<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/sec-accuses-17-people-of-massive-cryptofx-ponzi-scheme-targeting-latin-investors" rel="noopener noreferrer nofollow">SEC Accuses 17 People of Massive CryptoFX Ponzi Scheme Targeting Latin Investors</a><br></p>
<p style="text-align: justify">The U.S. Securities and Exchange Commission has announced charges against 17 individuals linked to a fraudulent operation known as CryptoFX. This scam, which promised risk-free and guaranteed returns on <a href="https://en.bitcoinhaber.net/bitcoins-resurgence-over-42000-and-the-latest-crypto-market-dynamics" rel="noopener noreferrer nofollow">cryptocurrency</a> and foreign exchange investments, swindled over 40,000 investors, particularly those of Latin descent, resulting in losses amounting to 300 million dollars across 10 states and two other countries. The agency’s enforcement arm is seeking to hold accountable not just the scheme’s masterminds but also those who facilitated the entrapment of victims.</p>
<h2 id="sec-cracks-down-on-major-fraud">SEC Cracks Down on Major Fraud</h2>
<p style="text-align: justify">CryptoFX, under the guise of legitimate investment opportunities, lured investors with the promise of wealth and financial <a href="https://en.bitcoinhaber.net/sec-twitter-account-hacked-false-bitcoin-etf-approval-announcement-shakes-crypto-world" rel="noopener noreferrer nofollow">security</a>. However, the SEC’s investigation has revealed that the operation was a classic Ponzi scheme, using new investors’ funds to pay previous investors, rather than generating legitimate profits from trading activities.</p>
<h2 id="victims-left-in-financial-ruin">Victims Left in Financial Ruin</h2>
<p style="text-align: justify">The massive deceit perpetrated by CryptoFX left thousands of individuals facing significant financial losses. Gurbir S. Grewal, Director of the SEC’s Enforcement Division, emphasized the agency’s commitment to pursuing all parties involved in this elaborate scam. The focus extends beyond the primary orchestrators to include anyone who played a role in perpetuating this wide-reaching fraud.</p>
<p style="text-align: justify">The SEC’s legal complaint against the 17 defendants details the fraudulent nature of CryptoFX’s operations. Despite assertions of conducting crypto and foreign exchange transactions, the company’s business model was predicated on deceit, relying on the continual influx of new capital to sustain payouts to earlier investors.</p>
<p style="text-align: justify">With these charges, the SEC sends a clear message to potential fraudsters: schemes that prey on investors’ hopes for financial freedom will be met with rigorous enforcement. The commission remains dedicated to exposing fraudulent activities and safeguarding investors’ interests in the increasingly complex world of digital assets.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/sec-accuses-17-people-of-massive-cryptofx-ponzi-scheme-targeting-latin-investors" rel="noopener noreferrer nofollow">SEC Accuses 17 People of Massive CryptoFX Ponzi Scheme Targeting Latin Investors</a></h5>

SEC Accuses 17 People of Massive CryptoFX Ponzi Scheme Targeting Latin Investors

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