SEC Charges 11 People in $300 Million Forsage Crypto Pyramid and Ponzi SchemeThe U.S. Securities and Exchange Commission (SEC) has charged four founders and seven promoters of Forsage, which it described as “a fraudulent crypto pyramid and Ponzi scheme.” The scheme allegedly raised more than $300 million from millions of retail investors worldwide, including in the U.S.SEC Takes Action Against Forsage Crypto SchemeThe U.S. Securities and Exchange Commission (SEC) announced Monday that it has “charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme.” The securities regulator explained that the Forsage scheme raised more than $300 million from millions of retail investors worldwide, including in the U.S.
The 11 defendants are four Forsage founders, three U.S.-based promoters of the scheme, and “several members of the so-called Crypto Crusaders — the largest promotional group for the scheme that operated in the United States,” the SEC described.
The founders were last known to be living in Russia, the Republic of Georgia, and Indonesia.
What do you think about the SEC taking action against Forsage’s founders and promoters?
Kevin Helms A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since.
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