The United States Securities and Exchange Commission (SEC) has charged 17 individuals for allegedly perpetrating a cryptocurrency Ponzi scheme that defrauded thousands of Latino investors in the country for approximately $300 million.
According to an official release from the regulator, the alleged fraudsters operated under a company named CryptoFX LLC, which is based in Houston, Texas.
SEC Charges 17 For Crypto Fraud
The SEC’s complaint accused Mauricio Chavez and Giorgio Benvenuto, the two main operators of CryptoFX, of targeting more than 40,000 predominantly Latino investors in the U.S. through the Ponzi scheme.
From May 2020 to October 2022, CryptoFX posed as a platform for trading crypto assets and in foreign exchange markets, with the 17 charged individuals acting as leaders of the network. The leaders, from Texas, California, Louisiana, Illinois, and Florida, solicited investments from victims with promises of 15% to 100% returns.
Through the Ponzi scheme, the perpetrators ra
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