Ponzi

SEC: Crypto fraudsters raised $300M with “textbook pyramid and Ponzi scheme”

Getty Images | SimoneN The US Securities and Exchange Commission yesterday filed a lawsuit against 11 people accused of creating and promoting a crypto pyramid and Ponzi scheme known as “Forsage.” The fraudulent scheme “raised more than $300 million from millions of retail investors worldwide, including in the United States,” the SEC’s announcement said. The …

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SEC charges 11 in ‘massive’ crypto Ponzi scheme

The Securities and Exchange Commission has charged 11 people in an alleged $300mn crypto pyramid scheme, highlighting how authorities are increasing their enforcement in digital asset markets. The Wall Street watchdog said the scheme known as Forsage raised the funds by using promoters to convince millions of investors worldwide to recruit others into the programme. …

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