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

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…

March 29, 2021 BY Steffy Bogdanova

Control-Finance director Benjamin Reynolds hit with $572 million fine from CFTC

The CFTC said: While Reynolds represented that he would return all bitcoin deposits to customers of Control-Finance by late October 2017, he never did and instead retained the deposits for his own personal use. Customers lost most or all of their bitcoin deposits as a result of the scheme. The watchdog service found that Control-Finance…

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…

Another warning against OneCoin Limited, this time from New Zealand FMA

March 11, 2019 BY Mariela Naydenova

OneCoin - the largest Ponzi scheme in the "crypto" world - is it over?

There are absolutely a lot of dubious ICOs out there - more than 70% of all ICOs created and funded in 2017 and 2018 are gone, and with them, the money of the investors. The problem is that while there is always risk with investing, especially in something as speculative as an ICO, founders should…

March 22, 2017 BY Valentina Kirilova

SFC obtains court orders to freeze bank accounts in suspected Pyramid and Ponzi scheme

The Securities and Futures Commission (SFC) today obtained an interim order from the Court of First Instance to freeze approximately $2.66 million in the bank accounts of Mr Heriberto C. Perez Valdes in connection with a suspected Pyramid and Ponzi scheme. The SFC alleges that Valdes was involved in the scheme operated by DFRF Enterprises…

August 28, 2015 BY LeapRate Staff

Tag: pyramid scheme