Tag: pyramid scheme

SEC fraud
August 02, 2022 BY Steffy Bogdanova

SEC issues charges on 11 people in a $300 million crypto pyramid scheme

Furthermore, SEC alleges that cease-and-desist actions by the Securities and Exchange Commission of the Philippines in September 2020 and by the Montana Commissioner of Securities and Insurance in March 2021 did not stop Forsage from operating and the defendants continued to promote the scheme while denying the claims in several YouTube videos. Carolyn Welshhans, Acting…

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January 12, 2021 BY Steffy Bogdanova

Founder of $147 million GemCoin crypto Ponzi scheme sent to prison for 10 years

He claimed that USFIA extracted amber and other gemstones from non-existent mines it “owned” in the United States, the Dominican Republic, Argentina and Mexico. He ultimately managed to obtain $147 million from 72,000 victims spread globally. The Department of Justice described USFIA as a “multi-level marketing program” which compensated investors for recruiting other investors with…

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