The U.S. Securities and Exchange Commission (SEC) has charged 17 people in a $300 million Ponzi scheme case.
At the hearing held on Thursday, March 14, the SEC said that targeting users based in the USA and Latin America $300 million ponzi scheme CryptoFX on the grounds that he manages Accusation against 17 people directed. The ponzi scheme in question was quickly victimized more than 40 thousand investors specified.
According to the accusation, most of the $300 million collected from investors was not for various financial investments as claimed, but was diverted.To finance the luxurious life of meatmen was used. Among them Buying a $1 million house in Texas There were such frivolous expenses.
Director of the SEC’s Division of Enforcement Gurbir S. Grewalstated that the promises made to investors were completely fraudulent with the following statements:
We allege that CryptoFX is a $300 million Ponzi scheme targeting Latino investors with promises of financial freedom and life-changing wealth from ‘risk-free’ and ‘guaranteed’ crypto and currency investments. In the end, all CryptoFX was guaranteed was a trail of thousands of victims that spanned 10 states and two foreign countries.