CryptoFX urged tens of thousands of people – including potentially hundreds of Chicagoans — to invest in digital currency, according to federal investigators. Now the SEC has filed suit, saying the company’s owners turned around and spent much of those millions on themselves.
CryptoFX urged tens of thousands of people – including potentially hundreds of Chicagoans -- to invest in digital currency, according to federal investigators. Now the SEC has filed suit, saying the company’s owners turned around and spent much of those millions on themselvesThat is how Mauricio Chavez introduces himself to a room full of people, including a group from Chicago, at a meeting in Houston which was posted on YouTube last August.
Chavez is the CEO of a company called CryptoFX, which in recent years has solicited money from people in Latino communities to invest in crypto currency in return for potential riches. “We already have more than 20 people becoming millionaires,” Chavez tells his audience in the video. “Over five thousand people …. literally mak[ing] over $500,000 …. And there are many, many, many, many – literally paying off all their debts.
That video is now an exhibit in a lawsuit, filed by the U.S. Securities and Exchange Commission last September, accusing CryptoFX of operating as “a Ponzi scheme” which – according to a court-appointed receiver -- has defrauded as many as 40,000 people out of $150 million or more. Sign up for NBC Chicago newsletters.
The court case alleges that Chavez and his partner Giorgio Benvenuto have been “targeting the Latino community” to raise millions of dollars from people who thought their money would be invested in digital currency. Instead, the suit says, “the vast majority of investor funds …. went to purposes unrelated to crypto asset investments, including real estate … personal spending, and to make Ponzi payments.
And although CryptoFX is based in Houston, Texas, it turns out many of CryptoFX’s clients are right here in Chicago.Ward Alderman Byron Sigcho-Lopez today for a press conference at City Hall.
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