By Al Barbarino (August 1, 2022, 5:15 PM EDT) — The U.S. Securities and Exchange Commission claimed Monday that 11 U.S. and Russian individuals made millions through a crypto pyramid and Ponzi scheme that raised more than $300 million from worldwide investors, and that they continued to run the platform despite efforts from foreign and local authorities to shut it down.
The platform known as Forsage, launched in January 2020, is based on a pyramid structure where investors earn profits by recruiting others into the scheme, and a Ponzi scheme where the funds of new investors are used to pay earlier investors, according to an SEC complaint filed in the Northern District of Illinois….
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