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The Securities and Exchange Commission (SEC) has announced fraud and unregistered securities offering charges against the founders of the $1.7 billion HyperFund scheme. 
<h2 id="sec-charges-founders-of-1-7-billion-hyperfund-scheme-with-fraud">SEC Charges Founders of $1.7 Billion HyperFund Scheme with Fraud</h2> 
Xue Lee and Brenda Chunga, also known as Sam Lee and Bitcoin Beautee, respectively, raised over $1.7 billion from global investors between June 2020 and early 2022, according to the SEC press release. 
The duo promoted HyperFund as a lucrative opportunity to invest in mining operations. However, the SEC claims that this is actually a Ponzi scheme with no real source of income. 
Related News: <a href="https://en.bitcoinsistemi.com/this-altcoin-foundation-transferred-a-large-amount-of-tokens-to-coinbase-exchange-here-are-the-details/" target="_blank" rel="dofollow">This Altcoin Foundation Transferred a Large Amount of Tokens to Coinbase Exchange! Here are the Details!</a> 
“This case again demonstrates how noncompliance in the crypto space facilitates schemes where promoters capitalize on the promise of easy money without providing the detailed investor protection disclosures required by the registration provisions of the federal securities laws,” said Gurbir S. Grewal, director of the SEC's enforcement division. 
The SEC filed a complaint in federal district court in the District of Maryland charging Lee and Chunga with violating the anti-fraud and registration provisions of the federal securities laws. The US Attorney's Office for the District of Maryland also filed a criminal complaint against the duo. 
Chunga has already pleaded guilty to conspiracy to commit securities fraud and wire fraud. 
He accepted the charges against him and stated that he was willing to pay compensation and civil penalties, the amount of which would be determined by the court. 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/sec-accused-this-defi-platform-of-being-a-ponzi-chain-and-filed-a-lawsuit/">SEC Accused This DeFi Platform of Being a Ponzi Chain and Filed a Lawsuit!</a>

SEC Accused This DeFi Platform of Being a Ponzi Chain and Filed a Lawsuit!

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