17 individuals charged by SEC for a $300M Ponzi scheme involving CryptoFX LLC, targeting 40,000 Latino investors with false promises of risk-free investments.

The SEC has charged 17 individuals for their roles in a $300 million Ponzi scheme targeting over 40,000 predominantly Latino investors. The alleged scheme, involving Houston-based CryptoFX LLC, falsely promised 'risk-free' and 'guaranteed' crypto and foreign exchange investments. The SEC had previously halted the scheme in September 2022 and charged two main principals, Mauricio Chavez and Giorgio Benvenuto.

March 14, 2024
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