Category

Fraud

Category

The U.S. Securities and Exchange Commission announced on March 11, 2021 that it filed an emergency action and obtained a temporary restraining order and asset freeze against Shawn Cutting of Sandpoint, Idaho. According to the SEC’s complaint, from October 2017 through at least May 2020, Cutting raised at least $6.9 million from over 450 investors by representing that he would pool investor monies into a fund that invested in various digital assets. The complaint alleges…

The U.S. Securities and Exchange Commission announced on December 28, 2020 that it had filed an emergency action and obtained an order imposing an asset freeze and other emergency relief against Virgil Capital LLC and its affiliated companies in connection with an alleged securities fraud relating to Virgil Capital’s flagship cryptocurrency trading fund, Virgil Sigma Fund LP. The Commission’s action alleges that the fraud was directed by Virgil co-founder, 23-year-old Stefan Qin, an Australian citizen…

On July 7, 2020, the Texas State Securities Board issued an Order against Mirror Trading International (MTI) to cease operations immediately, alleging the South African bitcoin and forex trading network is a multilevel marketing scam. According to the Order, Mirror Trading, controlled by Cornelius Johannes “Johan” Steynberg, is recruiting multilevel marketers to illegally sell fraudulent investments in a bitcoin and forex pool. Investors allegedly purchase the products by transferring bitcoin to Mirror Trading. Mirror Trading…

On June 25, 2020, the U.S. Securities and Exchange Commission charged NAC Foundation, its Chief Executive Officer Marcus Andrade, and political lobbyist Jack Abramoff with conducting a fraudulent, unregistered offering of AML BitCoin, a digital asset security the defendants claimed was a new and improved version of bitcoin. The SEC alleges that Nevada-based NAC Foundation raised at least $5.6 million from more than 2,400 investors by selling tokens that could later be converted to AML…

On November 6, 2019, U.S. prosecutors in the Southern District of New York announced charges against Asa Saint Clair for his participation in an investment scheme tied to a purported digital coin offering called IGOBIT.  Saint Clair allegedly participated in a scheme to defraud victims into providing loans tied to the launch of IGOBIT by World Sports Alliance, a purported intergovernmental organization focused on promoting international development through sports, and falsely promised investors guaranteed returns…