain space, Further Ventures’ co-leadership of the Series A round consolidates its leading position as a critical force in shaping onchain finance globally.

As one of the fastest-growing developer ecosystems in crypto, EigenCloud’s EigenDA, the #1 data availability solution for Ethereum rollups, provides Grvt with the scale and security needed to operate at cloud speed. By anchoring data to a decentralized validator network, EigenDA ensures that Grvt’s ZK stack remains both verifiable and scalable. Looking ahead, Grvt will also tap into EigenDA’s programmable privacy features, which resolve the long-standing paradox between data availability and privacy. This breakthrough allows Grvt to combine data availability with privacy guarantees, an achievement once thought impossible.

Looking Ahead

Building on Grvt’s innovative foundation, which has already delivered several industry firsts – such as a -1 bps maker fee rebate for all maker orders (a benefit traditionally reserved for institutions) – the immediate next step is the launch of our fixed-yield product. This product will ensure a 10% interest rate return for all users. We will also introduce our flagship market-making strategy, the Grvt Liquidity Provider (GLP), a fund strategy that provides high double-digit APRs, which was once inaccessible to retail traders.

Amid the industry’s rapid growth, this funding round establishes a robust, multi-layered foundation. It combines cutting-edge technology, institutional-grade infrastructure, and a secure data framework to create a platform that solidifies its strong position in the increasingly crowded onchain financial space.

###

Disclaimer: Cryptocurrencies carry high risks. This content is not a distribution of, or an offer or solicitation to provide, financial services or products, nor a representation as to their suitability or legality for you. Grvt is not a regulated entity and your funds are not subject to regulatory protection. Before making any decision based on this content, please seek financial and legal advice, and carefully review our Risk Disclosure and Disclaimer in full.

Grvt Strategies: Grvt provides technology solutions and smart contract infrastructure for digital asset management but does not offer financial, investment, or advisory services. Grvt does not endorse, recommend, or guarantee the performance or suitability of any investment strategies made available through the Strategies platform. All investment strategies are developed and managed independently by third-party strategy providers. Grvt does not assume any responsibility or liability for the performance of such strategies or any losses incurred by users. Users are solely responsible for evaluating and accepting the risks associated with any investment decisions made through the Strategies platform.

About Grvt

Grvt (pronounced “gravity”) is an onchain financial platform built on the ZKsync Stack that ensures private, trustless, scalable and secure infrastructure. Through its decentralized exchange (“Grvt Exchange”) and investment marketplace (“Grvt Strategies”), Grvt enables everyday people to trade, invest, and grow wealth transparently alongside world-class professionals.

Grvt official website: https://Grvt.io/ 

For media inquiries, contact: press@Grvt.io 

Social and Community: X | LinkedIn | Telegram | Discord

About ZKsync

ZKsync is the pioneering ZK technology powering the next generation of builders with limitless scale. Secured by math and designed for native interoperability, ZKsync enables the Elastic Network—an ever-expanding network of customizable chains. 

Your gateway to the accelerating digital economy, ZKsync is used by leading banks, institutions, and companies to future-proof their financial infrastructure. Built on Ethereum, ZKsync delivers the privacy, scalability, and compliance needed to issue assets, power payments, and launch new financial products—giving you a secure foundation to grow with confidence.

About Further Ventures

Further Ventures builds and invests in companies shaping the future of financial markets.

Through a global platform rooted in emerging economies, Further connects next-generation financial infrastructure with global capital markets. Our portfolio companies enable institutional partners to securely store and transfer assets, trade structured products, secure decentralized networks, tokenize funds, and settle complex transactions with trustless precision.

From San Francisco to Hong Kong, founders choose Further as their institutional co-founder of choice. We make concentrated capital commitments, collaborate closely with regulators, and bring deep domain expertise to build category-defining companies at the frontier of finance.

Website: further.ae

Media inquiries: reach@further.ae 

About EigenCloud

EigenCloud is a developer cloud platform that lets developers build any application onchain or offchain, with cryptoeconomic trust. It is powered by the EIGEN token and secured by Ethereum; it unifies data, compute, and verification into a single developer experience, making anything verifiable onchain.

About 500 Global

500 Global is a venture capital firm with $2.3 billion in assets under management that invests early in founders building fast-growing technology companies. Since its inception, 500 Global has backed over 2,700 companies across 80+ countries, including 51+ unicorns such as Credit Karma, Canva, Grab, Bukalapak, GitLab, Solana, and Udemy. With a team of more than 190 professionals representing 25 nationalities, 500 Global is committed to uplifting people and economies around the world through entrepreneurship.

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Press Release

Rankiteo Now Owns and Maintains the Worlds Global Cybersecurity Incident Database Transforming the Future of Cyber Insurance

Published

2 hours ago

on

September 19, 2025

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United States, 19th Sep 2025 – Rankiteo, the cybersecurity risk intelligence platform, today announced that it now owns and maintains the Global Cybersecurity Incident Database, a unique resource that is reshaping how cyber risk is evaluated and insured worldwide.

This database consolidates verified cybersecurity incidents across industries and geographies into a single, continuously updated source of truth. By centralizing this intelligence under Rankiteo’s stewardship, insurers, brokers, and enterprises gain an unprecedented level of transparency into the frequency, severity, and evolution of digital threats.

A Turning Point for Cyber Insurance

The cyber insurance industry has long struggled with incomplete or inconsistent data. With Rankiteo now curating and maintaining the world’s primary incident database, underwriters and risk managers can rely on:

  • Centralized Access to Incident Data: Thousands of cyber events recorded and updated in real time.
  • Standardized Risk Scoring: Comparable, objective scores derived from incident history and industry benchmarks.
  • Predictive Insights for Premiums: Advanced models projecting the likelihood and financial impact of future attacks.
  • Transparent Benchmarking for Enterprises: Organizations can measure their risk posture against peers and demonstrate resilience to insurers.

More Than a Database: AI-Driven Scoring and Affordable TPRM Monitoring

Beyond offering its unique global incident database covering most companies worldwide, Rankiteo also provides an AI-powered cybersecurity score, enabling insurers and enterprises to instantly measure risk in a standardized way.

For organizations seeking deeper insights, Rankiteo’s Third-Party Risk Management (TPRM) monitoring product allows continuous attack surface management at a fraction of the cost charged by major competitors—who often sell these solutions for millions of dollars.

By focusing on small and mid-sized businesses (SMBs), Rankiteo aims to democratize access to enterprise-grade cybersecurity intelligence. “It makes no sense to force hospitals and other frontline services to pay exorbitant prices for essential cybersecurity monitoring,” said Jeremy Canale, Founder and CEO of Rankiteo. “We are committed to delivering affordable and effective solutions where they are needed most.”

Building Trust and Standardization

By taking ownership of the world’s largest cybersecurity incident database, Rankiteo provides a trusted foundation for cyber risk measurement. This standardization enables insurers to set premiums with greater precision while allowing enterprises to prove their security maturity with hard data.

“Cyber risk is the fastest-evolving exposure in the insurance market. By owning and maintaining the global incident database, Rankiteo delivers the transparency the industry has been missing,” added Jeremy Canale. “We are building the infrastructure that ensures cyber insurance can scale sustainably in the years ahead.”

“This is one of the rare cases where academic research in cyber risk and cyber insurance successfully transforms into a real product. I believe Rankiteo is set to become an essential player for insurers,” said Maochao Xu, Rankiteo Co-Founder and the third most-cited researcher worldwide in cyber insurance studies.

About Rankiteo

Rankiteo is a leading cybersecurity risk intelligence platform headquartered in Palo Alto, California. The company delivers transparent, data-driven insights to insurers, enterprises, and regulators. Through company-level risk scoring, compliance certification, benchmarking, predictive analytics, and TPRM monitoring, Rankiteo empowers organizations to better understand, manage, and transfer cyber risk—at costs accessible to SMBs and critical sectors such as healthcare.

For more information, visit www.rankiteo.com 

Phone: +1 650 374 4052

Media Contact

Organization: Rankiteo Inc.

Contact Person: Support Team

Website: http://www.rankiteo.com/

Email: Send Email

Country:United States

Release id:34176

The post Rankiteo Now Owns and Maintains the Worlds Global Cybersecurity Incident Database Transforming the Future of Cyber Insurance appeared first on King Newswire. This content is provided by a third-party source.. King Newswire makes no warranties or representations in connection with it. King Newswire is a press release distribution agency and does not endorse or verify the claims made in this release. If you have any complaints or copyright concerns related to this article, please contact the company listed in the ‘Media Contact’ section

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Press Release

Love Stone Achieves ISO 14001 Environmental Management Certification Reinforces Commitment to Sustainable Natural Stone Production

Published

2 hours ago

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September 19, 2025

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Kent, UK – September 17, 2025 – Love Stone, a leading UK natural stone supplier, today announced it has achieved ISO 14001 Environmental Management System certification, marking a significant milestone in the company’s sustainability initiatives and positioning it among the industry’s most environmentally responsible producers.

The ISO 14001 certification demonstrates Love Stone’s commitment to environmental protection and continuous improvement of its eco-performance through systematic environmental management processes. This achievement comes as the construction industry faces increasing pressure to adopt sustainable practices.

Managing director Simon Errill commented on Love Stone’s sustainability practice, saying, ‘our natural stone is the sustainable choice that combines natural beauty with low environmental impact’

Comprehensive Sustainability Approach

As part of its environmental management system, Love Stone has implemented several innovative waste reduction practices:

  • Broken tiles are repurposed into smaller format tiles
  • Dust particles are recycled into cement production
  • Production water is treated and reused in manufacturing processes
  • All production is conducted in-house to minimize transportation emissions

Unlike many competitors who outsource production to China or Italy, Love Stone’s domestic manufacturing approach significantly reduces carbon emissions while maintaining shorter lead times for customers.

Industry Impact

The certification positions Love Stone as a leader in sustainable natural stone production at a time when homeowners and commercial clients are increasingly prioritizing environmentally responsible building materials. The company’s achievement addresses growing market demand for verified sustainable construction products.

Love Stone serves high-end residential and commercial clients across the UK, offering bespoke stone designs and natural stone tiles. The company’s commitment to combining natural beauty with environmental responsibility has established it at the forefront of the sustainable stone market.

About Love Stone

Founded in Kent, Love Stone specializes in supplying premium natural stone for luxury residential and commercial projects throughout the UK. The company is dedicated to sustainable production practices and offers a comprehensive range of products from bespoke designs to standard natural stone tiles.

For more information about Love Stone and its ISO 14001 certified environmental management practices, visit https://www.lovestone.co.uk/

Media Contact

Organization: Love Stone

Contact Person: Simon Errill

Website: https://www.lovestone.co.uk/

Email:
hello@lovestone.co.uk

Contact Number: +441474526074

Address:Unit C1, Manor Way Business Park, Manor Way Road, Swanscombe, Kent, DA10 0PP

Country:United Kingdom

Release id:33672

The post Love Stone Achieves ISO 14001 Environmental Management Certification Reinforces Commitment to Sustainable Natural Stone Production appeared first on King Newswire. This content is provided by a third-party source.. King Newswire makes no warranties or representations in connection with it. King Newswire is a press release distribution agency and does not endorse or verify the claims made in this release. If you have any complaints or copyright concerns related to this article, please contact the company listed in the ‘Media Contact’ section

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