SEC charged 17 people in a $300 million Ponzi scheme targeting Latino investors involving CryptoFX.
Defendants promised high returns but mostly used funds to sustain the scheme and finance their lifestyles.
The Securities and Exchange Commission (SEC) recently brought charges against 17 individuals implicated in a $300 million Ponzi scheme. Over 40,000 Latino investors were the target of the plan, which promised them significant financial returns through cryptocurrency and foreign exchange investments. This disclosure follows the SEC’s initial action in September 2022, which led to the company ceasing operations at the core of the purported scam, CryptoFX. Mauricio Chavez and Giorgio Benvenuto, the alleged scheme masterminds, are among those facing charges.
According to the complaint filed in federal court in Houston, Texas, the defendants allegedly performed crucial roles as “leaders” inside the CryptoFX network. They allegedly lured investors in with claims of amazing returns

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