SEC: $300 million Ponzi scheme targeting Latin Americans falsely claimed to buy cryptocurrencies

The US Securities and Exchange Commission (SEC) has filed charges against 17 individuals accused of running a Ponzi scheme that defrauded over 40,000 victims of $300 million. In a press release, the SEC stated that the defendants targeted Latinx communities in 10 US states and two other countries, convincing investors that their funds would be invested in cryptocurrency and other assets, which was not the case. The SEC has charged a total of 17 defendants, with two reaching settlements.