Ethereum

<ul><li>The SEC has initiated legal action against 17 individuals linked to CryptoFX LLC for running a Ponzi scheme that defrauded over 40,000 investors of $300 million.</li><li>Defendants promised unrealistic returns through crypto and forex trading, using new investments to pay earlier investors and for personal enrichment.</li><li>Two defendants settled with the SEC, agreeing to judgments preventing future securities law violations and paying over $68,000 in fines and restitution.</li></ul>CryptoFX LLC, a Texas-based company, is at the center of legal action initiated by the U.S. Securities and Exchange Commission (SEC). Per the <a href="https://www.sec.gov/news/press-release/2024-35" rel="noopener noreferrer nofollow">suit</a>, 17 individuals are implicated in orchestrating a Ponzi scheme, allegedly defrauding over 40,000 investors, primarily within the Latino community, and amassing $300 million. The legal proceeding follows an emergency <a href="https://www.sec.gov/litigation/litreleases/lr-25547" rel="noopener noreferrer nofollow">intervention</a> in September 2022, which sought to halt the fraudulent operations led by Mauricio Chavez and Giorgio Benvenuto, identified as the principal figures behind the scheme.The fraudulent scheme, which operated between May 2020 and October 2022, saw defendants from states including Texas, California, Louisiana, Illinois, and Florida. These individuals reportedly promised investors unrealistic returns ranging from 15 to 100 percent through cryptocurrency and foreign exchange trading. The SEC&#39;s complaint reveals that a significant portion of the invested capital was not directed toward trading activities but was rather used to pay earlier investors and for personal gains under the guise of commissions and bonuses.<a href="https://cryptotale.org/sec-settles-in-cryptofx-case-defendants-pay-over-68000-amid-ongoing-investigation/" rel="noopener noreferrer nofollow">Read full article at CryptoTale.</a>

SEC Settles in CryptoFX Case: Defendants Pay Over $68,000 Amid Ongoing Investigation

CryptoTale

Other articles published on Mar 15, 2024

Rising trends in altcoins: Ripple, Cardano, and InQubeta highlight

Ripple Routinely Trades XRP for BTC Amid Market Upswings: Crypto Investigator

Strong Correlation Between Bitcoin and Nvidia Signals Market Optimism

Bitget Lists IQ50 Meme to its Platform

Crypto investment greenlit by UK FCA: Understanding the caveat

What's Behind SHIB's 13% Sudden Dip? On-chain Data Reveals Key Reason Why

Join our free newsletter for daily crypto updates!