• About Us
  • Jobs
  • Contact
  • Login
  • Register
Crypto Mufasa
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
Crypto Mufasa
No Result
View All Result
ADVERTISEMENT
Home General News

SEC Files Charges Against 11 for Alleged $300 Million Crypto Fraud.

Hania by Hania
August 2, 2022
in General News
Reading Time: 3 mins read
A A
0
SEC Files Charges Against 11 for Alleged $300 Million Crypto Fraud.
Tweet

In Brief:

  • You May Also Like:
  • Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead
  • Crypto.com Obtained Digital Token License In Singapore

On Monday, the Securities and Exchange Commission (SEC) filed charges against 11 people for reportedly defrauding investors of more than $300 million through a Ponzi and crypto pyramid scheme.

Authorities claim that the plan began early in January 2020. Millions of retail investors in the US and other countries, they claim, were defrauded by the creators of the website Forsage.io.

According to officials, investors engaged in transactions through smart contracts that ran on the Ethereum, Tron, and Binance blockchains.

The statement comes as cryptocurrency has grown in popularity among regular investors, raising the risk of scams. For instance, the CEO of Mining Capital Coin was accused of participating in a $62 million worldwide investment fraud conspiracy by the U.S. Department of Justice in May.

You May Also Like:

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

June 1, 2023
Crypto.com Obtained Digital Token License In Singapore

Crypto.com Obtained Digital Token License In Singapore

June 1, 2023

Learn More: SCAM PROJECTS AND HOW TO IDENTIFY THEM

According to a statement made in a news release by Carolyn Welshhans, acting chief of the SEC’s Crypto Assets and Cyber Unit, “Forsage is a fraudulent pyramid scheme established on a vast scale and aggressively pushed to investors.” “Fraudsters cannot get around federal securities rules by concentrating their schemes on blockchains and smart contracts.”

The Eastern Division of the Northern District of Illinois is where the SEC’s complaint was lodged. In accordance with the complaint, the four Forsage founders who were among those accused last lived in Indonesia, the Republic of Georgia, and Russia.

Three United States promoters who, according to the complaint, were hired by the founders to promote Forsage on platforms operated by the company, such as its official YouTube channel, were also charged by the Securities and Exchange Commission.

The largest Forsage promotional organization in the United States, according to regulators, was led by several individuals who the Securities and Exchange Commission also accused of participating in the unregistered offer and sale of Forsage securities and promoting the scheme while operating out of at least five different states.

Contact information for representatives of people accused of the charges was provided by the Securities and Exchange Commission, however, they either declined to comment or did not promptly respond to emails seeking comment.

According to the Securities and Exchange Commission, two of the defendants with U.S. citizenship agreed to settle the accusations without admitting or disputing the charges.

Both defendants consented to receive a lifelong injunction against breaking the accused rules again. While one has agreed to pay disgorgement and civil penalties, the other will be obliged to fulfill this obligation if the court so orders.

Tags: crypto newscryptocurrencyForsageSEC
Tweet47Share76ShareSendPin17ShareSend
ADVERTISEMENT
Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead
General News

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

June 1, 2023
Crypto.com Obtained Digital Token License In Singapore
General News

Crypto.com Obtained Digital Token License In Singapore

June 1, 2023
Sandbox CEO’s Twitter Was Hacked To Advertise The “Airdrop” Scam
General News

Sandbox CEO’s Twitter Was Hacked To Advertise The “Airdrop” Scam

May 29, 2023
Jimbos Protocol, Built On Arbitrum Hacked, Lost $7.5M In Ether
Ethereum

Jimbos Protocol, Built On Arbitrum Hacked, Lost $7.5M In Ether

May 29, 2023
Do Kwon, CEO Of Terraform Bail Cancelled In Montenegro
General News

Do Kwon, CEO Of Terraform Bail Cancelled In Montenegro

May 25, 2023
Crypto Anti-Money Laundering (AML) Regulations In Japan Will Begin In June
Regulation

Crypto Anti-Money Laundering (AML) Regulations In Japan Will Begin In June

May 24, 2023
FBI Warns About Crypto Job Scams
General News

FBI Warns About Crypto Job Scams

May 24, 2023
Elon MuskAnnounces Linda Yaccarino as Twitter’s New CEO”
General News

Elon MuskAnnounces Linda Yaccarino as Twitter’s New CEO”

May 12, 2023
Paxful Marketplace Reopens A Month After Suspension
General News

Paxful Marketplace Reopens A Month After Suspension

May 10, 2023
Load More
  • Trending
  • Comments
  • Latest
idmining cloud mining

The New Era of Passive Income Brings Another Amazing Opportunity To Make Money With IDMining

May 5, 2023
Passive Income HappyMiner

Earn Passive Income Cloud Mining With HappyMiner – A Quick Guide!

May 8, 2023
Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

May 19, 2023
76 Cryptocurrencies Are Now Prohibited, Beware!

76 Cryptocurrencies Are Now Prohibited, Beware!

May 11, 2023
Sparklo (SPRK) Top Profitable Investments

Rising Market Reputation for Sparklo (SPRK) While Dogecoin (DOGE) And Solana (SOL) Witness Varying Price Trends

June 5, 2023
Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

June 5, 2023
Atomic Wallet Hacked, Users Lost Entire Portfolios

Atomic Wallet Hacked, Users Lost Entire Portfolios

June 5, 2023
sparklo finanace presale

Sparklo (SPRK) Presale Advances As Litecoin (LTC) Prices Explode

June 4, 2023
ADVERTISEMENT
Crypto Mufasa

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Navigate Site

  • Contact
  • Terms Of Service
  • Privacy Policy
  • Crypto Prices
  • Crypto Exchanges
  • Work With Us

Follow Us

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In