The SEC Shuts Down Crypto Pyramid Scheme CryptoFX
Reading Time: < 1 minute
The US Securities and Exchange Commission (SEC) has just shut down the Texas-based CryptoFX pyramid scheme, which has raised $12 million since 2020 under the guise of investing in cryptocurrencies.
The regulator claims that the organizers of the scheme, Mauricio Chavez and Giorgio Benvenuto, promoted training seminars, promising high profits from crypto trading. All their activities were focused on potential Latin American investors.
They allegedly confirmed their competence with fake documents confirming they had relevant education and work experience in the field of cryptocurrency investments.
They used a referral system to attract new members to the pyramid.
Follow and like us on
