The US Securities and Exchange Commission wiped out three criminals suspected of creating a Ponzi scheme

Summary: The US Securities and Exchange Commission (SEC) released a public document on Friday saying that last month it has filed a lawsuit against three individuals and companies behind it suspected of being involved in cryptocurrency investment fraud. In the document, the China Securities Regulatory Commission announced that it has imposed an asset freeze on the three involved.

The US Securities and Exchange Commission ( SEC ) released public documents on Friday that said it had filed a lawsuit last month against three individuals and companies behind it suspected of being involved in cryptocurrency investment fraud. In the document, the China Securities Regulatory Commission announced that it has imposed an asset freeze on the three involved.

On the 7th of last month, the SFC sued Modern Money Team, R&D Global, and Utah citizens Daniel F. Putnam, Angel A. Rodriguez, and Colombian citizen Jean Paul Ramirez Rico who operated the two companies. They allegedly defrauded investors of more than $12 million in two cryptocurrency-related activities.

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On its official website, the Hyundai Currency team calls itself , “a powerful education platform for global foreign exchange exchanges, binary options, and cryptocurrency trading. All members can profit from it.” The organization claims that “members can afford by accessing Platform to learn how to find direction and create revenue in the vast trading world.”

However, the SFC document pointed out that the team’s service is just a Ponzi scheme . At the latest, in July 2017, Putnam through the “modern currency team” to peddled the interest of cryptocurrency mining to nearly 200 investors. Putnam misappropriated some investor funds for the purchase of condominiums and other personal expenses. Putnam and others also provided investors with so-called high-return “cryptocurrency trading packages” (cryptocurrency trading packages) services to defraud more funds.

The SFC believes that the three people and the company behind misappropriated investor funds for personal use and created a Ponzi scheme. The SFC prosecuted the three people and the two companies behind for violating anti-fraud clauses. It also prosecuted Putnam, Rodriguez, and the “modern currency team” for violating securities regulations because the company will use Putnam’s father as a defendant for violations.

Author: Yiran Dai

Updated:
Article tags: SEC , crypto crime , Ponzi scheme
article link: The US Securities and Exchange Commission has exhausted all three criminals suspected of manufacturing a Ponzi scheme [ Copy link ]
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