The Securities and Exchange Commission (SEC, for its acronym in English) submitted an emergency action to justice to prevent fraudulent crypto asset offerings CryptoFX, LLC, It is an unregistered maneuver aimed at Latino investors and suspected fraud.
defendants are Welcome Mauricio Chavez and Giorgio which, according to the SEC, operates through a company founded by Chavez, CryptoFX, LLC,
Like Leonardo Cosciorto in Argentina, Chávez presented himself as a man ready to help, to teach people something new. In this case, he claimed to be a cryptocurrency expert who would lead Latin investors to financial success. He claimed to make millionaires who followed his advice.
But for the SEC, What he did was defraud some 5,000 savers who entrusted him with their money., Chavez allocated much of that capital to his own investments, such as the purchase of a house, jewelry, a car, and personal expenses.
At the request of the SEC, the court halted the offering, issuing a temporary asset freeze order and other emergency measures. After a hearing last Thursday, September 29, the court also approved the SEC’s proposal for a receiver and extended the asset freeze.
Details of alleged scam
The protagonist of this story is 41 years old and lives in Houston, Texas. In fact, he had no experience or training in the world of crypto assets. Even then, In 2020 they began offering paid classes (at a cost of $500 to $1,500 per course) aimed at educating and training the Latino community., He…
