Fraudulent Crypto and Precious Metals Trading Scheme
The Commodity Futures Trading Commission (CFTC) recently charged four people for their involvement in a fraudulent crypto and precious metals trading scheme. The CFTC filed a complaint against Rene Larralde, Juan Pablo Valcarce, Brian Early, and Alisha Ann Kingrey for their fraudulent solicitation of funds from unsuspecting customers. The individuals claimed to have a proprietary algorithm that guaranteed more than 3% weekly returns. They used a company called Fundsz as a front for their activities.
Key Points:
– Four individuals charged for involvement in fraudulent crypto and precious metals trading scheme.
– Funds were solicited under the pretext of investing in crypto and precious metals.
– Alleged use of a proprietary algorithm offering guaranteed returns.
– Unregistered company Fundsz used as a facade for fraudulent activities.
– Up to 14,000 people estimated to have been duped.
Larralde and his co-defendants presented Fundsz as a charitable organization, claiming that all contributions would support humanitarian causes. However, none of the customers received any payments from their investments, and the defendants only created fake weekly reports. A U.S. District Court judge has frozen the assets of the defendants and scheduled a preliminary injunction hearing to seek restitution for the victims. This case is part of the CFTC’s ongoing efforts to combat crypto-related fraud.
Hot Take:
This recent case highlights the importance of being vigilant when investing in cryptocurrencies and precious metals. Scammers continue to find new ways to deceive unsuspecting individuals, making it crucial to thoroughly research any investment opportunity and be skeptical of guaranteed returns. The CFTC’s actions against these fraudulent individuals send a strong message that such activities will not be tolerated in the crypto community.
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