SEC Charges 17 Individuals in $300 Million Crypto-Asset Ponzi Scheme Targeting the Latino Community
Today’s complaint follows the SEC’s successful emergency action in September 2022 that halted the CryptoFX scheme and charged its two main principals, Mauricio Chavez and Giorgio Benvenuto.
- Today’s complaint follows the SEC’s successful emergency action in September 2022 that halted the CryptoFX scheme and charged its two main principals, Mauricio Chavez and Giorgio Benvenuto.
- “Our efforts bore significant fruit as the charges and allegations today demonstrate.”
According to the SEC’s complaint, CryptoFX purported to trade in crypto asset and foreign exchange markets for investors but was in reality a Ponzi scheme. - The complaint alleges that CryptoFX raised $300 million from investors but did not use most of the funds for its claimed trading purposes.
- The SEC encourages investors to check the backgrounds of anyone selling or offering them an investment using the free and simple search tool on Investor.gov .