California Launches Crackdown on 11 Crypto Firms Accused of Operating Ponzi S...
The California Department of Financial Protection and Innovation (DFPI) has cracked down on 11 cryptocurrency companies that are accused of violating California securities laws. Nine of the firms reportedly solicited funds from investors in order to trade cryptocurrencies on the customer’s behalf. One of the accused companies pitched an alleged metaverse software development scheme, and another firm claimed to be a “decentralized finance (defi) platform.” 11 Crypto Firms Targeted by California’s Department of Financial Protection and Innovation....
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Federal authorities have raided an alleged Ponzi investment scam that promised to pay dividends to investors by claiming to hold amber mines whose profits would be paid out in the cryptocurrency - Gemcoin. The Securities and Exchange Commission (SEC) announced the filing of fraud charges and the raid of a Southern California company - USFIA, allegedly running a Ponzi scheme that raised more than $32 million from investors both within and outside the U. S. since April 2013. The accused include founder Steve Chen and a total of 13 California-based companies at the center of the Ponzi scheme.....
The Federal judge overseeing the Celsius case has asked for an investigation to look into whether the firm acted like a Ponzi scheme and has asked for additional details before approving a $3 million bonus scheme. The judge overseeing the Celsius bankruptcy case has ordered the examiner and the official committee of Celsius creditors to determine who will head a probe into whether the firm was operating like a Ponzi scheme.The order during the Nov. 1 hearing comes in response to allegations from customers that Celsius had used assets of new users to pay yields and facilitate withdrawals to....
The Securities and Exchange Commission (SEC) is seeking more than $10m from the cryptocurrency mining firms GAW Miners and ZenMiner in connection with its ongoing securities fraud suit. The agency filed suit against the firms and former CEO Homero Josh Garza in December. The SEC sought a motion for entry of default against the firms last month. Garza and the firms are accused of defrauding investors, and operating a Ponzi scheme in connection with its now-defunct mining service by selling more mining power than it actually possessed. The SEC argued in its motion for default judgment, filed....
The alleged ringleader of a Ponzi scheme that solicited $35 million for crypto mining and other investments has been arrested after attempting to flee FBI agents using a “sea scooter.” Matthew Piercey, the accused operator of two fraudulent firms that solicited tens of million to ostensibly invest in cryptocurrency mining, life insurance, and other assets, has been apprehended by authorities after a failed attempt to escape FBI agents using a sea scooter.According to Californian media outlet The Sacramento Bee, the 44-year-old Shasta County man evaded agents seeking to arrest him for an....
The bankrupt crypto lender has been accused by customers of being a Ponzi. Meanwhile, Binance's $500 million investment in Elon Musk's Twitter has been confirmed. Crypto lender Celsius was one of the biggest casualties of the bear market. After halting withdrawals for months due to “extreme market conditions,” the distressed lender officially filed for Chapter 11 bankruptcy on July 13. Now, the federal judge overseeing the bankruptcy proceedings has ordered the case examiner to determine whether the company was operating like a Ponzi scheme. Disgruntled Celsius customers have made a strong....