A nationwide pyramid scheme targeting Latino investors, which has claimed thousands of victims in the United States, has probably involved more actors than initially expected. The Securities and Exchange Commission announced on Thursday that charges have been brought against an additional 17 individuals involved in the case, in addition to the initial two, for their roles in the scam facilitated through the company CryptoFX.
The document released by the SEC indicates that the company tricked over 40,000 people, mostly Latinos in the U.S., into lending money, promising big profits from cryptocurrency investments. They ended up raising over $300 million predominantly in cash, according to the investigation conducted by the bureau.
